China aims to kill bitcoin and track all financial transactions

Section:

China Widens Bitcoin Crackdown Beyond Commercial Trading

By Chao Deng
The Wall Street Journal
Monday, September 18, 2017

BEIJING -- Chinese authorities are moving toward a broad clampdown on bitcoin trading, testing the resilience of the virtual currency as well as the idea its decentralized nature protects it from government interference.

Regulators have decided on a comprehensive ban on channels for the buying or selling of the virtual currency in China that goes beyond plans to shut commercial bitcoin exchanges, according to people familiar with the matter.

... Dispatch continues below ...



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Officials communicated the message to several industry executives at a closed-door meeting in Beijing on Friday, according to people who were at the meeting. Until last week, many entrepreneurs in China's bitcoin circles had thought authorities might shut down only commercial trading activity while tolerating peer-to-peer, or over-the-counter, bitcoin platforms, which enable buyers and sellers to find each other and trade directly. ...

A quasiregulatory body called the National Internet Finance Association of China (NIFA) warned investors about virtual currency trading in a statement last week and said that bitcoin platforms lack "legal basis" to operate in the country.

A goal of China's monetary regulation is to ensure that "the source and destination of every piece of money can be tracked," Li Lihui, a NIFA official told a technology conference in Shanghai on Friday. ...

... For the remainder of the report:

https://www.wsj.com/articles/china-widens-bitcoin-crackdown-beyond-comme...

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