7 years ago
2
Reports: China orders bitcoin exchanges to shut down
Regulators have ordered Chinese bitcoin exchanges to close, two business newspapers reported Thursday, after uncertainty about the digital currency's future in China caused its price to plunge. Regulators in Shanghai, the country's financial center, gave verbal instructions to exchange operators to shut down, China Business News and 21st Century Economic Report said on their websites. They gave no other details.
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This is why the bitcoin price has started going down. It has been propped up by the Chinese moving money into it to get around Chinese government currency controls.
It's a set back, one of dozens a year that happen. It's what happens when something is cutting through established technologies, economic models, governments, etc.