Bitcoin price took a huge fall on Friday after Caixin, a Chinese financial magazine, reported that Chinese Central Bank officials are working on rules to ban the trading of Bitcoin and all other cryptocurrencies on Chinese exchanges.
"Trading volume would definitely shrink".
The media are reporting that China is now drafting a new resolution which will see Bitcoin exchanges banned in the country. "Old users will definitely still trade, but the entry threshold for new users is now very high".
China now has slightly less than 30 percent of the global bitcoin market, with OKCoin, Huobi and BTC China accounting for 60 percent of bitcoin trading in the country. Bitcoin has shot up around 600 per cent in dollar terms over the past year, which has stoked fears of a bubble.
"There has been a general tightening of the screws on regulating financial and monetary conditions", said Mr Mark McFarland, chief economist at Union Bancaire Privee. With China being such a huge country, and one of the biggest Bitcoin miners in the world, it's no wonder that the price dropped significantly.
China's largest bitcoin exchanges are still awaiting clarification from the government following more media reports that Beijing is planning to ban trading of virtual currencies on domestic exchanges, but markets were largely subdued on Monday.
According to the The Wall Street Journal, bitcoin exchanges are now being clamped down on, with no trading to be done within Chinese borders.
"Whenever you start to hear about Hong Kong taxi drivers becoming millionaires from buying bitcoin, you start to think this is not necessarily driven by fundamentals", he said.
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