Prior to that, one of China's largest cryptocurrency exchanges, BTCChina, said it would stop trading on 30 September following an order it had received from the authorities. ICOs have already been deemed illegal in China and the companies have been instructed to issue refunds to investors.
The regulators' crackdown was sparked by fears that Chinese investors were speculatively piling into cryptocurrencies.
China will immediately stop accepting account registrations on its BTCChina Exchange, chief executive Bobby Lee said Thursday in a . "China is preparing to provide licensure for less than a handful of exchanges as it grapples with the meteoric increase in cryptocurrency trading", said Rozak in a statement to Bloomberg News. Bitcoin, ether and other digital currencies allow completely anonymous financial transactions, making them popular tools on the black market. It won't end well.
While referring to Tulip Mania, a market bubble and crash from the 1600s, Dimon dubbed Bitcoin a "tulip" which eventually will crash and burn. "Currencies have legal support. It will blow up".
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A badweek for Bitcoin bulls just got even worse as continued selling in all time zones sent prices spinning lower.
Li Lihui, a senior official at the National Internet Finance Association of China and a former president of the Bank of China, also told a conference in Shanghai that global regulators should work together to supervise cryptocurrencies.
"Blockchain might be the big disruptive idea, but Bitcoin itself is a disruptive threat to the big banks".
The bitcoin stabled this week all over the world after plummeting sharply following decision of Beijing to bar initial coin contributions. "Its popularity amongst investors over the a year ago is directly linked to increasing understanding of this real-world utility". Overall, confidence in cryptocurrencies has been on the rise for years, and people are still likely to be drawn to its potential for rapid gains. "We shouldn't be surprised that this threat sparks extreme reactions from the industry's top insiders", he said. The Bitcoin price went from $3,850 all the way down to $3,620 in a matter of seconds, although it appears the momentum has been halted for the time being.
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