PBOC signals rattle Chinese bitcoin exchanges
Leading operators including BTC China to skip global conference amid regulatory uncertainties
Several of China's largest bitcoin exchanges pulled out of a global conference in Beijing this weekend after the central bank signalled further curbs on speculative trading of the virtual currency.
BTC China said it and four other bitcoin trading platforms agreed to adopt stricter practices such as halting margin trading and short selling. They also agreed to not participate in bitcoin marketing conferences and gatherings, according to a statement posted yesterday on the website of BTC China, the oldest of the nation's bitcoin operators.
"We got together with a few exchanges and decided to co-ordinate some efforts in light of the perceived clampdown of the central bank," Lee said. "We've decided to stay more low-key and skip out of the conference."
The People's Bank of China began a crackdown on bitcoin in December, barring financial institutions and payment companies from dealing in the crypto-currency amid concern it could be used to launder money or skirt capital controls. Since then, mainland banks have closed the accounts of online trading platforms used to transfer money to bitcoin trading accounts.
A spokesman for the PBOC's media relations department declined to comment yesterday.