China's Latest Bitcoin 'Ban Has Implications for Mining and the Currency Landscape

China's recent attempts to regulate Bitcoin appear to have a significant impact on mining and stock companies. Last week, news surfaced that China has banned financial institutions in the country from providing Bitcoin services and will fight mining. Many members of the Bitcoin community (including this post) hailed the news with rolling eyes – China historically "banned" its companies from using Bitcoin repeatedly with little effect, and also it is technically impossible to ban Bitcoin entirely for personal use. However, it is clear that this latest regulatory move has had a very tangible impact on the Bitcoin ecosystem, as miners and exchanges in the country are limiting or ending their Bitcoin-focused activities. Bitcoin mining companies BTC.TOP, HashCow, and Huobi Mall, for example, responded to the recent ban. Reuters said Huobi Mall has suspended cryptocurrency mining for Chinese customers, BTC.TOP has suspended its China-based business, and HashCow will stop buying new bitcoin mining platforms. "On Sunday, [bitcoin] prices fell as miners using cryptocurrency to verify transactions stopped operations in China amid growing scrutiny from authorities," Reuters said. "The trigger for the initial cryptocurrency sale seemed to come from the stricter language of Chinese regulators." Bitcoin trading environment also seems to be facing significant changes. Those operating in Hong Kong are now required to obtain a license from the city's market regulators and are only allowed to provide services to professional investors. "Dozens of cryptocurrency exchanges are operating in Hong Kong, including some of the largest in the world," Reuters monitoring report said. "Under Hong Kong law, a person must have a portfolio of $ 8 million ($ 1.03 million) to qualify as a professional investor." Although Bitcoin is not subject to government approval

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