Following the close of the 19th National Congress of the Communist Party of China, new Bitcoin exchanges are poised for launch on November 1st – hinting that wider changing may resume.
Earlier this year, China changed tack to exhibit an aggressive show of force to the burgeoning trade of cryptocurrencies within its borders – at first banning ICOs, and later turning its attention to Bitcoin exchanges. Now, a new Bitcoin exchange is poised to launch within the country on November 1st – hinting that other exchanges may resume trading as well.
The news comes amidst reports that the Chinese government is seeking to license Bitcoin exchanges and would potentially issue new regulations to govern the trade of cryptocurrency and further fundraising through ICOs.
China’s newest cryptocurrency trading platform, ZB.com, has announced that it will open its virtual doors on November 1st. The news is surprising given China’s previously strict stance towards exchanges, and the potential remains that China’s government may be supporting the platform.
Following Chinese government’s decision to upend the business of cryptocurrency exchanges, investors have opted to trade Bitcoin through Taobao – a platform owned by the Alibaba Group. Further, offline trades have become popular with investors within the region as well – indicating that the popularity of trading the currency will be a difficult endeavor for the Chinese government to cut short.
All eyes remain on November 1st, which may be the first true acid test of the Chinese government’s stance on Bitcoin exchanges – should ZB.com prove able to trade without a cessation order from local government, the development could be an indication that the platform has the support of officials within the territory.
We’ll be sure to update this story as news develops.
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