The Chinese authorities have declared a severe war on Bitcoin, which is used to finance terrorism, smuggle money out of the country and fund startups by illegal and unacceptable ways.
I have previously mentioned the decision taken by the Chinese authorities to prevent the financing of start-ups through digital currencies. Rumors have been spread over the past period that China’s huge trading platforms will stop trading in the Bitcoin currency specifically.
This currency simply allowed the Chinese people to send large sums of money out of the country. It is known that China is one of the countries that do not allow the sending of more than the limits set by the Chinese authorities to maintain the strength of its currency in general.
Now these rumors, which I previously described them as false news because there was no official announcement, have begun to turn into reality. The BTCChina platform announced its intention to stop digital currency trading starting Sept. 30, while Bitcoin lost 25% of its value within a week.· China moves to ban the Bitcoin currency trading!
The Wall Street Journal and many major media have confirmed that China is moving to ban the Bitcoin currency trading platforms or at least force them to stop trading this currency specifically.
But what prevented me from believing these reports before the clear official announcement, the famous mass media have a good record of fake news regarding the digital currency sector, especially the Bitcoin, in addition a number of them are serving the interests of large banks which are angry not to buy quantities of this currency when they were at a cheap price not exceeding a few dollars.
In contrast, I do not personally deny that Bitcoin appears to be a real bubble, and I have not invested in it, and don’t prefer it in general, unlike the Ripple currency. The latter is supported by a legal American company that provides the Blockchain servi...