China starts shutting down Bitcoin exchanges
China has launched its plan to shut down Bitcoin exchanges in Beijing and Shanghai, according to the BBC.
The report stated that all Bitcoin exchanges in the cities must submit their plans for how they will close their operations.
The move comes after the country banned initial coin offerings, and BTCChina announced it will stop trading at the end of September.
China said the banning of Bitcoin exchanges is part of a move to reduce the country’s financial risks.
The Chinese central bank stated that cryptocurrencies are “increasingly used as a tool in criminal activities such as money laundering, drug trafficking, smuggling, and illegal fundraising”.
The price of Bitcoin fell from highs of $5,000 to $3,000 last week following speculation that China would ban exchanges, but has since rebounded to $3,900.
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