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Something tells us that the Chinese government is going to find itself on the receiving end of a law suit. No central bank owns or controls bitcoins.

"Given the decentralized p2p trading characteristics of cryptocurrencies such as Bitcoin, it is neither realistic nor feasible to ban Bitcoin".

According to a Reuters report, published today, Chinese authorities have ordered Beijing-based digital currency exchanges to cease trading and immediately notify users of their closure. Some two-thirds of all bitcoin issued daily is "mined" in China, and an array of other companies benefit from such efforts, including equipment suppliers and construction firms that build enormous bitcoin farms. But now it seems like it might have been the start of something more ambitious: a coordinated campaign to shut down use of cryptocurrency in the Middle Kingdom.

China's bitcoin and cryptocurrency exchanges have received instruction that they will need to voluntarily shut down by September 15. "This has happened many times in the past".

- Heavy selling pressure across the board has left the crypto-currency market reeling.

The cryptocurrency is down 27 per cent since 7 September after rising more than four-fold this year amid greater acceptance of the blockchain technology that underpins the exchange method, global political uncertainty and increased interest in Asia.

Bitcoin can be converted to cash when deposited into accounts at prices set in online trading. People who are buying now are strong hands.

Levitt said he would avoid investing directly in bitcoin due to its wild price fluctuations that are "hard to understand". Such currencies pose potential financial, legal, customer protection and security-related risks, the bank said.

OKCoin, a leading mainland China exchange along with Huobi and CHBTC, other major Chinese bitcoin exchange put notifications regarding these changes on their websites, also in emails to users.

Risk-off events often push the value of bitcoin higher.

Acceptance of digital currencies varies from country to country. "But the Reserve Bank of India needs to give its stamp to make this investment valid".


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