How brilliant Bitcoin once was, and the regulatory slogan that followed the glory was overhanging. It was not only the domestic Bitcoin platform trading or the sea, but it could not escape the regulatory cloud. Bitcoin China’s downhill road is still accelerating. At the same time, China's first bitcoin company, Bitcoin China, was acquired. Can the acquired Bitcoin China turn over?
On January 29th, it was a day of sorrow and joy for Bitcoin China (BBTC).
On this day, they just announced that they have been acquired by a fund company invested in a blockchain in Hong Kong. It is expected that the introduction of this resource will help BTCC to actively develop its business from 2018. CEO Li Qiyuan said that this is a milestone for the BTCC.
However, a message in the afternoon made this joy a layer of gloom. Liang Fengyi, executive director of the Intermediary Department of the Hong Kong Securities and Futures Commission, said that the Hong Kong Securities Regulatory Commission had asked a number of virtual currency exchanges to be subordinated to the virtual currency of securities. Some companies continue to issue cryptocurrencies to securities to the public, and no further action is allowed. This makes "going out to sea" Hong Kong want to play a turnaround BTCC once again into an unfavorable situation.
As the first in China, it was once the largest digital currency exchange. Bitcoin China was established in June 2011. The main body of the company is Shanghai Saturni Network Co., Ltd., which was the first two years of its establishment. In 2014, the company became the world's second-largest bitcoin exchange. At this time, the value of a bitcoin was only about $1,100, but their single-day bitcoin volume exceeded 100,000, equivalent to 1,000. The transaction amount of 10,000 dollars.
After the glory, the price of the currency was soaring, and the regulatory sword that followed came high, and Bitcoin China began to decline.
In December of this year, the People's Bank of China issued a notice requesting merchants not to accept bitcoin payments, and prohibiting banks and payment processors from converting bitcoin into RMB, and the price of bitcoin fell below $500.
Even if the official began to issue a severe warning to the virtual currency, but with the concept of virtual currency being sizzled in the market, the development of bitcoin is still unstoppable. Bitcoin China CEO Li Qiyuan accepted at the time
In the interview, he said, "As the world becomes more digital, payment in kind with bills, gold or credit cards will become obsolete. Everyone will have bitcoin."
Subsequent government regulations have smashed this good vision, and the bitcoin market has warmed up, but with a larger speculative bubble. Bitcoin transactions began to be identified as illegal transactions, and Bitcoin China, one of the trading platforms, was abandoned by payment processors. But this did not strike against Li Qiyuan’s confidence. He was optimistic that the government was only doing this to curb the bubble, not to let the company go bankrupt.
At this time, the country still allows people to use Bitcoin in China, but its function has become a digital game currency like Q coins.
2017 is a year in which the government is determined to ban virtual currency exchanges. At the beginning of this year, the central bank began to enter several major bitcoin trading platforms in China. On January 11, the central bank's Beijing Management Department and the central bank's Shanghai headquarters simultaneously announced that they would form a joint inspection team with the local financial department to enter the fire currency network and currency. , Bitcoin China and other platforms, whether the enterprise is out of scope, whether to carry out credit, payment, exchange and other related business without permission or license; whether there are market-related manipulations; implementation of anti-money laundering system; an examination.
The reporter learned that although the supervision of the window paper was not broken, in fact, the central bank did the same for the bitcoin trading platform, especially the explosive growth of the ICO business in the blockchain market at the beginning of the year, the market influence is growing, This has also led to major changes in the regulatory direction.
Until September 4th, the central bank and the seven ministries and commissions issued a notice on preventing the financing risk of token issuance, destroying the last trace of the remaining virtual currency trading platform including BTCC. The Announcement called for the suspension of the ICO project and measures to require the virtual currency exchange to completely shut down all its trading activities in China by September 30, 2017.
After the ban was issued, on September 14, Bitcoin China announced that it would stop registering new users of the asset trading platform and stop all trading business. From December 1st, the digital assets in the platform, including BTC, LTC, ETH, BCH, will be charged a certain management fee, and then the online service and withdrawal application service will be stopped.
After completing the retreat, stopping the withdrawal, and completely shutting down the domestic platform, the trading platforms such as the Firecoin Net and the Coin Bank moved to overseas markets and began to provide over-the-counter trading services. At present, Firecoin has opened a fire coin pro overseas. The currency bank has OKCoin international station and partner company OKEx. Although BTCC also provides US dollar to bitcoin transactions, according to the data obtained by reporters from CoinMarketCap, the BTCC transaction amount is Today, it is only more than 63 million US dollars, accounting for 0.7%, ranking 22nd, which is far from its brilliant period. The OKEx Bitcoin transaction amounted to 7.45 billion yuan, accounting for 8.5% of the global bitcoin transaction volume, ranking first.
If it is successful, after this acquisition by Hong Kong funds, they may want to do a big job. BTCC originally intended to completely shift its business focus to the international market and its three main products - BTCC mining pool "Guochi", Mobi Digital Asset wallet and dollar spot trading platform.
The BTCC pool was launched in October 2014, and in 2017, Bitcoin worth nearly $900 million was dug up. According to the official, as a digital asset pool, the BTCC pool provides low-rate services and guaranteed payments. The Mobi Digital Asset Wallet was officially launched in March 2017, and on December 28th replaced the overpaid wallet with a complete outage. Currently supports the storage, conversion, transmission and reception of Bitcoin, Litecoin, Ethereum and Bit Cash. The US dollar spot trading platform created more than $25 billion in bitcoin trading volume in 2017.
However, the cold wind of supervision has blown into Hong Kong, and the future of development after the acquisition is unknown.
In an interview with CNBC in the near future, Li Qiyuan expressed his confidence in virtual currency as he had in the past, arguing that the scarcity of bitcoin and the difficulty of mining new coins will push its prices to continue to climb in 2018, despite the fact that the bit The price of the currency has recently experienced a wave of falling cliffs.
He also believes that the government will one day lift the ban and re-examine and issue permits. However, no matter how long this time will take, no one knows the answer. “It’s a few months, a few years or even decades, it’s hard to say.â€
The same discourse may also answer this question: Can the BTCC trading platform return to the peak? Hard to say.
Fiber Optic Components,Parts Of Fiber Optic Cable,Fibre Optic Connector,Parts Of Optical Fiber
Cixi Dani Plastic Products Co.,Ltd , https://www.dani-fiber-optic.com