Bitcoin & Crypto & NFT News
I see a lot of posts with conspiracy fears. I want to remind you that withdrawals are halted in order to implement AML (anti money laundering) policies:
The exchanges simply need time to implement a tracking system on the blockchain to check whether Chinese people convert their bitcoins into foreign currencies (mainly dollars) after withdrawal.
That is why :
- ProBTCC stopped trading BTC/USD yesterday (people could too easily buy BTC with CNY and sell for USD).
- BTCC halts withdrawals for 10 days only (they are known to have already a tracking team).
TL,DR: China could ban Bitcoin, it would be simpler. Instead, China is making Bitcoin compliant with its law. It's very bullish.