Is the Chinese Government Really Cracking down on Bitcoin Trading?

True or False? The Chinese government intends to curb capital outflow by cracking down on Bitcoin trading. Read more…
A couple of days ago news reports about the Chinese government’s decision to crackdown on Bitcoin trading to curb capital outflow started making rounds. The news created panic among Bitcoin traders, leading to a sudden slump in the digital currency’s price. The cryptocurrency which was trading at around $730s suddenly fell below the $700 mark.
The report of China tightening its screws around Bitcoin transactions as a part of its capital control measure is a plausible story. However, doubts about the genuineness of the news report have since been raised by few bloggers and websites. In one such financial blog, the author claims that the website which first published the story might have faked it or published it without verifying the authenticity of the information.

This post was published at NewsBTC on November 6th, 2016.