According to the UK publication named Express, the government of China recently confirmed that the country’s control over the global bitcoin exchange market has significantly fallen. The fall is quite dramatic – from 90 percent to 1 percent.
This made a lot of experts in China fear out of losing control over the market, according to the UK publication.
Local experts claim that the cryptocurrency trading activity in China was never 90%. However, there is still the fact that China banned cryptocurrency trading as a whole in 2017, which is why a fall like this could be expected.
In early 2018, the Chinese government even tightened the ban on cryptocurrency trading by requesting local banks to prevent dealing with crypto exchanges and trading platforms. Since it is illegal to trade cryptocurrencies in China and crypto exchanges are not permitted to operate within the region – everyone should expect a drop like this.
This news also fueled a lot of crypto trading platforms in Hong Kong, leading them to demonstrate a premium on the price of major digital assets. However, the breaking point was the moment local exchanges were requested to implement a no-fee policy when the trading volume of Bitcoin exchanges dropped by 80%.
Still, it is more than evident that China even at its peak, had about 10 to 20 percent of the Bitcoin exchange market.
Knowing that the Chinese government has openly funded blockchain projects in China, it is expected that only local and native projects in the country would thrive over the next couple of years. Since China has banned Google, Facebook and YouTube (replacing them with Baidu, WeChat, and Youku) the sense for market domination is evident and there is big support towards platforms like VeChain, Qtum and other blockchain projects that were created domestically.
Leader Suspect In Billion Dollar Laundering Via Crypto Is Seeking Extradition To Russia
‘’FinCEN acted in coordination with law enforcement’s seizure of BTC-e and Vinnik’s arrest. The Internal Revenue Service-Criminal Investigation Division, Federal Bureau of Investigation, United States Secret Service, and Homeland Security Investigations conducted the criminal investigation.’’Since he was arrested, Vinnik pleaded innocence and said that his biggest mistake was working for the BTC exchange platform. He is also believed to be involved in the Mt.Gox stolen funds scheme. The FinCEN report shows that via the BTC-e platform, more than $120 million were laundered and were connected with the now defunct platform. Vinnik is asking to be extradited to Russia after the Commissioner for Human Rights, Tatyana Nikolayevna Moskalkova asked for help from the United Nations High Commissioner for Human Rights Michelle Bachelet with the goal to take him to Russia. Tatyana claimed that Vinnik lost nearly 30% of his weight and that he needs to be with his wife who is suffering from brain cancer. In the U.S Vinnik was indicted on 21 counts and in Russia, he is only accused of smaller fraud charges that can be paid for about 10.000 Euros. The Greek court in 2017 approved Vinnik’s extradition to Russia but later another court decided to give him extradition to the United States. Later, the Greek Supreme Court ruled that Vinnik should be extradited to France so a clear decision has not been delivered yet.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
The Swiss Federal Assembly Approved A Motion For Crypto Regulation
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