- Markets for bitcoin and other digital cryptocurrencies dipped by more than 7% on February 9th, following news that the People’s Bank of China, the country’s central bank, was tightening regulatory pressure.
- The PBoC met Wednesday with the country’s major Bitcoin exchanges to push for full compliance with anti-money laundering rules.
- A half-dozen Chinese bitcoin exchanges have also said they will institute new trading fees.
- Previous dips in the price of bitcoin have been driven by Chinese regulation, including a 2013 decision banning banks from handling bitcoin as a currency.
- According to Bloomberg, the recent regulatory pressure on Bitcoin from the PBoC is likely driven by the Chinese government’s desire to control capital outflows from the country.
@bitcoinagile: “#bitcoin Markets Slide as China Steps up Regulatory Scrutiny” open tweet »