China’s Bitcoin Trading is On-Hold, Waiting for Confirmation from Government

China holds the biggest bitcoin exchanges as it waits for confirmation from the government regarding the news saying that Beijing intends to ban virtual currency trading on local exchanges. Despite this media reports, the markets remained calm on Monday.

According to the comments from the spokesperson of OkCoin and Huobi platforms, they were saying that they have no facts regarding the data from the Chinese financial publication Caixin where the price declined by 6.6 percent on Friday. Bitcoin traded lower at $4,170 close to 1.3 percent shown in the bitstamp platform on Monday. Yet, on September 2, it reached as historic high of almost $5,000.

The PBOC, as well as one of the top biggest exchanges, BTC China, did not reply right away following the request of Reuters for comments.

It can be presumed that the Asian country will close trading on relentless orders of buy and sell in the large exchanges which could influence the price to go down lower than 4,000 or the greenback would equate trades in China. Its cryptocurrency trading has vastly increased recently as it executes its trade for free which gained interest from investors alike that boosted the demand and increased in volume. However, the regulators implemented rules on the industry in January.