The increased scrutiny has caused the value of bitcoin to crash.
Li Lihui, a senior official at the National Internet Finance Association of China and a former president of the Bank of China, told a conference in Shanghai that global regulators should work together to supervise cryptocurrencies.
An issue of secondary concern to bitcoin enthusiasts may be about whether other nations will follow China's lead. Reuters attributed the information to a government notice signed by the Beijing city group in charge of overseeing internet finance risks, which had been verified by a government source.
The country has seen an explosion of digital currency trading, sparking fears about the financial risks and speculative investing.
China began investigating the whole cyber-currency quagmire (Giggity) in January, after claiming that it was being used for money laundering, (well duh) and market manipulation amongst other things.
Beijing-based platforms OkCoin and Huobi, which are among China's biggest exchanges, said on Friday that they planned to stop yuan-based trading by October 31, confirming earlier reports. China is also home to the majority of the world's bitcoin mining and it is unclear if the latest moves by the authorities will impact those operations. The currency is now down more than $550 from yesterday, and it's still trending downward.
Adding to bitcoin's woes this week was a warning by Jamie Dimon, chief executive of JPMorgan, that the cryptocurrency was a "fraud" and was set to "blow up" - comments that helped fuel a slide of as much as 11 percent in bitcoin on Wednesday.
While Telegram is officially blocked in China, users can access the service through virtual private networks. The dip is largely due to the actions of one exchange that kicked off a panic sell, and not a fundamental flaw in the currency itself.
"Blockchain technology and cryptocurrencies have the potential to sweep away all of today's incumbent financial institutions". The current market capitalization of the digital cryptocurrency industry is around $170 billion. When new rules are put in place, there's bound to be shakeups. Miners process Bitcoin transactions and, in exchange, are rewarded with newly created bitcoin.
The price of bitcoin fell dramatically upon the news.
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