Bitcoin tumbled, heading for its worst week since January 2015, after people familiar with the matter said China aims to stop exchange trading of cryptocurrencies by the end of September.
Regional Chinese regulators were notified of the timeline by a central bank-led group overseeing Internet finance risks, said the people, who asked not to be named because the information is private. Bitcoin dropped 9.3 percent to $3,077.55 at 9:22 a.m. in London, extending this week’s decline to 28 percent.
The notice suggests Chinese policy makers will move quickly on a previously reported plan to end exchange trading, their most far-reaching measure to rein in the growth of cryptocurrencies. China’s crackdown, which includes a ban on initial coin offerings announced last week, has fueled an abrupt reversal in bitcoin after the digital currency soared more than 700 percent in the 12 months through August.
The digital currency tumbled on Thursday after BTC China, one …
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