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China’s bitcoin crackdown has simply driven trade underground

A paramilitary policeman stands guard in front of the giant portrait of late Chinese Chairman Mao Zedong at the main entrance of the Forbidden City in Beijing, October 28, 2013. Five people were killed and dozens injured on Monday, the government said, when a car ploughed into pedestrians and caught fire in Beijing's Tiananmen Square, the site of 1989 pro-democracy protests bloodily suppressed by the military. The car crashed almost directly in front of the main entrance of the Forbidden City, where there hangs a huge portrait of the founder of Communist China, Mao Zedong.

  • China banned bitcoin exchanges at the end of last year.
  • But the trade has simply gone underground, says the CEO of China’s oldest exchange BTCC.
  • CEO believes rules will eventually be relaxed, although not anytime soon.

LONDON — China’s crackdown on bitcoin has simply led to the trading going underground, according to a key player.

Bobby Lee, the founder and CEO of China’s oldest bitcoin exchange BTCC, told Business Insider: “It’s gone underground.

“The point is the demand is there. It’s not like you ban alcohol and you can’t get alcohol — alcohol is physical, you can stop it at the borders. Bitcoin you can’t read more >>>

Source:: BusinessInsider.Com