ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Finance

China moves to shutter virtual currency exchanges

Reining in capital outflows a priority before big party congress

Exchanges for buying and selling bitcoin and other virtual currencies may be shut down in China by the end of this month.   © Reuters

SHANGHAI -- China is expected to shut down its virtual currency exchanges by the end of September in an effort to foster financial stability by curbing capital flight and illegal activity, and the news is sending bitcoin values into free fall. 

One of the country's major exchanges, BTCChina, announced that it will no longer open new accounts after Thursday and will stop all transactions by the end of the month. Authorities in Shanghai, meanwhile, sent notices to several other exchanges that they also must close by September's end, Yicai Media Group reported Thursday. 

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more