Anyone wondering how serious China is about stemming the outflows that brought its currency reserves to their lowest since February 2011 need only to look at bitcoin.The cryptocurrency has plunged more than 18 percent since Jan.4, as news began to leak that it had attracted the attention of regulators in China.The Shanghai branch of the People's Bank of China and the city's financial office met with bitcoin exchange executives and admonished them to deal with "abnormal fluctuations" in prices, according to a central bank statement on Friday.Two days before the string of warnings, bitcoin had hit $1,140, close to its highest level ever, before closing the day at $1,091.It's unclear how widespread the use of bitcoin is to circumvent China's rules on moving money offshore.What is clear is that, for all the claims of bitcoin being free from the shackles of any central authority, Beijing holds a lot of influence over it.China is home to two-thirds of bitcoin mining power and 98 percent of trades in the past six months were conducted using yuan.

The irony should not escape bitcoin's libertarian cheerleaders: The currency may not be issued by any government but is effectively under the control of the world's most powerful single-party system.The joke appears to be on investors now, as China's government focuses on keeping its money at home.The nation's foreign-exchange reserves fell to $3.01 trillion at the end of December, eroded by government efforts to stem the yuan's steepest annual slide in more than two decades.The reality, in any case, is that bitcoin is a terrible tool for anonymous transfers.Unlike paper money, transactions in the digital currency can be traced back to the original owner.If a bitcoin exchange hands over data on its clients, authorities can easily tell whether they have been moving money out of the country.The reason why many Chinese investors may have chosen to use bitcoin to move money across borders is because it remains a tiny part of the financial system.The total supply of bitcoin (which has yet to be reached) is capped at 21 million coins.

At $1,000 apiece, that's a notional value of $21 billion -- or less than 0.7 percent of China's remaining foreign-exchange reserves.Such a small and funky outlet for capital outflows would barely merit the PBOC's attention, the thinking may have gone.Clearly, that reasoning was wrong.Beijing is so serious about plugging the leaks that no target is too small now.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.To contact the author of this story: Christopher Langner in Singapore at clangner@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netBitcoin tumbled to a three-week low at the end of the week after concerns about a Chinese bitcoin miner's plan to undertake a ‘hard fork’ that will result in a split in the digital currency.Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only.India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

Advertisements Now Save Rs.3150 on your Demat Account ...Click here Now get IIFL Personal Loan in just 8* hours...APPLY NOW!bitcoin price crash 2013Get the most detailed result analysis on the web - Real Fast!bitcoin to cash conversionActionable & Award-Winning Research on 500 Listed Indian Companies.1 bitcoin in dogeBig Data Trends to Watch in 2017 Infogain appoints New Chief Revenue Officer (CRO) Xender Joins Hands with Samsung Tizen Magic Quadrant 2017 by Gartner Positioned Genpact as a Visionary Outsourcing – Key to Efficient Business Outcomes Online Shoppers Prefer Couriers Than Parcels : Zencommerce Xavier Malware Found In 800 Mobile Apps Detected By Trend Micro Refiners Set to Increase Spending on Digital Technologies: Accenture Research Konica Minolta Partners with Insight Print Communications OneAssist Raises $18 Million in Series C Funding News - Bitxoxo, the Bitcoin Exchange Company, has introduced bitcoin Pre-paid Gift card.bitcoin iklan

With this launch, the platform has managed to transform the simple act of gifting, a hi-tech approach.bitcoin php trading botBitxoxo’s Bitcoin Pre-paid Gift Card is yet another ground-breaking addition to its several first-in-the-industry features in its services.bitcoin core won't openBitxoxo has secured the status of being the fastest bitcoin exchange company in India.buy bitcoin ukashIt is the only bitcoin exchange company that allows payments & withdrawals through IMPS, which ensures that customers receive payments in their account instantly, irrespective of banking hours and holidays.gold bitcoin kaufenWith this offering, Bitxoxo has also strengthened its position as the most innovative and futuristic platform in the industry.bitcoin sender fee

Commenting on the launch, Spokesperson, Bitxoxo said, “With Bitxoxo, customers can find the most secure bitcoin trading platform with the best rates in market.It is driven by the motivation of making bitcoin accessible to everyone and introduce users to a secure, fast & real time trading platform.As an experienced, self-driven, and highly passionate team, customer satisfaction is our primary motive.Hence, we charge no fees for any of our services.All our services comes with 0% Fees, allowing customers to purchase, sell, or even gift bitcoins without any hassle.” Apart from bitcoin trading, Bitxoxo is also involved in conducting seminars and workshops on Bitcoin in colleges, universities, and companies throughout the country, in an effort to enhance knowledge and generate awareness around its usage.Droom launches its HR App McAfee announces new status as a standalone cybersecurity companyNEWS SITES Retail News Auto News Health News Telecom News Energy News Real Estate News Brand EquityTechnology News CFO News IT Security News Government seeks public views on future of bitcoin NEW DELHI: Should bitcoins be banned, regulated or subjected to self-regulation?The government has sought comments on this question from the public for deciding the viability or other wise of Virtual Currencies (VC) or bitcoins.Widening the scope of the debate on what is also referred to as Digital/Crypto Currencies, it has invited suggestions on its discussion platform MyGov, launched by Prime Minister Narendra Modi in July 2014.The circulation of VC has been a cause of concern among central bankers the world over for quite a while now.It has been expressed in various forums from time to time.

Reserve Bank of India had also cautioned the users, holders and traders of VCs, including bitcoins.In March, the finance ministry had constituted an Inter- Disciplinary Committee to take stock of the present status of VCs both in India and globally and suggest measures for dealing with such currencies."WhetherVirtual Currencies (VCs) should be banned, regulated or observed?," are among the questions posted on the MyGov platform.In case VCs are suggested to be regulated what measures to promote orderly development of VCs and protect consumer, it has sought to know further.Suggestions were also invited on how the VCs should be regulated and monitored."Incase VCs are not suggested to be regulated: What should be the effective self-regulatory mechanism?(and) What measures should be adopted to ensure consumer protection in this scenario?," the government asked public comments.The comments can be made till May 31.Last week, a domestic app-based bitcoin exchange Zebpay said it has had five lakh downloads on the Android operating system and is adding more than 2,500 users every day.The company said it launched operations in 2015 to simplify bitcoin trade along with providing a seamless experience to Indian audience.Bitcoins were in news recently as the global ransomware attack WannaCry infected computers running on older versions of Microsoft operating systems and the cyber criminals were demanded a fee of about USD 300 in crypto-currencies like bitcoin for unlocking the device.MyGov has more than 1.78 million users and the platform gets more than 10,000 posts per weeks on various issues which are analysed and put together as suggestions for the departments concerned which are able to transform them into "actionable agenda".

///Trends ›Internet of Things News / AI News / Cloud Computing News / Tech Mahindra News / Big Data News / Snapdeal News / Flipkart News / TCS News / Wipro News / Paytm NewsEditor's Picks ›Trend Micro detects Xavier Android malware in 800 mobile apps downloaded from Google Play Store / Refiners to increase spending on digital technologies to reduce cost : Accenture research / Krishnapatnam port to go paperless with e-Xpressway / Adoption of automation, self-service is more to retain customers: Aspect Software’s Manish Bajaj / Attackers try to sneak a Ztorg Trojan onto Google Play by wrapping it in another one : Kaspersky Lab / Mindtree’s new integrated services to make IT efficient / Tata Elxsi to create passenger experience for Airports Authority of India’s new airports / GoDaddy brings new business email solution for small businesses in India / Manthan’s new Customer360 platform eyes marketers and retailers / Lenovo launches its largest data center portfolioFeatures ›Case Studies / Strategy & Mgmt / Tech-Talk / CIO Wall / Secret Diary of CIO / Healthcare / Automotive / Manufacturing / Financial Services / Retail / IT/ITES / Banking / AskETCIOExpertOther B2B News Sites ›Retail News / Auto News / Health News / Telecom News / Energy News / Real Estate News / Marketing & Advertising News / Technology News / CFO News / IT Security News