The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private.
More to that, within a single day, bitcoin price in the Chinese exchange market rose by 9.3 percent, while other markets such as the US, Japan and South Korea remained stagnant. But, Caixin is a state-owned media company in China, which has insider sources within the government and in the Chinese central bank.
Bitcoin fell 10%, from almost $4,500 on Friday, to $4,100 on Monday.
Within a period of three days, bitcoin experienced two minor corrections, pulling back the upward momentum and strong rally it had maintained for a few weeks.
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Just last week, China banned initial coin offerings (ICOs) to prevent fraud and illegal fundraising using virtual currencies. No official proclamations have been issued by the Chinese government or regulators, although some exchanges are already taking steps and indicating they have been contacted.
While Beijing's motivation for the exchange ban was not clear, according to commentators, it comes as China launches a broad clampdown on financial risk in the run-up to a key Communist Party leadership reshuffle next month.
That news came after the announcement on Monday to ban ICO financing that I reported here. The decision impacted trading prices for nearly all virtual currencies. The central government's office overseeing internet financial risks has ordered local authorities to shut down virtual exchanges trading digital currencies with the yuan, a source close to the office told Caixin.
However, cryptocurrencies are not banned in China, only trades and ICOs.
Many experts believe that Chinese officials accelerated this process over the summer as Bitcoin price grew from $3,000 to almost $5,000, fueling market speculation by domestic investors, and driving Chinese Yuan value down as people started using Bitcoin to move funds in and out of the country, bypassing and disrupting traditional Chinese financial institutions.