China’s Bitcoin Prices Rise to Record Highs

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Quotes for Bitcoin in China have surged to historic highs at the start of June as domestic exchanges satisfy anti-money laundering measures and overseas political turmoil drives up the price of commodity money.

Data from Chinese Bitcoin company OKCoin indicates that the price of Bitcoin broke through the 20,000 yuan threshold on 6 June, reaching 20,460 yuan at its peak for a rise of over 9%.

The latest surge follows a rise in international Bitcoin prices to record-breaking levels of USD$2,600.

Since the end of May Chinese Bitcoin prices have leapt by 25%, an increase which has been abetted by the resumption of Bitcoin conversion services by China’s three main exchanges since the start of the month, after responding to regulatory requirements with respect to money laundering and identification.

All of China’s main Bitcoin exchanges claim to have implemented extremely strict measures for the prevention of money-laundering, including user identification systems and customer data screening.

Chinese regulators are expected to heighten their scrutiny of crypto-currency in the near future, with the People’s Bank of China indicating that it us currently working on two administrative measures in relation to Bitcoin – one concerning the operation exchanges and the other seeking to standardise anti-money laundering procedures.

 

 

 

 

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