Reports: China orders bitcoin exchanges to shut down - KAIT Jonesboro, AR - Region 8 News, weather, sports

Reports: China orders bitcoin exchanges to shut down

BEIJING (AP) - Regulators have ordered Chinese bitcoin exchanges to close, two business newspapers reported Thursday, after uncertainty about the digital currency's future in China caused its price to plunge.

Regulators in Shanghai, the country's financial center, gave verbal instructions to exchange operators to shut down, China Business News and 21st Century Economic Report said on their websites. They gave no other details.

Bitcoin's value tumbled 15 percent Thursday to about $3,300. The famously volatile currency has shed about a third of its value since Sept. 1 but is up from about $600 a year ago.

China's central bank has yet to respond to questions about bitcoin's future in the country but earlier warned it was traded without regulatory oversight and might be linked to fraud. The bank banned initial offerings of new digital currencies last week.

Bitcoin is created and exchanged without the involvement of banks or governments. Transactions allow anonymity, which has made bitcoin popular with people who want to conceal their activity. Bitcoin can be converted to cash when deposited into accounts at prices set in online trading.

Interest in China in bitcoin surged last year after the price rose. A Chinese business news magazine, Caixin, said at one point up to 90 percent of global trading took place in China.

Trading volume has fallen as regulators tightened controls.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • National SportsMore>>

  • The Latest: Cowboys kneel _ but before the national anthem

    The Latest: Cowboys kneel _ but before the national anthem

    Monday, September 25 2017 8:38 AM EDT2017-09-25 12:38:04 GMT
    Monday, September 25 2017 10:09 PM EDT2017-09-26 02:09:43 GMT
    President Donald Trump says his criticism of football players who kneel during the national anthem "has nothing to do with race." Trump is siding with fans who joined him in criticizing football players who kneel...
    President Donald Trump says his criticism of football players who kneel during the national anthem "has nothing to do with race." Trump is siding with fans who joined him in criticizing football players who kneel during the national anthem.
  • Trump revels in drama over spat with NFL

    Trump revels in drama over spat with NFL

    Monday, September 25 2017 5:17 AM EDT2017-09-25 09:17:32 GMT
    Monday, September 25 2017 10:09 PM EDT2017-09-26 02:09:22 GMT
    President Donald Trump's attacks on activist athletes kicked off his favorite kind of drama _ personal, aggressive, culturally volatile and largely of his own making.
    President Donald Trump's attacks on activist athletes kicked off his favorite kind of drama _ personal, aggressive, culturally volatile and largely of his own making.
  • Cowboys kneel before national anthem against Arizona

    Cowboys kneel before national anthem against Arizona

    Monday, September 25 2017 9:58 PM EDT2017-09-26 01:58:03 GMT
    Monday, September 25 2017 10:00 PM EDT2017-09-26 02:00:20 GMT
    The Dallas Cowboys and owner Jerry Jones kneeled together before the playing of the national anthem against the Arizona Cardinals.
    The Dallas Cowboys and owner Jerry Jones kneeled together before the playing of the national anthem against the Arizona Cardinals.
Powered by Frankly