Chinese regulators are to limit bitcoin transactions to stem the outflow of capital, according to people familiar with the matter, cited in a Bloomberg report. The capital controls include restricting domestic bitcoin exchanges from moving bitcoin to foreign platforms and imposing quotas on the amount of cryptocurrency that can be sent abroad. In January, the government classified bitcoin as a commodity and not currency, allowing it to be traded outside of foreign-exchange controls.
Chinese regulators are to limit bitcoin transactions to stem the outflow of capital, according to people familiar with the matter, cited in a Bloomberg report. The capital controls include restricting domestic bitcoin exchanges from moving bitcoin to foreign platforms and imposing quotas on the amount of cryptocurrency that can be sent abroad. In 2013, the government classified bitcoin as a commodity and not currency, allowing it to be traded outside of foreign-exchange controls.