Chinese media Jinse.com reported that regulators will issue laws to regulate virtual currencies on October 1, 2017. Jinse states that the cryptocurrency rules has included in the "General Principles of the Civil Law of the Peoples Republic of China", - the legislation, which adopted on March 15, 2017...
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https://bit.news/eng/china-wants-regulate-cryptocurrencies/Meanwhile BTCChina has stopped its activity and soon huobi and okcoin... Couldn't they make a clear statement and regulate the cryptocurrency system before banning everything? This is ridiculous..
Huobi and OKCoin will still operated up to the end of this month. Reason being is that they are too big and it will take time before they can close its operation. However, I think there's a chance that they won't be shutdown as long as they follow and comply with the new laws that the Chinese would issue.
After so many bad news and rumours circulating around in this forum. A well detailed news confirmed that bitcoin in China will be regulated and not be banned. It might be one of the reason of the bull run this few days now. It is a much waited response from all the uncertainty and doubts of how bitcoin will sustained its position on top of the market. Im still hoping for Chinese bitcoin community to be successful in theyre campaign to fight for a better regulated centralized cryptocurrency.
This maybe the reason that we are seeing a spike in the price lately. At least the Chinese bitcoin community has hope and something to hold at this very moment. If I'm a Chinese, I will be nervous as well. But this news will be very welcoming because they have at least live to see another day in trading.