Chinese Bitcoin exchange Huobi issues a farewell to the industry as its shut down is planned for this Tuesday.
According to the exchange, Huobi China will "exercise full cessation of all digital assets against the yuan's trading business from 24:00, GMT+8" on October 31. Leon Li, the Founder of Huobi, claims that it would reimagine itself as an “integrated information and research service provider in the vertical field of Blockchain” dedicated to the Chinese market.
I believe that this is not only a milestone for Huobi but also a watershed in the history of Chinese digital assets and even a memorable day in the development of global digital assets.
Founder of Huobi
Still, there's a glimmer of hope.
According to local news feed on Twitter, the two umbrella exchanges, OKEx and Huobi-Pro, are “soon to launch” p2p Bitcoin trading with support for fiat currencies including the yuan.
OkEx (and likely, Huobi-Pro) will soon launch P2P bitcoin tradings with various fiat currency support.
— cnLedger (@cnLedger) 30 октября 2017 г.
While both OKEx and Huobi-Pro are international non-China based operations not subject to the domestic ban, the source speculates that through undisclosed mechanisms both could ultimately give access to Chinese traders.
In fact, OKEx itself somehow implies that "a New Era" is coming while announcing its future plans after the October 31 shutdown deadline.
— OKEx (@OKEx_) 29 октября 2017 г.
We have nothing more to do but to wait, while the Chinese market situation is becoming more and more interesting. We'll keep you updated!