Global Markets: China cracks down on bitcoins

By Commodity News Service Canada

WINNIPEG, September 15 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Crude oil broke the psychologically-important US$50 a barrel mark on Thursday, boosted by rising demand for fuel. The spike happened the same day a report by the US Energy Information Administration predicts world energy consumption will grow by 28 percent between now and 2040.

– Hurricane Harvey and Irma are expected to throw a wrench into US economic growth. Oxford Economics predicts the impact of the two storms will curb third-quarter GDP by 0.4 percent.

– Two major bitcoin operators in China are closing their doors. BTC China and Via BTC announced the move this week after the Chinese government banned initial coin offerings last week. The practice, known as ICOs, typically sees companies offering digital tokens in exchange for bitcoins or other electronic currencies. In the past, China has expressed concerns ICOs could be used for money laundering.

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