JCBA or Japan Cryptocurrency Business Association has rolled out its official program for dealing with a probable Bitcoin protocol split on August 1, 2017. Thirteen Bitcoin exchanges operators from Japan confirmed by issuing a statement that they shall cease all forms of cryptocurrency trading deals as the clock strikes midnight on August 1.
Riding high on the low commissions associated with overseas remittances, the number of Bitcoin users have grown by leaps and bounds in recent years. However the perils of speculative trading has crept in with this surge in transaction volume leading to longer execution time of exchange operators. This is the background story behind variation of opinions of industry magnates where some are in favour of a new system which shall rain in faster transactions whereas others are vouching for the current mechanism.
The possible split of Bitcoin is expected to be functional from 9:00 am according to Japanese time of 1st August 2017. However JCBA has issued a warning in advance of suspension time and date in the event of an early separation. The temporary freezing of dealing platform is expected to save both Bitcoin operators and investing public from the unwanted confusion which might crop up from the much hyped split nomenclatured as User Activated Soft Fork (UASF).
Read: What will happen to Bitcoin on August 1, 2017.
The following Bitcoin exchanges have showed a green signal to the 1st August shutdown:
Bitflyer , the largest amongst the Bitcoin exchanges in Japan has not yet announced its plan of action for the possible disruption. However as per insider news they won’t be long before announcing one within this week.
JCBA wishes to bring down its activities to normal and kick start its trading platform from 4th August 2017, 16:00 pm (Japan time) after conducting a proper scan of the network condition. Cryptocurrency exchanges OKEx and GDAX have already declared measures to be adopted on the eve of the fork.
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