Bitcoin Markets Continue to Slide on PBOC News
PBOC Makes new statement on Bitcoin Exchanges. As usual confusion is surrounding the most recent news out of China. Early Thursday it was reported by multiple media outlets that the PBOC had ordered banks to close the accounts of virtual currency exchanges. At first many thought the news was just another false rumor for the purpose of depressing the market to allow a cheap buy in. It appears, however, that the reports may have been correct (including those at CryptoCoinsNews) and that Chinese domestic banks may no longer do business with websites that trade in digital currencies. According....
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Following findings of “irregularities” in the business and operational processes of the big bitcoin exchanges in the country, China’s central bank (PBOC) has now announced that its on-site inspections of the “Big 3” bitcoin exchanges is set to continue. In a statement today, the Beijing branch of the People’s Bank of China has stated its intention to continue on-site inspections of bitcoin exchanges will continue after the findings of preliminary inspections that took place a week ago. At the time, the PBOC Beijing had announced that OKCoin and Huobi, two Beijing-based bitcoin exchanges....
PBOC Site Error Page. According to George Chen, Financial Editor and "Mr. Shangkong" columnist at Hong Kong's South China Morning Post, the official website of the People's Bank of China (PBOC) recently came under DDOS attack. Chinese media have placed blame for the attack on "foreign Bitcoin investors" angry over recent Bitcoin prohibitions by the PBOC. The PBOC this afternoon told media that it "was fixing web." The PBOC site appears to be online as of this time. George Chen is a former Thomson Reuters reporter and the author of 'Foreign Banks in China.' His Twitter feed, in which he....
Caixin is a respected Chinese financial news source. Bitcoin prices have dropped nearly 10% across all Bitcoin exchanges, with the bulk of the action understandably located on Chinese Bitcoin Exchanges. A few hours ago, Caixin published a Chinese article claiming that the PBOC has met with commercial banks and third party payment processors, in particular those that do, or have done, business with Chinese Bitcoin Exchanges to remind them of the PBOC's stance. This Caixin article is written by a different author than the last Caixin article that was commented on in Western media (which....
The digital currency markets experienced widespread price declines today, as concerns surrounding the latest developments in China motivated many traders to sell off not only bitcoin, but alternative digital assets. The development follows the PBoC's announcement today that it warned several domestic exchange operators that they must comply with regulations or risk being shut down. Traders also received startling news from major operations Huobi and OKCoin that, effective immediately, they would suspend bitcoin withdrawals for one month. Markets reacted strongly to these developments, with....
China's central bank plans to continue scrutinizing domestic bitcoin exchanges. The People's Bank of China (PBoC) released its latest statement detailing how it would oversee the industry today, a move that comes weeks after it first began publicizing meetings with representatives from BTCC, Huobi and OKCoin. The PBoC went on to say that it would oversee the space more closely, later finding fault with the exchange’s policies on margin trading (though no penalties have been levied). According to the PBoC, that scrutiny will continue via additional on-site inspections. The central bank said....