China And Bitcoin: Two Chinese Banks Announce That They Will Cancel Accounts Associated With Bitcoin Or Litecoin
The latest Bitcoin news from China is in. A handful of Chinese banks have decided to kick off the week by unilaterally banning Bitcoin-related accounts. Tuesday morning in China, Ping An Bank and China Everbright Bank both posted notices to their website announcing that they would suspend accounts of individuals or organizations caught participating in Bitcoin or Litecoin transactions. Both banks explicitly mentioned the PBOC as the source of this decision. Also, both banks call for the public at large to report any individuals or organizations that might be involved with Bitcoin or....
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More Chinese banks are announcing they will close accounts related to bitcoin business, in advance of the still-not-publicly-announced prohibition by the People's Bank of China (PBOC). The latest to make a statement is a significant one - the Industrial and Commercial Bank of China (ICBC) is not just the biggest in China, but the largest bank in the world by total assets and market capitalization. In a statement, the ICBC said: "From this date, any institution or individual must not use accounts set up with our bank for the deposit and withdrawal and transfer of funds for Bitcoin and....
The Agricultural Bank of China, one of the Big Four Chinese Banks, has begun notifying its Bitcoin Exchange clients of upcoming changes to policy. The other 3 “Big Four” banks in China are: The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China. By market capitalization, the Industrial and Commercial Bank of China is the largest bank in the entire world, according to Relbanks 2013 statistics on largest banks in the world. The Agricultural Bank of China is the 6th largest bank in the world by the same measure, outstripping all American Banks besides Wells....
Last week the Litecoin price chart has painted a triangle between the levels of $3.50 and $3.20. As it has entered this triangle from above – the exit most probably will appear from below. Besides, the LTC/BTC pair has considerably given up its exchange rate positions in a week from the level of 0.097 to 0.091. China is the driver for Litecoin price, therefore for us, it is important to look and at the Chinese exchanges. Near the level of 21.5 yuans (approximately $3.2) we can observe a high concentration of orders from traders. If this level is passed with the movement down, there will be....
Chinese bitcoin exchange BTC China has stopped accepting RMB deposits to user accounts from a major bank, revealing the move in a post on its Weibo page. Management decided to proactively halt deposits from one of the country's largest banks, China Merchants Bank, after the bank posted on its public website that it would no longer allow its customers to engage in bitcoin-related transactions, and said essentially it would require all such businesses to close their accounts. Withdrawals to China Merchants Bank accounts and transactions with other banks remain unaffected, at least for the....
The People’s Bank of China (PBOC) has continued its crackdown on trading in digital currencies. Three major organizations – The Bank of China (not to be confused with the PBOC), Chinese Construction Bank and top online payments service Tenpay have announced they will no longer allow clients to use their accounts to conduct transactions in Bitcoin and Litecoin. The announcements are the same made by other Chinese businesses refusing digital currency clients. A rough translation of the statement reads: “To protect the property rights and interests of the public and prevent money laundering....