China Bans Financial Companies From Transacting Bitcoin
The price of bitcoin has crashed slightly following the breaking news that China is effectively banning the use of Bitcoin to carry out business for financial companies. The People's Bank of China has said that bitcoin doesn't quite have a "real meaning", and individuals should take caution if investing or using it. The story with financial institutions, however, is different. The central bank is banning the use of bitcoin for these companies. "The concern is that it interferes with normal monetary policy operation," said lead researcher Hao Hong from the Bocom International Holdings....
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China has reportedly banned financial institutions and payment companies from offering Bitcoin service to clients.
At the Inside Bitcoins conference in Las Vegas, the CEO of the world's largest bitcoin exchange, BTC China, dished out some impressive figures with regard to his exchange's growth. "Trading volume has risen from $5 million to $50 million," said head honcho Bobby Lee. Malcom CasSelle from Timeline Labs said "[BTC China is] transacting 150,000 BTC per day." On the topic of when the recent news that China was warning financial institutions from toying with bitcoin, CasSelle said that "BTC China as a business will not have problems with deposits and withdrawals", referring to the very banks....
CoinDesk can confirm that the source mentioned in this piece is Bobby Lee, CEO of bitcoin exchange BTC China. Lee said he is now happy to go on the record. Sources close to China's Central Bank today reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges. A reputable source told CoinDesk that the People's Bank of China (PBOC) met with most of the top third-party payment companies this morning. The source said the meeting topic was unrelated to bitcoin, but digital currency became an important part of the discussion. "PBOC, in no....
China's App Store has banned Wiper, the mobile messaging service that allows users to delete messages, after it added the ability to send bitcoin. Wiper announced its bitcoin functionality slightly more than a month ago. "We were removed from the iOS online app store in China due to violating that app store's policies." Manlio Carelli, Wiper's CEO, told CCN. "A rep from Apple explained to us by phone that this violation was related to Wiper enabling bitcoin payments." Wiper contacted Apple after receiving a removal notice through its iTunes Connect developer account. "We received a very....
Have you noticed a trend lately? It seems like every number of days, some "news" comes from China regarding a ban of some sort. If not outright, then the discussion surrounds banks and other financial institutions from being barred from bitcoin dealings. And every single time there's panic. And what happens when there's panic? The price drops. Someone makes a lot of money. I received an email this morning from a reader asking why I haven't covered this latest news coming from China. Apparently, these "talks" between the People's Bank of China and financial institutions are getting serious.....