People's Bank of China Further Restricts Bitcoin
The Chinese central bank building. When doing my latest technical anaylsis, it was clear BTC China was the anchor dragging the Bitcoin price down. I assumed it was due to an overreaction to the new trading fees, but now the full story is known. The People's Bank of China has directed that "third party payment institutions shall not undertake business with Bitcoin hosted sites." I don't know if this is an accurate translation that captures the true meaning of the Chinese statement, but the upshot seems to be that people in China can no longer transfer funds to their local exchanges in order....
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The story of BTC China has been an interesting one. This exchange went from nobody's talking point to the largest bitcoin exchange in the People's Republic of China in a matter of weeks. That is, until, they stopped accepting bank deposits. Many were convinced it was the end of BTC China's short, short history. Unlikely. The exchange has once again begun accepting bank deposits with its corporate bank account, according to a number of user reports and confirmation from the company's head honcho. "Previously, we judged doing this as not being viable, however, we have since changed our....
Bank deposits are live at BTC China once again. Screenshot via /u/btc_trading. Although many people thought banks weren't allowed to work with Bitcoin exchanges as a result of the December 5th memo from the People's Bank of China, it seems that the Bitcoin community may have overreacted to what the PBOC was trying to say. Some individuals have been wondering if Huobi, a Bitcoin exchange in China, has been operating illegally over the past few weeks because they were allowing customers to making deposits and withdrawals through the CEO's personal bank account. Most people in the Chinese....
China is on the verge of an economic meltdown and Bitcoin can be one of its major problems. Beijing might be preparing to tighten the siege around companies and entrepreneurs doing business with Bitcoin. The latest Goldman Sachs report revealed that about 80% of bitcoin transactions are being made in China. With an economic slowdown on its hands, the People's Bank of China (PBOC) is trying to find and close down the holes from where many of the country's wealth is being taken out. Right now, China's highest priority is stability, and bitcoin growing popularity is having a negative impact....
China's central bank has cut its benchmark lending and deposit rates again in an attempt to stir a stuttering economy. The People's Bank of China. The People's Bank of China, the authority as the Chinese Central Bank has cut its rates and lowered the minimum ceiling of cash reserves that banks must hold, in order to try and shake up some; activity to spur a slowing economy. Reuters reports that it is the sixth time since November last year that China has slowed down on its monetary policy by slashing its interest rates in the face of stagnating growth and prolonged weak inflation. The....
The Shenzhen office of the People’s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in the city. People’s Bank of China Cracks Down on Coin Trading in Shenzhen The branch of China’s central bank in Shenzhen is cracking down on illegal cryptocurrency trading, the Chinese business news outlet Cnstock.com revealed Tuesday. As part of the new campaign, the PBOC has....