Additional Sources Confirm China's Payment Processor Ban, Bitcoin Price Falls $200

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....

The emblem of the Peoples' Republic of China. Editor's Note: BTC China has been dropped by Tenpay, the 2nd largest third party payment processor in China after Alipay, and is currently using Yeepay (an obscure smaller third party payment processor) for deposits and withdrawals. BTC China is also located in a special zone in Shanghai and it is my opinion that BTC China will continue legal operations in the best interest of their users; however, the waters in the meantime will be tumultuous. The timeline is this: By Chinese New Years, Chinese Bitcoin Exchanges will have to have found new....

Earlier this morning, we posted some rumors that suggested a major shift in China regarding bitcoin adoption. As it were, it looks like they may be coming to fruition. On Monday, some of the top third-party payment companies in the country met with officials from the People's Bank of China - and while the meeting wasn't explicitly about bitcoin, it reportedly became a talking point in the conversation. "PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China," said what has been called a reputable source to CoinDesk. So, we are....

A number of smaller China-based bitcoin exchanges met with the People’s Bank of China in a closed-door setting today. According to sources familiar with the matter, in attendance were exchanges that were previously absent from talks held earlier in the month, including Beijing-based Yunbi and BTC Trade. Speaking with CoinDesk, BTC Trade confirmed its participation, while Yunbi would neither confirm or deny the report. Both declined to provide additional details about the discussion. According to Bloomberg, a source said that money laundering was on the agenda, as it was in prior talks.....

Joining the ranks of Coinbase, MtGox and Blockchain, Bitcoin developers Stefan Thomas and Jeremias Kangas have released a lightweight Bitcoin payment processor of his own, with a twist: you do not have to trust it to use it. The way that all other payment processors to date have kept track of individual orders is by creating a unique address for each payment, and forwarding any payments that they receive to the merchant. This does prevent the main issue with not bothering with payment processors and instead just having a single address - namely, that if you receive a payment you have no....