BTC China Stops Cash Deposits, Price Per Bitcoin Takes a Dive
Just when you thought things couldn't get any worse in China, it does. The world's largest exchange (which will soon change) has stopped accepting fiat deposits, which prevents any money from coming into the exchange. "This morning, we got notice from our third-party payment provider YeePay that it would cut off deposits for us at 12 noon and sure enough, we got cut off today," said Bobby Lee, CEO of the operation. "We all know the reason - it's as plain as daylight - they cut us off because of what happened at the meeting on Monday," he continued, referring to China's top payment....
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This is another clear example of why users should not keep their funds in a bank account. Holding cash is becoming a less favourable option for many customers around the world. Charging fees on cash deposits is becoming the new norm in Germany, and more of them will follow in the coming months. So far, two more banks have taken this route, including the Bank of Ireland and Ulster Bank It looks like the negative interest rates will be passed on to customers who make cash deposits. It was only a matter of time until the negative interest rates would be passed on to the customers. Not only....
BTC China has announced the launch of USD and HKD deposits and withdrawals, joining OKCoin in an effort to extend services to the international community. Launching USD and HKD deposits and withdrawals, BTC China is now the first Chinese exchange to support three fiat currencies. The launch began after an invite-only period. During this trial stage, BTC China collected several million USD worth of deposits. This service will be processed via its registered Hong Kong affiliate.
The Bitcoin price took a heavy hit today because of "Bitcoin being dragged down by BTC China, stops CNY deposits", however, this could actually be great news for new investors and players in the Bitcoin industry. The Bitcoin price seems to have stabilized after the sudden drop to 500 to 600 USD per Bitcoins. I believe they might fall some more, but this is probably one of your best chances to buy Bitcoin while they are still below 1000 USD. Even though Bitcoins probably are done in China, they will still be used around the world (and in China). I believe that Bitcoins have a bright future,....
BTC China told CoinDesk it is expecting to reinstate deposits in RMB soon. Bobby Lee said he is now working with another third party payment company to try and reinstate RMB pricing, and is hoping to make an announcement on the Weibo account in the next few hours. This will now be the firm's third payment provider relationship inside a week. Lee brushed off worries that the new relationship could also be placed in jeopardy by PBOC's most recent move. "If this keeps happening, ten times later, will I keep going? I don't know. I can't predict the future. But for now we're going to try one....
Read the original Chinese article on btc38 and btckan, a prominent Chinese Bitcoin exchange and website, respectively. BTC China's CEO Bobby Lee has introduced a new method for Bitcoiners in China to "recharge" their RMB balances on Chinese Bitcoin Exchanges: BTC China vouchers. Within a week, Chinese Bitcoin Exchanges led by BTC China, have found a solution for getting RMB deposits into Chinese Bitcoin Exchanges in compliance with ever-changing interpretations of Chinese law. Alternatively, Huobi's CEO has been using his personal bank account to provide RMB liquidity for all of his....