Chinese Bitcoin Exchanges Find Workaround To Allow RMB Deposits, Exchange Rate Rallies
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....
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According to reddit user mkellerman: "It seems btc38.com has not been affected and is able to accept CNY deposits. I just successfully deposited 10CNY to my btc38 account using my Chinese credit card. The money appeared in my account within a minute. One bitcoin currently costs 3152CNY at btc38."Did btc38 not get the memo? Bitcoin is well off the lows trading at $614 on BTC-e. Edit: It seems that there are only two Chinese exchanges NOT accepting deposits. And according to enric on bitcointalk.org there are some large exchanges still transacting in CNY: "Also Huobi:....
BTC-e has opened up USD/CNH, BTC/CNH, and LTC/CNH markets today. Withlooming PBOC action that would end Chinese Bitcoin exchange's access to domestic bank accounts, Chinese traders are undoubtedly looking for new exchanges to trade on. Along with Chinese RMB (CNH to BTC-e) trading comes RMB deposits, which are handled through an international bank. An international bank means that Chinese traders wishing to convert fiat to crypto through this route will be subject to the Chinese $50,000 annual limit. In fact, people are starting to realize that the PBOC's still shrouded notice to regional....
Yesterday, Caixin reported that the PBOC, led by the Payment and Clearing Organization of China, has been having meetings and interviews with commercial banks, third party payment processors, and Bitcoin exchanges within China. PBOC officials made it very clear that they wished to completely cut off the funding line of Chinese RMB into Bitcoin trading platforms around the country. The renewed interest in Bitcoin by the PBOC has led to funding shuffles from every Chinese Bitcoin exchange. Cryptocurrency exchange rates across the board have suffered since the first rumors of renewed the....
OKCoin, once the second largest mainland China-based bitcoin exchange (after BTC China) according to volume, has been accused of faking its trading volume data. The website stopped taking new deposits in the aftermath of the Chinese central bank implementing a ban disallowing banks and third-party payment services from working with bitcoin exchanges, leaving traders temporarily unable to charge their fiat currency accounts or cash out on some exchanges. In the days following rumours of the ban, while traders panic-sold their bitcoin holdings and would-be buyers were barred from making....
Several bitcoin exchanges in China have - as of today - halted trading fees in what could be called an epic battle for bitcoin volume. The exchanges include the ever-so-popular BTC China, OkCoin, BTCKan, and BtcTrade. It's all the more reason for the Chinese to get involved with the market - especially since developing an account-funding workaround by offering cash-for-vouchers (BTC China) in light of recently events that have money transmitters in China staying far, far away from bitcoin exchanges. Will it be the start of a new bubble? It's unclear, but we're in for an exciting ride in....