BTC38 Suspends RMB Deposits, Cites China Central Bank Guidance
China-based bitcoin exchange BTC38 announced to its users that its renminbi deposit services will be suspended following a shift in policy from the People's Bank of China (PBOC), the nation's central bank. The posting seemingly confirms earlier reports that the PBOC would seek to tighten its enforcement of earlier guidance issued in December, thereby blocking its domestic banks from working with digital currency companies. Further, the release corroborates recent statements by BTC China CEO Bobby Lee, who has suggested that the PBOC has been seeking to implement a "stricter interpretation"....
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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....
The Agricultural Bank of China, one of the Big Four Chinese Banks, has begun notifying its Bitcoin Exchange clients of upcoming changes to policy. The other 3 “Big Four” banks in China are: The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China. By market capitalization, the Industrial and Commercial Bank of China is the largest bank in the entire world, according to Relbanks 2013 statistics on largest banks in the world. The Agricultural Bank of China is the 6th largest bank in the world by the same measure, outstripping all American Banks besides Wells....
BTC China announced to its English-speaking users via Twitter today that it has suspended yuan (RMB) deposits from the Bank of China. In its second such announcement since 26th April the exchange said in a (since-removed) tweet: Dear users, Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: [email protected]. - BTC China (@btcchina) May 6, 2014. Chinese exchanges have suffered major setbacks recently after banks finally responded to repeated directives from the People's Bank of China (PBOC) - China's central bank - and shuttered all....
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:....
The Republic of Cuba is suspending the use of U.S. dollars due to embargo restrictions with U.S. and foreign banks. The central bank of Cuba’s restrictions stems from the “obstacles that the U.S. embargo creates for the national bank system.” Cuba Bans USD Deposits, BCC Tells Tourists to ‘Arrive With a Currency Other Than the Dollar’ Cuba, the island country located where the Caribbean Sea, Gulf of Mexico, and the Atlantic Ocean meet, said this week U.S. dollars will be suspended in the country. The mandate comes from the country’s central bank and....