BTC China Dismisses PBOC Fears in Open Letter
Shanghai-based exchange BTC China has published a statement reassuring Chinese investors that its operations will resume as normal despite looming regulatory uncertainty. The People's Bank of China (PBOC) is widely expected to issue a public notice later this month, which would effectively put an end to bitcoin-related money transfers in China, including yuan deposits. The rumoured notice is expected to go official on 15th April. However, since nothing is official yet, there is plenty of misinformation floating around. In turn, the spread of PBOC-related fear, uncertainty and doubt has....
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PBOC Site Error Page. According to George Chen, Financial Editor and "Mr. Shangkong" columnist at Hong Kong's South China Morning Post, the official website of the People's Bank of China (PBOC) recently came under DDOS attack. Chinese media have placed blame for the attack on "foreign Bitcoin investors" angry over recent Bitcoin prohibitions by the PBOC. The PBOC this afternoon told media that it "was fixing web." The PBOC site appears to be online as of this time. George Chen is a former Thomson Reuters reporter and the author of 'Foreign Banks in China.' His Twitter feed, in which he....
The CEO of BTC China, has issues a letter to his customers on the exchange, with an attempt to address recent concerns over the drama taking place in the country that is responsible for the latest bitcoin price dip. In his letter, Lee notes that the company is seeking an alternate means to fund accounts, which would hopefully get the exchange back up and running in full capacity. The letter also announces a new BTC China product called Currency Lock, a highly-secure wallet. "Currency lock" the safest way to store the user's offline Bitcoin, a process known as cold storage, it can ensure....
The price of Bitcoin has been growing steadily in what seems to be a recovery from the setback it suffered on Wednesday, January 18 following reported allegation of irregularities in the operations of major exchanges in China by the People’s Bank of China (PBOC). Officials of the Bank had met with key exchanges – BTCC, OKCoin and Huobi – on January 11 to remind them of their responsibility to conduct their activities according to the laws of the country. The news of the meeting dipped the price of Bitcoin from the $916 range to as low as $761 due to panic selling which emanated from fears....
Upbeat Bobby Lee? I managed to catch Bobby Lee, CEO of BTC China, on the phone yesterday to talk about Bitcoin's situation in China. What is the situation with the PBOC (People's Bank of China) and Bitcoin in China? The PBOC secretly ordered payment processors and banks to dissociate themselves from Bitcoin exchanges. There was nothing in writing, just pressure exerted on them. As the number 1 exchange in China, we are examining our options. There are many available. Do you plan on moving BTC China abroad? I cannot tell you what our next move is, but we are not ruling anything out. You do....
Chinese Manipulation Endangered? The PBOC must hate cryptocurrencies. Their constant negative statements lead a reasonable hack to reach this assumption in any event. Why are they so anti Bitcoin? What potential danger does a cryptocurrency pose to China, the World's second largest economy and most populous country? When you look at the facts, Bitcoin could well have the potential to pose quite a significant level of threat to China's monetary policy. Let me explain. Let us begin by looking at the Peoples Bank of China, hereinafter, the PBOC. Now the PBOC is huge, it holds and controls....