PBOC Deadline Day: Business as Usual for BTC China
The rumored deadline for China's banks to cut off bitcoin exchanges from deposits has arrived, with no official word from the authorities that such a policy even exists. Chinese exchange BTC China claims it has no intention of changing the way it does business. The story has contributed to turbulence in the bitcoin markets since it first began circulating as a rumor last month. Bitcoin saw its value fall beneath $400 briefly for the first time since November 2013. This is despite the People's Bank of China (PBOC) itself insisting it had no intention to ban digital currencies. Some....
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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....
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....
PBOC Makes new statement on Bitcoin Exchanges. As usual confusion is surrounding the most recent news out of China. Early Thursday it was reported by multiple media outlets that the PBOC had ordered banks to close the accounts of virtual currency exchanges. At first many thought the news was just another false rumor for the purpose of depressing the market to allow a cheap buy in. It appears, however, that the reports may have been correct (including those at CryptoCoinsNews) and that Chinese domestic banks may no longer do business with websites that trade in digital currencies. According....
BTCC, the leading Chinese Bitcoin exchange platform cooperates with PBOC officials as they wait for yet to be published inspection report. The Bitcoin market in China is currently faced with uncertainties. Since the recent price drop, the digital currency platforms operating in the country have come under the scrutiny of the People’s Bank of China (PBOC). During the recent inspection of Chinese cryptocurrency exchanges, PBOC reportedly found few “hidden risks” in their existing practices. As the central bank continues to contemplate further action, Huobi, OKCoin and BTCC have made few....
Things are changing in China as far as Bitcoin exchanges are concerned. Over the course of the past few weeks, China’s central bank has been inspecting and regulating the country’s top cryptocurrency exchanges. The event has caused a significant shift in Chinese Bitcoin trading causing Localbitcoins volumes to grow exponentially while exchanges in China....