China's Banks Close More Bitcoin Accounts Following PBOC Deadline
There is continued uncertainty for bitcoin exchanges in China tonight as some large-volume exchanges reported verbal closure notices from banking partners today. Exchanges OKCoin and Huobi said they had bank accounts closed as of Friday afternoon China time, posting the news on their respective sites. China has still not 'banned bitcoin', despite certain rumors. The implied restrictions refer only to the way bitcoin exchange accounts are funded by their users, and there is no word that withdrawals from exchanges or any other bitcoin transactions are affected. That said, what follows is a....
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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....
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....
More Chinese banks are announcing they will close accounts related to bitcoin business, in advance of the still-not-publicly-announced prohibition by the People's Bank of China (PBOC). The latest to make a statement is a significant one - the Industrial and Commercial Bank of China (ICBC) is not just the biggest in China, but the largest bank in the world by total assets and market capitalization. In a statement, the ICBC said: "From this date, any institution or individual must not use accounts set up with our bank for the deposit and withdrawal and transfer of funds for Bitcoin and....
The People's Bank of China (PBOC) has once again privately warned banks and payment companies to restrict customers' access to bitcoin exchanges, reports indicate. The news is likely to have affected the international bitcoin price, which dropped by around $40 in the space of a few hours this morning. CoinDesk sources said that PBOC officials held closed meetings this week with major banks and payment processors to reiterate their desire for all interaction with bitcoin companies to cease. While there have been no big policy shifts since last December's initial statements, at various....