Why Bitcoin Can Flourish in China
Aiga Gosh is researcher in international law at the China University of Political Science & Law. In this article, she briefly examines China's economic history, its currency controls and the rise of bitcoin in the country. China's monetary policy and currency has largely been in mess for a long time. Only in 1994 did China manage to set a unified, official exchange rate abandoning a dual system, with both a fixed and a market rate existing side-by-side. It has tightly controlled the flow of capital across its border, which has enabled Chinese authorities to steer the economy and control....
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The day has come, about an hour ago BTC China tweeted "Dear users, Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: [email protected]." The news came as no surprise to most, as speculators have been claiming this day would come since China's first announcement in December. Some users on reddit even embraced the news, claiming that news from China would no longer cause large price fluctuations. FXBTC also announced Friday on their website that the site would stop operating and the site would be open until May 10th, 2014. Bitcoin....
Dear Bitcoin China (BTC China) Users: Recently, due to third-party payment companies in China disrupted and Bitcoin (BTC China) recharge channels, resulting in China Bitcoin (BTC China) is temporarily unable to provide RMB prepaid services. In this regard, on behalf of China Bitcoin (BTC China) expressed deep regret for the inconvenience, please understand. We are actively seeking other recharge methods. Currently, in addition to recharge RMB, the yuan withdrawals, recharge and withdrawals Bitcoin service as usual, may be slightly delayed during peak hours. We have enough for the user bits....