China’s PBOC Meeting With Bitcoin Exchanges: On A Bright Side?
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....
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The People’s Bank of China, the country’s central bank, is continuing its involvement in looking into bitcoin exchanges’ activities in the country by holding a ‘closed-door’ meeting with domestic bitcoin exchanges. According to a Bloomberg report, PBOC officials are meeting representatives from a number of regional bitcoin exchanges in a private meeting on Wednesday afternoon, local time. The publication’s source points to money laundering as one of several topics on the agenda in the closed-doors meeting. The PBOC has publicly revealed its involvement and several ‘on-site inspections’ for....
In a public announcement today, the People’s Bank of China (PBOC) has revealed its warning toward 9 local bitcoin exchanges operating in the country. Reports of a ‘closed-doors’ meeting surfaced yesterday, one wherein the PBOC was said to have met with representatives of Chinese bitcoin exchanges. While details were scarce at the time, the Beijing branch of China’s central bank has shed further light into the private meeting and its participants. Having previously inspected and conducted on-site checks of Beijing-based exchanges Huobi and OkCoin, PBOC Beijing revealed that similar talks....
The bitcoin price has started to recover already, even though there was no need for panic-selling in the first place. The PBOC temporarily “spoiled” a new all-time high for bitcoin once again. To be more precise, the bank revealed they will hold a closed-door meeting with several bitcoin exchanges later today. It is not the first time this happens over the past few weeks, hence there is no reason to panic. That said, the news sent some shockwaves through the bitcoin trading community as the price dropped by nearly 6% before recovering. As one expects from a private meaning, no one knows....
In the long run, this news will be positive for the bitcoin ecosystem as a whole. The bitcoin world was rather shocked to find out the PBOC had another meeting with exchange operators. Although that had been announced weeks in advance, the market responded in a rather negative manner. As it turns out, this meeting took place to inform domestic exchanges about the AML and forex rules affecting all Chinese companies. Not adhering to these rules can result in the exchanges being shut down, albeit no one is violating the rules right now. It is not surprising to learn AML and foreign exchange....
The People’s Bank of China (PBOC) issued a statement on Thursday regarding a meeting it held the previous day with nine Chinese bitcoin exchanges. When the news of the meeting broke, the price of bitcoin dropped almost six percent but quickly regained its high only hours later, and has continued to rise. PBOC’s Meeting with Nine Bitcoin Exchanges. The....