China Hints At Bitcoin Licensing, “Forgiving Attitude” To Exchanges
The director of the People’s Bank of China has said regulators will adopt a “forgiving attitude” to Bitcoin exchanges in the future. In a translated report reproduced by local news resource cnLedger on Twitter, Zhou Xuedong said that the PBoC would choose an observation period in which exchanges would be monitored. He also suggested regulation in China may follow, giving the example of a licensing scheme - something expected and supported by exchanges and the wider community. The update comes after a relatively quiet period in China as exchanges prepare to comply with recommendations from....
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The People’s Bank of China (PBOC) renewed its efforts to regulate bitcoin exchanges this week. Zhou Xuedong, Director of the Bank’s Department of Business Management, which carried out inspections of bitcoin exchanges, outlined some new rules which exchanges must follow. PBOC Adopting a ‘Forgiving Attitude’. Zhou, who is also a deputy to the NPC....
Earlier this morning, we posted some rumors that suggested a major shift in China regarding bitcoin adoption. As it were, it looks like they may be coming to fruition. On Monday, some of the top third-party payment companies in the country met with officials from the People's Bank of China - and while the meeting wasn't explicitly about bitcoin, it reportedly became a talking point in the conversation. "PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China," said what has been called a reputable source to CoinDesk. So, we are....
Read the original Chinese article on btc38 and btckan, a prominent Chinese Bitcoin exchange and website, respectively. BTC China's CEO Bobby Lee has introduced a new method for Bitcoiners in China to "recharge" their RMB balances on Chinese Bitcoin Exchanges: BTC China vouchers. Within a week, Chinese Bitcoin Exchanges led by BTC China, have found a solution for getting RMB deposits into Chinese Bitcoin Exchanges in compliance with ever-changing interpretations of Chinese law. Alternatively, Huobi's CEO has been using his personal bank account to provide RMB liquidity for all of his....
Several bitcoin exchanges in China have - as of today - halted trading fees in what could be called an epic battle for bitcoin volume. The exchanges include the ever-so-popular BTC China, OkCoin, BTCKan, and BtcTrade. It's all the more reason for the Chinese to get involved with the market - especially since developing an account-funding workaround by offering cash-for-vouchers (BTC China) in light of recently events that have money transmitters in China staying far, far away from bitcoin exchanges. Will it be the start of a new bubble? It's unclear, but we're in for an exciting ride in....
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....