PBOC Lists New Rules for Chinese Bitcoin Exchanges
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....
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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....
Bitcoin started dropping in price once again Wednesday after Chinese authorities stated exchanges “were violating rules.” PBoC: Rules ‘Violated’, AML Measures ‘Not Sound’. Inspections conducted on Huobi and Okcoin by a joint group of overseers including the People’s Bank of China (PBoC) revealed what a statement calls “margin trading which violated rules, resulting in abnormal price fluctuations on the market.” “During the inspection, it has also been discovered that these platforms had not established [a] sound [anti-money laundering] system according to regulations,” the statement,....
Caixin is a respected Chinese financial news source. Bitcoin prices have dropped nearly 10% across all Bitcoin exchanges, with the bulk of the action understandably located on Chinese Bitcoin Exchanges. A few hours ago, Caixin published a Chinese article claiming that the PBOC has met with commercial banks and third party payment processors, in particular those that do, or have done, business with Chinese Bitcoin Exchanges to remind them of the PBOC's stance. This Caixin article is written by a different author than the last Caixin article that was commented on in Western media (which....
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....
BTC-e has opened up USD/CNH, BTC/CNH, and LTC/CNH markets today. Withlooming PBOC action that would end Chinese Bitcoin exchange's access to domestic bank accounts, Chinese traders are undoubtedly looking for new exchanges to trade on. Along with Chinese RMB (CNH to BTC-e) trading comes RMB deposits, which are handled through an international bank. An international bank means that Chinese traders wishing to convert fiat to crypto through this route will be subject to the Chinese $50,000 annual limit. In fact, people are starting to realize that the PBOC's still shrouded notice to regional....