BTC China Set to Put the Pedal to the Metal Again as Bank Transfer Back Online

First posted by Reddit users and then confirmed by CoinDesk, BTC China’s customers are being provided the option to deposit

First posted by Reddit users and then confirmed by CoinDesk, BTC China’s customers are being provided the option to deposit in Chinese yuan once again.  The leading exchange had issued an announcement to customers in December that it was temporarily halting yuan denominated deposits as well as increasing commissions.  At the time, the company called it a ‘temporary’ halt, but as the actions were caused by restrictions by their payment processing firm in orders from China’s Central Bank (PBOC), there was little clarity as to when or whether yuan deposits would return.  In the interim, the exchange had created a voucher system where users could purchase deposit vouchers from vendors around China.  

In a statement to CoinDesk, BTC China CEO, Bobby Lee, expressed that the PBOC’s rulings towards financial institutions not accepting bitcoins remains intact.  However, he explained that bitcoins were never banned by the PBOC and they are free to be sold between Chinese citizens.  As a result, Lee believed that BTC China doesn’t fall under the category of banks that are prohibited from establishing bitcoin exchanges. Based on that, the firm has reopened its corporate account to allow for yuan denominated deposits from customers.

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On the news, prices of bitcoins have rebounded somewhat from earlier weakness today but continue to be below their highs from Monday.  Currently, prices of BTC/USD are being quotes on BTC-e at $783, after trading as high as $830 earlier in the week.  But, they remain clearly above today’s low of $757.

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