BTC China Stops All Yuan Deposits – Bitcoin Price Crashes
Forex Magnates has confirmed that the biggest Bitcoin exchange in the world no longer accepts deposits in any fiat currency.
Forex Magnates has confirmed that the biggest Bitcoin exchange in the world, BTC China, no longer accepts deposits in any fiat currency. Until today, the exchange offered clients transactions from Chinese Yuan (CNY) to Bitcoin and vice versa.
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When trying to make a deposit, Forex Magnates received the following notification: “Dear BTC China valued customer: Due to new government regulations, BTC China will temporarily suspend CNY deposits. BTC deposits/withdrawals and CNY withdrawals are not affected, and will continue to operate in the interim. Rest assure that BTC China will continue to operate normally. Please pay attention to our notices for updates, as we find other ways to allow for CNY deposits. We deeply apologize for any inconvenience. BTC China, December 18, 2013.”
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The price of Bitcoin appears to be lower on BTC China right now than on any other exchange at: ¥2,798 CNY equals to about $460 USD, while on BITSTAMP the price of Bitcoin is at $538.
This new development comes just two days after the People’s Bank Of China banned all third party payment providers from working with Chinese Bitcoin Exchanges, as Forex Magnates reported.
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Quite amazing considering Branson approved the bitcoin, which increased the price significantly and now the Chinese reject it, this would however bring a more realistic value to the bitcoin, be interesting to see how the bitcoin will react over the next few months and hopefully doesnt fall off another cliff.
Thanks for the news update
Regards
Paul
It isn’t just BTCChina stopping all yuan deposits, it is all Chinese exchanges have stopped deposits of yuan from banks accounts and third party payments processors. Uggh.. And financial institutions are supposed to stop dealing with Bitcoin companies by end of Jan 2014, so Chinese will have to move the bitcoins to a foreign Bitcoin exchange if they wish to sell, or cash out soon. Thats a lot of coin to sell as Chinese bitcoin exchanges are currently 50% of the market.
So to reiterate a point that was made earlier, the Chinese gov’t does not want competition to the Yuan. Technically Chinese gov’t did not outright ban BTC, but they didn’t have to. They made it difficult for the exchanges, which would have a snowball effect on the customers. This reminds me of the CFTC blocking overseas forex brokers from soliciting US residents unless they register with the CFTC, which would require that they setup shop in the USA. CFTC did not technically prevent US residents from opening up account with overseas broker, but the effect was the same. BTC isn’t… Read more »