China Deals Bitcoin Another Blow

Home » China Deals Bitcoin Another Blow

The price of Bitcoin is still recovering this week after BTC China, the country’s largest Bitcoin exchange, stopped accepting deposits in Chinese yuan.

China's Bitcoin ban hits hard.

China’s Bitcoin ban hits hard.
Image: Flickr, zcopley

The drop in the currency piggybacked on the downward trend seen after the People’s Bank of China issued a partial ban on the virtual currency on December 5, prohibiting financial institutions from dealing in bitcoins.

Though Bobby Lee, BTC China’s co-founder, has made it clear that the decision to suspend deposits in yuan was forced when the People’s Bank of China asked Chinese payment processors to cease trading with Bitcoin exchanges by the start of the new year, he does not see this as the end.

BTC China posted a statement that the yuan deposit feature had been temporarily stopped, but other transactions would continue uneffected.

The full text reads (translated):

Dear BTC China users: due to reasons we all understand, Bitcoin China (BTC China) had to temporarily stop the yuan deposit feature while bitcoin deposits, and bitcoins withdrawals to cash and RMB are still available on our home page. We will provide other ways to recharge as soon as possible. This is an inconvenience to you and we express deep regret at BTC China. 2013. 12. 18

As Danny Bradburry of CoinDesk reports, BTC China is expecting to reinstate deposits in RMB in the future.  Lee said he is “working with another third party payment company to try and reinstate RMB pricing,” and is hoping to make an announcement soon.

With this month’s restrictions on financial institutions and the current ban on deposits in yuan, the People’s Bank of China has made it increasingly difficult, if not virtually impossible, for individuals in the country to buy new bitcoins, putting a damper on Chinese enthusiasm for the currency.

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