One of the calmer voices in this rumor-filled tempest has been that of Bobby Lee, the CEO of major Chinese bitcoin exchange BTC China. Writing on the official BTC China Weibo account, Lee published an open letter claiming that neither his company or their banking partners had received any updates, official or informal, about changes to the banking rules since 2013.
Lee did note that China has played a major role in creating a bitcoin price bubble, driven by both poor understanding of virtual currency and weakening domestic investment options. With many Chinese exchanges banking on bitcoin as a speculative market, removing all transaction fees and competing for market share, it’s hardly surprising that their customers were quick to panic following rumors of a PBoC crackdown.
Although there is little BTC China can do before April 15, Lee noted in his letter that his company would take steps to further grow investor confidence. The company will subject itself to regular a third-party audits, becoming the first in China to demonstrate the validity of its transaction volumes. Additional steps, including forging closer relationships with regulators, upgrading the exchange platform’s software and creating a wider variety of bitcoin services, were also mentioned.