According to the rumor posted last month by China’s Caixin financial news service, April 15 would be a day of reckoning for bitcoin exchanges across the country. Accounts would be closed, and remaining funds seized. Customers would be unable to deposit new funds to buy bitcoin, and exchanges would be unable to deposit earnings in…
For the past six weeks, fear of a looming crackdown on bitcoin-related banking accounts in China has pushed cryptocurrency prices down across the board. Bitcoin, which was trading in the $630 range even in the immediate aftermath of the Mt.Gox fiasco, plummeted to under $360 last week amid speculation that the People’s Bank of China…
Chinese bitcoin exchanges have had a rough month. They’ve seen the price plummet, several rounds of sell-off panic and dealt with unprecedented levels of insecurity for their own financial accounts. Just a few days ago, many of the major Chinese exchanges were informed by their banking partners that most of their current deposit services and…
Speaking at yesterday’s Boao Forum in China’s Hainan Province, People’s Bank of China governor Zhou Xiaochuan clarified his institution’s view of bitcoin. “It is out of the question of banning bitcoin, as it is not started by central bank,” Xiaochuan said. “Bitcoin is more a kind of tradable and collectible asset, such as stamps rather…
For the last several weeks, the bitcoin-related news coming from China has been filled with gloom and doom. With the new People’s Bank of China policies still unconfirmed, many Chinese exchanges have taken preemptive steps to ensure compliance before the rumored April 15 changes. One exchange, however, is simply returning to basics. Last night, Bter…
One week ago, a single report from China’s Caixin newspaper brought the value of bitcoin crashing down. On March 26, bitcoin had been trading in the $580 range, struggling to recover from both long-standing uncertainty in the wake of Mt.Gox, a potentially problematic IRS ruling and a previous, officially debunked rumor that bitcoin was to…
Last week, Chinese business newspaper Caixin reported that the People’s Bank of China had plans to ban all banks and third-party financial systems from working with the country’s 15 bitcoin exchanges. The rumor sent bitcoin prices into a steep plunge, dropping to around $450. Today, those rumors have a bit more fuel. Chinese exchange BTC38…
With all of the uncertainty and rumors surrounding the People’s Bank of China’s view of bitcoin, it’s only natural that every word from any semi-official source will come under close scrutiny. But that doesn’t mean that every rumor is equally valid, even when it comes from someone like Zhang Niannian. Posting to his personal Sina…
In a brief post on Asian market bitcoin blog Bit-Sky, a deputy director of the People’s Bank of China addressed his institution’s view of virtual currency in a speech at the 2014 Spring Summit of China Internet Finance Conference. According to Bit-Sky, the deputy director said: Now, the currency is fiat currency, sovereign currency. Is…
Chinese news site Sina is reporting that the People’s Bank of China has issued a statement demanding that all banks and third-party payment processors in the country shut down accounts of the 15 listed bitcoin exchanges in the country. The still unconfirmed report (Google Translate version here) claims that the ruling would limit essentially limit…