Sources close to China’s Central Bank these days reported that the institution has banned third-celebration payment organizations from undertaking business with bitcoin exchanges.
A reputable supply told CoinDesk that the Men and women’s Bank of China (PBOC) met with most of the top third-celebration payment organizations this morning.
The supply mentioned the meeting subject was unrelated to bitcoin, but digital currency became an essential portion of the discussion.
“PBOC, in no uncertain terms, directed third-party payment firms not to do company with bitcoin exchanges in China,” they explained.
At the moment, these claims are nevertheless rumours, as neither the PBOC nor any payment organization has issued a statement to confirm what was discussed and what the outcome was. Even so, our supply revealed they got their information from different channels, which includes those individuals who had been at the meeting.
“The writing’s on the wall,” mentioned our supply, adding:
“Going forward, from this day, third-party payment firms will most most likely sever their ties with bitcoin exchanges.”
They went on to say that if and when this occurs, people will still be in a position to withdraw their funds from Chinese exchanges, they just won’t be capable to deposit new funds.
“There’s no need to panic and do a run on the bank. Men and women will nevertheless be able to sell their bitcoins for regional currency and then withdraw that currency,” they concluded.
Back on fiveth December, the PBOC issued a statement saying that bitcoin was not a currency and, as a result, banks and other economic institutions were not permitted to deal with the digital currency.
The PBOC also stated that merchants could no longer value their goods and solutions in bitcoin and couldn’t exchange their wares for bitcoin.
The statement did, nevertheless, leave a few doors open for bitcoin. It basically mentioned bitcoin exchanges are legal, men and women have the correct to get and sell bitcoins, and bitcoin firms need to register with the ministry of info and industrial technologies.
This was excellent news for bitcoin exchanges in China as they had been not only provided some degree of legitimacy, but they were exclusively allowed to deal with digital currency although banks and monetary institutions weren’t permitted to touch them.
Unfortunately, this didn’t last extended.
On a potentially associated note, several Chinese bitcoin exchanges, including BTC China, have just reintroduced trading commissions. A statement on BTC China’s internet site reads:
Dear BTC China valued consumer: To stabilize the recent turbulent Bitcoin market and reduce potential market manipulation, BTC China will finish the % trading charge promotion, efficient right away, and revert to the .3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013
CoinDesk has contacted PBOC and Chinese payment service provider Tenpay for comment, but no responses had been received at the time of publication.
Check back for updates to this story.
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View China Bans Payment Businesses from Working With Bitcoin Exchanges, Sources Claim on CoinDesk.
China Bans Payment Companies from Functioning With Bitcoin Exchanges, Sources Claim
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