After PBOC's restrictions, BTC China ceases to accept CNY bank transfers

BTC China has stopped accepting CNY bank deposits.

After the news yesterday of the Peoples Bank of China (PBOC) forbidding payment service providers to deal with Bitcoin exchanges, BTC China, one of the world’s largest Bitcoin exchanges has ceased to accept local Chinese bank transfers.

An official announcement was made about the new restrictions on BTC China’s Weibo account, a Twitter like micro-blogging Chinese site.

“For reasons we all know, BTC China has had to cease renminbi account charging functions,” was posted on their verified Weibo account.

The restriction put on BTC China is a result of a meeting PBOC held on Monday with the top 10 payment firms in China, including Alipay and Tenpay where they directed the firms not to deal with Bitcoin exchanges. Earlier this month PBOC made another announcement banning the use of Bitcoin as a currency.

There is no doubt Bitcoin is a hot topic in China, and all over the world for that matter. Just recently we posted on Norway’s and Denmark’s positions on the subject, with the latter not putting any restrictions on the cryptocurrency, and the former following China’s lead.

After the announcement, the price of one Bitcoin on BTC China was selling at $461 per BTC, a 30% drop.

We will continue to post on the subject as more information is made available.