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By Catholic Online (NEWS CONSORTIUM)

12/19/2013 (3 months ago)

Catholic Online (www.catholic.org)

Country's bank now barred from handling Bitcoin transactions

Earlier this month, China's central bank declared that the country's banks were now barred from handling Bitcoin transactions. Now - BTC China, the world's largest Bitcoin operator by trading volume, has announced that it will no longer accept new deposits in the Chinese currency of yuan. This marked a new setback for the trendy virtual currency.

The People's Bank of China had previously banned financial institutions from handling Bitcoin transactions on December 5, opening a space for individual trading of the currency via third-party payment channels.

The People's Bank of China had previously banned financial institutions from handling Bitcoin transactions on December 5, opening a space for individual trading of the currency via third-party payment channels.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/19/2013 (3 months ago)

Published in Asia Pacific

Keywords: Bitcoins, China, yuan, deposits, barred


LOS ANGELES, CA (Catholic Online) - "Because of the reasons that everyone knows, BTC China has to temporarily stop its yuan account recharging functions," the platform said. In the meantime, account holders can still top up their accounts using Bitcoins and withdraw yuan.

"BTC China will continue to operate. Please continue to monitor our Web site, we will try to offer another way to recharge," it said.

As a result, the price of the virtual currency slumped after the midday announcement. Bitcoins trading on BTC China dived to $385 in American dollars per unit by early evening Wednesday, a 37 percent decrease from the previous day, and about 70 percent down from its all-time high on December 1.

The People's Bank of China had previously banned financial institutions from handling Bitcoin transactions on December 5, opening a space for individual trading of the currency via third-party payment channels.

The central bank has also banned domestic third-party payment companies from providing clearing services for virtual currency trading platforms.

Tencent Holdings Ltd.'s Tenpay payment system said it has halted payment and clearance services for Bitcoin exchanges in China in compliance with the new regulations. It was also pointed out that Alibaba Group Holding Ltd.'s Alipay never established a cooperation project with any Bitcoin exchanges, Alipay said on Wednesday.

A senior manager at a major Chinese Bitcoin exchange told China Daily that the exchange's management has been discussing solutions to unblock yuan deposit channels for Bitcoin accounts in the country.

"Possible solutions may be asking customers to transfer money through bank accounts in yuan, or in other currencies, to overseas banks or third-party payment accounts. These solutions may expose platforms to cost control higher risks, and they might lose customers due to concerns over capital safety," the source said.

Bitcoins have been on a financial roller coaster as of recently, but not many people are reading too much into that.

"Wild swings of prices and trading volumes are quite normal in the Bitcoin market because of the nature of the digital currency. Bitcoin trading is intrinsically high risk, and prices slump when investors engage in profit-taking activities. This is normal," the source said.

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