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03-27-2014, 03:47 PM #1
Central Bank Shuts Down All Chinese Bitcoin ExchangesThe official demise of bitcoin in China has arrived. The People’s Bank of China is ordering banks to close by April 15 all accounts opened by operators of websites that trade the currency, essentially forcing all bitcoin exchanges in China to shut down.
"The only one way out for bitcoin websites is moving their servers abroad and using the service of foreign banks and payment companies," according to an analyst who has been following the matter closely. Chinese investors would be able to purchase bitcoins only with cash under this new regulation, Caixin, a Chinese financial news portal, reported Thursday.
Funds may be withdrawn from the accounts before the deadline, but no new deposits can be made, says the document that the central bank sent to regional offices. The document listed the 15 exchanges and said banks that fail to close the accounts will be punished.
Over the past year, China has been an epicenter for bitcoin's soaring popularity as well as its volatility. Bitcoin first gained traction in China when state media firm CCTV televised a documentary about it last May. By October, BTC China had become the world’s biggest bitcoin exchange by trading volume, and the value of a bitcoin shot over $1,000.
And here is the bitcoin exchange, a bit of a frenzy now. https://btc-e.com/exchange/btc_usd
We can see that China has been a big player, China has brought bitcoin to the top and now to todays bottom. I don't think that the U.S. will ever drop out of Bitcoin but for other countries they don't have the people's say so if they continue to stay in bitcoin, time will tell.
Last edited by Vintage; 03-27-2014 at 03:59 PM.
03-27-2014, 03:55 PM #2
It will be a good time to buy for people that do not live in China. But for the people that do, I am very sorry.
Read this: http://www.fool.com/investing/genera...r-bitcoin.aspx It's obviously very biased (but so is everything these days) but i think it's definitely worth reading.
Last edited by Slowduck; 03-27-2014 at 04:06 PM.