Feb 3, 2014

BTC China Starts Accepting Deposits In Chinese Yuan Again

Posted by in category: bitcoin

Catherine Shu- TechCrunch

BTC China, the world’s largest bitcoin exchange, has started allowing users to purchase the digital currency with Chinese yuan again. This is significant because BTC China stopped accepting deposits in renminbi last month after the People’s Bank of China issued a memo warning national financial institutions not to trade in bitcoin. That decision triggered a quick and massive drop in its value. It also hurt Bitcoin’s public image, which has taken several shots in the past few months.

BTC China CEO Bobby Lee told the Wall Street Journal that the exchange started accepting renminbi again on Thursday after studying the PBOC memo and determining that it was legal to accept deposits and transfer money into customer accounts, even though the banks that manage those accounts can’t conduct business in bitcoin.

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