Bitcoin Slightly Down as BTCChina Halts Yuan Deposits
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BTC prices are trading slightly down today after BTCChina, one of the largest bitcoin exchanges, halted Yuan deposits.BTC/USD opened at $452.29 on BTC-E, a retest of yesterday’s low at $432 followed but prices were unable to break lower. From here, we rallied to retest the $450 figure, which also proved hard to crack. Prices are currently quoted at $447.60.
The company posted the news on popular Chinese site Weibo. Here is a rough translation, courtesy of Coindesk:
”Due to a notice issued by China Merchants Bank, BTC China, out of consideration for user security and stabilization operations, decided to suspend the credit of accounts with RMB. For subsequent updates, please pay attention to our website and Twitter, thank you again for your interest and support of BTC China.”
The move to stop Yuan deposits comes after yesterday’s news about renewed pressure by the People’s Bank of China. The PBOC criticized two banks, Bank of China and China Merchants Bank for continuing to provide services to BTCChina. The Bank also demanded that financial institutions stop all methods of funding to bitcoin exchanges, this includes workarounds like vouchers. According to the new PBOC guidelines, Yuan withdrawals from Chinese BTC exchanges will also need to stop.
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