Blog Archives

Report: Chinese media ban on bitcoin conference has negligible effect

Posted on 11th May, 2014

On Friday, China Digital Times leaked a notice from the Chinese government asking media outlets not to report on this weekend’s The Global Bitcoin Summit in Beijing. The media ban follows increased scrutiny on bitcoin from the country’s central bank, the People’s Bank of China, and closures of bitcoin-related accounts from almost all of China’s […]

China’s “Big Five” bitcoin exchanges issue joint statement of self-regulation

Posted on 6th May, 2014

Earlier today, China’s five largest bitcoin exchanges released a joint statement on the Twitter-like social-networking site Weibo. The statement acts as both a mea culpa for the ongoing problems in with bitcoin in China, as well as the first public announcement of a move towards self-regulation for the exchanges. The five participating exchanges are OKCoin, […]

Chinese bitcoin exchange FXBTC to close due to banking issues

Posted on 2nd May, 2014

Citing new regulatory pressures on bitcoin-related banking, Chinese bitcoin exchange FXBTC announced it will be closing down next week. Although bitcoin exchanges remain legal in the country, the People’s Bank of China (PBoC) has been pressuring the country’s banks to close the accounts of bitcoin business, leaving users with no easy way to deposit or […]

Report: Is the People’s Bank of China too big to correctly handle bitcoin?

Posted on 28th April, 2014

Is the People’s Bank of China too big to create appropriate bitcoin regulation? According to a guest post on BitcoinBlog.de, that may be the case. Chinese IT entrepreneur Zhang Weiwu has a decade-long history of working with authorities in the country, and believes that bitcoin’s recent woes with the Chinese central bank is less a […]

BTC China suspends yuan deposits

Posted on 27th April, 2014

Following a post on the China Merchants Bank website late last week, Chinese bitcoin exchange BTC China announced that they are halting all deposits in yuan. In a post on BTC China’s Weibo social networking account, the exchange claimed the move was made “out of consideration for user security and stabilization operations.” It’s not clear […]

Bitcoin price dives $50 on new China rumor

Posted on 25th April, 2014

Bitcoin prices fell by roughly $50 late last night following a story on China’s Caixin news service that the People’s Bank of China had privately warned banks and payment companies to close the accounts of bitcoin-related businesses. According to a translation posted to Reddit, PBoC officials met with representatives from several large banks, Tenpay, PayPal […]

OKCoin and CHBTC report some bank accounts closed

Posted on 17th April, 2014

China’s rumored April 15th “bitcoin ban” may not have materialized, but that doesn’t mean things have stabilized for the country’s cryptocurrency exchanges. Earlier today, major Chinese exchanges OKCoin reported that its accounts at the China Construction Bank had been closed, while the owner of smaller exchange CHBTC had his personal account (which had been serving […]

Bitcoin breaks $500 after rumored China deadline passes

Posted on 15th April, 2014

According to the rumor posted last month by China’s Caixin financial news service, April 15 would be a day of reckoning for bitcoin exchanges across the country. Accounts would be closed, and remaining funds seized. Customers would be unable to deposit new funds to buy bitcoin, and exchanges would be unable to deposit earnings in […]

Bitcoin price on the upswing as China feared crackdown fails to materialize

Posted on 14th April, 2014

For the past six weeks, fear of a looming crackdown on bitcoin-related banking accounts in China has pushed cryptocurrency prices down across the board. Bitcoin, which was trading in the $630 range even in the immediate aftermath of the Mt.Gox fiasco, plummeted to under $360 last week amid speculation that the People’s Bank of China […]