31 Jan '14, 6am

Influential Bitcoin exchange BTC China begins accepting Renminbi deposits after 6-week block

BTC China , until recently the world’s largest Bitcoin exchange, has begun allowing users in China to make deposits in their local currency (Renminbi), ending a six-week block that affected domestic users and sent the price of the virtual currency tumbling. The site stopped accepting deposits in Renminbi on December 18 following a memo issued by the Bank of China (BoC) that warned of the risks surrounding Bitcoin, although users could use US dollars and other international currencies. That action is thought to have been the spark that sent the valuation of Bitcoin crashing from $880 to $435 in under a day. BTC China CEO Bobby Lee tells Coinbase that the company has reassessed the implications of that note, and decided that it wasn’t aimed at Bitcoin businesses. You’ll note this is Lee’s assumption , since it appears he hasn’t had direct contact with the government or BoC: ...

Full article: http://thenextweb.com/asia/2014/01/31/influential-bitcoin...

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