31 Jan '14, 10am

Bitcoin back: Major exchange resumes yuan trading

Bitcoin back: Major exchange resumes yuan trading

BTC China operated a voucher system in the interim to allow users to redeem their cash, allowing investors to change their bitcoin back into yuan. However, Lee revisited the ruling by the PBoC and determined that the warning was solely for banks and payment processors. He told CNBC that the PBoC was actually implying that bitcoin exchanges just needed to register with the Ministry of Industry and Information Technology (MIIT), essentially recognizing currency exchanges as a business category and a legitimate business. (Read more: Bitcoin crashes 20% on China clampdown fears ) BTC China is now accepting yuan deposits via its corporate bank account, but is still not working with the third-party payment processors. Lee said that the deposits meant that trades are a little more "cumbersome" and take a little longer. When the news of the Chinese clampdown in December broke, the...

Full article: http://www.cnbc.com/id/101379801

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