BEIJING—Chinese demand has helped fuel a boom in the virtual currency called bitcoin.But even as prices reach new highs, Li Xiaolai says he won't sell.Li, 41 years old, is one of China's biggest bitcoin holders, according to a fledging community of bitcoin watchers in Beijing.The former English test-prep teacher won't disclose specifics but says his bitcoin holdings are "in the six figures with the first figure being... Most Popular Videos Film Clip: 'The Big Sick' Lower Your Wireless Bill With These Tips 'Bridge Crew': Voice Command Comes to 'Star Trek' VR Videogame A New Road to Income: Barron's Buzz Opinion Journal: Macron vs.China’s three largest bitcoin exchanges have extended a self-imposed moratorium on all coin withdrawals for an indefinite period, as they seek regulatory approval for a crypto-currency that’s gained popularity with local investors as an alternative to the yuan.BTC China, Huobi and OKCoin said in separate statements Wednesday that the suspension will lift only after regulators approve internal compliance upgrades.

The three temporarily halted withdrawals last month, citing central bank requirements to re-tool such systems.Huobi and OKCoin have said it will take about a month to adjust to the new guidelines.BTC China didn’t give a time.Bitcoin prices were down 2.6 percent at 5:58 p.m.local time, paring a loss of as much as 6 percent earlier.The price recovery began soon after the exchanges made their announcements around 4 p.m.The digital currency, which last week passed the price of an ounce of gold for the first time, has come under increased scrutiny by Chinese authorities worried about money laundering and capital flight.Wednesday’s move suggests Chinese authorities’ are sticking to their hard-line stance on the cryptocurrency.People’s Bank of China official Zhou Xuedong told Bloomberg News on Tuesday that bitcoin regulation introduced previously wasn’t temporary.China has taken a central role in the bitcoin market in recent years as its citizens became leading traders and miners, deploying the vast computing power needed to make transactions with the cryptocurrency possible.

Their interest was fueled by a hunt for alternative assets, zero exchange fees and the low cost of electricity to run mining computers.Demand from investors in Asia’s largest economy, home to most of the world’s bitcoin trades, has fueled a three-fold increase against the dollar over the past year.But the authorities are concerned, among other things, that bitcoin’s being used to spirit money out of the country, undermining official efforts to clamp down on capital outflows and prop up the yuan.The PBOC told nine bitcoin exchanges during a meeting in Beijing last month that it will close exchanges that violate rules on foreign exchange management, money laundering, payments and settlement.— With assistance by Gary Gao, and Benjamin RobertsonProminent Chinese cryptocurrency news source cnLedger has claimed to have received reports that OKCoin, China’s largest bitcoin exchange by trading volume, has resumed withdrawals.It has been over 100 days since OKCoin and Huobi suspended bitcoin and litecoin withdrawals, with initial estimates of the freeze to last a month.

Bitcoin prices fell from a high of $1,080.98 on the day in early February, to $950.ethereum os freeAt the time, the wider bitcoin industry and global prices were impacted by the actions of the People’s Bank of China (PBoC), the country’s central bank.buy litecoin by visaEarlier in January, it was reported that the PBoC’s inspections of the exchanges found ‘irregularities’ in the exchanges’ business practices.buy litecoin by visaSince then, Chinese exchanges have since stopped margin trading and futures trading before subsequently introducing trading fees.ethereum investment calculatorEarlier this month, CCN reported that Chinese bitcoin exchange were set to resume withdrawals in June, with the PBoC inspection coming to an end.litecoin brasil

While punitive measures are reportedly drawn by the authority against the exchanges, the withdrawal block was seemingly coming to an end.bitcoin usb furyA report coming out of China in on the last day of May has seemingly confirmed withdrawals.bitcoin geographyBREAKING: We received report that OKCoin (CN site) resumed withdraws!W/d limit based on vip level, starting from 10BTC/200LTC/1000ETH daily — cnLedger (@cnLedger) May 31, 2017 The lifting of the withdrawal ban has already fueled trading activity in Chinese markets, up from 11% of global trading volumes early on Wednesday to above 18% at 18:30.bitcoin armory onlinePredictably, OKCoin is seeing a majority of the trading in China at nearly a third of all trading in Chinese markets.bitcoin za darmo

Chinese exchanges have been known to follow each other quickly when making decisions, as has been proven when announcing the end of loan-based margin trading, the introduction of bitcoin trading fees, or even reporting on delays of scheduled withdrawals in the past.Short of an official announcement, it is increasingly likely that the withdrawal ban could soon be a thing of the past.Will China return to being the dominant bitcoin trading market in the world?If so, a surge in bitcoin prices could be on the horizon.(0) (0) Advanced Search Follow us @  | Latest news: Rare amber preserves complete hatchling Chinese table tennis authorities probe into top players' withdrawals Three from one family rescued out of landslide debris Giant pandas to settle in new home in Berlin Two confirmed dead after heavy rain slashes central China The story appears on Page A8 May 11, 2017 Free for subscribers View shopping cart Related News Global Lens on China外媒看中国 What Does The Strong Q1 Growth Mean For China?

中国一季度经济强势增长意味着什么？ View more » Photo Sets Auto Shanghai 2017 Dashijie is back!Brad Pitt greeted by swarms of fans at 'Allied' Shanghai premiere Celebrating one-month-old birthday View more » Home » Business » Finance Price hike overseas lifts Bitcoin in China BITCOIN traded in China hit around 9,900 yuan (US$1,435) yesterday, with an intraday record high of more than 10,000 yuan, as the digital asset rode the price hike in overseas markets.The price of Bitcoin traded on Chinese platforms hit about 9,900 yuan at 7pm yesterday, but it was still 20 percent below the US$1,700 level on overseas trading platforms like Japan-based BitFlyer and South Korea-based Bithumb.The price hike was mainly fueled by the Japanese and United States markets, said Huobi, one of the biggest Bitcoin trading platforms in China.Since a new Bitcoin policy took effect on April 1, more than 260,000 stores in Japan now accept Bitcoin as a new payment method.

Meanwhile, the US regulator plans to evaluate a Bitcoin-related investment tool.Bitcoin was one of the most profitable investments in 2016 with its price jumping over 200 percent.In January, it surpassed US$1,000 for the first time since 2013 and climbed to around 8,800 yuan.The price hike was driven by booming Chinese investment, which took up about 80 percent of the global Bitcoin trade in 2016.China is now the third-biggest Bitcoin market by trade volume, taking up 10.5 percent of the global volume but behind Japan’s 46.4 percent and 26.4 percent in the US, Huobi said. Today Weekly Monthly Woman fined 30.5 million yuan for damaging historic villa China a big buyer of German machine tools Old Man Becomes an Internet Sensation for His Sweetheart Act 141 missing in southwest China landslide Wanda funds more in its listed arm to fight back speculation Rare amber preserves complete hatchling Chinese table tennis authorities probe into top players' withdrawals Three from one family rescued out of landslide debris Giant pandas to settle in new home in Berlin Two confirmed dead after heavy rain slashes central China View more » China a big buyer of German machine tools Shanghai stocks up 1.11% this week over Big investment for p2p platform of hotel industry Microsoft accelerator helps firms in US$397m Farfetch investment Rules for mainland-HK bond link View more » Metro Education, Entertainment and culture, Environment, Expat community, Health and science, Society, In-depth, Services... Nation World Business Auto, Consumer, Economy, Energy, Finance, Real estate... Opinion Chinese perspectives, Foreign perspectives, Columnists.. Sports Basketball, Boxing, Cricket, Golf, Diving, Rugby, Soccer, Tennis... Features Art and culture, Community, Education, Animal planet, Travel... Sunday Book, City Scene, Film, Home and design, Now and Then, Style, Technology, The Week... Districts Minhang Supplement Odd PDF Multimedia Photo Sets, Cartoon, Video In-depth Reports Services Subscribe, Contact Us, RSS Center About Us | Terms of Use | RSS | Privacy Policy | Contact Us | | 沪ICP证：沪ICP备05050403 | 网络视听许可证：0909346 | 广播电视节目制作许可证：沪字第354号 | 增值电信业务经营许可证：沪B2-20120012 Copyright © 1999- Shanghai Daily.