China’s biggest Bitcoin exchange, BTCChina, has stopped accepting deposits in Chinese yuan.The shutdown has sent the currency into a downward spin, stripping it of half its value overnight.It is trading at $572 on Mt.Gox, down from a high of about $1,200 last week.Chart via Bitcoincharts BTCChina posted a note on Weibo stating stating that it “had to temporarily stop the yuan deposit feature” and that other transactions will be permitted.The full text reads (translated): According to the company, the People’s Bank of China has spoken to a number of Chinese payment processors and has asked them to cease trading with Bitcoin exchanges by January 1.This preemptive move has shut down BTCChina’s most lucrative source of income and put a damper on Chinese popular excitement over the currency.In the run up to this fall, Bitcoin was hailed as a great investment in China, thus raising demand.The PBoC previously said that “Bitcoins are virtual goods that have no legal status or monetary equivalent and should not be used as currency” and enacted a partial ban on December 5.

In 2009 China stopped another digital currency, QQ, in its tracks after a swell of popularity drove the government to ban its use in buying real-world items._ Here's how it works: Anybody can ask a question Anybody can answer The best answers are voted up and rise to the top up vote 1 down vote favorite I know a Chinese citizens have a limit of 50 thousand dollars they can send abroad, yearly.I was wondering if it is possible to buy bitcoins in an exchange like btcchina and then sell them back in another exchange like bitstamp to receive cash in an European bank account.If it is possible, is there a limit ?Any regulation problem ?Sorry if it has been answered already, but I couldn't find this specific thread.exchanges Your Answer Sign up or log in Sign up using Google Sign up using Email and Password Post as a guest Name Email discard By posting your answer, you agree to the privacy policy and terms of service.

Browse other questions tagged exchanges or ask your own question.The PBOC shocked the world this summer with a 4% devaluation of the CNY.What was the effect on Bitcoin if any, due to their actions?The above chart is a time series from early June until early September of USDCNY and BTCCNY (OKCoin.cn).The USDCNY rate was stable up until the beginning of August when the devaluation began.After the devaluation began, it appears that the two exchange rates were negatively correlated.Traditional economic thinking would suggest that a weaker currency would lead to a higher BTCCNY  rate.I then calculated the correlation from Aug 30th to September 8th between the two rates.It came to -0.779.A correlation of 1.00 means the two rates move in the same direction and magnitude, and a correlation of -1.00 would means the two rates move in the opposite direction but same magnitude.The observed -0.779 correlation is a relatively strong negative correlation, meaning as CNY weakened and USDCNY moved higher, and the BTCCNY rate moved lower.

There were many external events such as the block size debate that occurred at the same time as the CNY was devalued.This may explain the divergence, but given China is the world’s largest Bitcoin trading market, I would expect the weakening of CNY to have a meaningful price positive impact on Bitcoin.It remains to be seen if as the effects of currency devaluation  will slowly change investors holding preferences for their domestic currency vs.mine litecoin setupother international risk assets.bitcoin etf explainedIf you believe that the PBOC has just begun in its race to the bottom, buy BitMEX March 2016 (XBTH16) Bitcoin/USD futures contracts.aktienkurse bitcoinAs investors begin to sell CNY and buy wealth preserving risk assets, Bitcoin will benefit.bitcoin preis kurs

Read previous post:Bargaining on China and BrexitOn the morning of June 24, 2016, China woke up to witness an unexpected drama unfolding half a world away....CloseOrder Step 1 Step 2 Step 3 Reserve for automatic exchange: Reserve for manual exchange: Max amount for the automatic exchange: Orders over are processed manually You Send You Receive Information for exchange order Alipay account * Perfect Moneyis not your personal Member ID Bitcoin address Fasapay PayPal, OkPay BTC-e USD code Payco account Email * Contacts Phone Send sms Safe connection We use only SSL connection for every order Fast order processing Most orders are completed within 15 minutes Experienced team Every customer gets qualified support in any question more testimonialslitecoin silverBitcoin has fallen to less than half the value it recently traded for, following reports of fresh action by Beijing to restrict trade in the virtual currency.BTC China has said that local payment companies have been blocked from providing it with clearing services.It means that the firm - the world's biggest Bitcoin exchange in terms of trading volumes - can no longer accept yuan-based deposits.Prices tumbled following the news.One bitcoin was trading for as low as 2,560 yuan ($421, £258), according to the South China Morning Post.bitcoin double sha

That compares with an all-time high of 7,588 yuan ($1,250; £764) in late November.Exchanges in other countries also reported drops, with Japan-based MtGox seeing the exchange rate for one bitcoin fall from $717 to as low as $480 in Wednesday's trade."Alot of people put Bitcoin's rise over recent months to China where interest in it has gone through the roof," said Emily Spaven, editor of digital currency news site CoinDesk told the BBC."Peopleare getting frightened that with the new regulations the country could now drop out of the ecosystem.Going forward, it's certainly not the end of Bitcoin, but people have been panic selling."Virtualcurrency exchanges in China are not licensed by the country's central bank to accept or pay out yuan to their customers, making them reliant on independent clearing houses to act as middlemen."Weessentially got notice from our third-party provider today that they will discontinue accepting payments for us and new deposits," Bobby Lee, chief executive of BTC China, told SCMP."We're

still operating a Bitcoin exchange in China legally, and we're still allowing people to deposit and withdraw Bitcoin, and withdraw renminbi [yuan]."According to Yicai - a business news website with ties to the government - the news followed a meeting between officials from the People's Bank of China and 10 clearing houses on Monday in Beijing, at which the firms were told they had until the end of January to sever links to the country's Bitcoin exchanges.This followed an earlier notice, issued by the regulators a fortnight ago, which banned local banks from handling transactions involving bitcoins.The virtual currency is not backed by a central bank of its own, and is best thought of as being virtual tokens, rather than real-world coins, which derive their value from the ability to exchange them for cash or use them to buy goods.One expert suggested the crackdown was the result of the Chinese government's fears that locals were using it as a way to bypass currency controls in order to move their savings out of the country."China

is trying to grow its domestic economy and rebalance it from an export and investment-based model to a consumer driven one over the next decade, and to do that the authorities want to keep as much yuan within the country as possible," said Jinny Yan, an economist with Standard Chartered bank."Theydon't want to curtail any innovation in the financial sector.However, at the moment any unexpected growth and development in channels that allow by-passing of capital controls will cause anxiety."MsSpaven added that she believed Bitcoin would eventually bounce back."Underneathall the speculative trading is a robust technology that has intrinsic value as a payment network, offering cheaper and faster money transfer than any other options that exist currently," she said."Ifyou look at our Bitcoin Price Index, you can see that prices dipped to below the current level this time last month and soon bounced back.I believe the same will happen this time around.It may take some time, but the price will rise again."