BTC China – CNY Deposits from Bank of China Suspended

The day has come, about an hour ago BTC China tweeted “Dear users, Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: support@btcchina.com.”

The news came as no surprise to most, as speculators have been claiming this day would come since China’s first announcement in December. Some users on reddit even embraced the news, claiming that news from China would no longer cause large price fluctuations.

FXBTC also announced Friday on their website that the site would stop operating and the site would be open until May 10th, 2014.

Bitcoin prices have dropped from about $460 on Friday and are floating around the $420 price level as of now.

Many had hopped Bitcoin would fill China’s large shadow banking industry, but this doesn’t have to mean the end for Bitcoin in China, Chinese citizens will still have access to miners, a lot of which are manufactured in China.

The last time I talked to my Chinese friend about Bitcoin in China, he told me how it had brought a lot Chinese new wealth and how they had bought a lot of computers. It is sad to see this happen because Bitcoin companies are employing a lot of high-skilled workers, a lot of which claim they are Hong Kong based to avoid the other nation’s laws.

The dichotomy of the more free economy in Hong Kong, where Bitcoin ATMs and businesses are opening, compared to mainland China’s restrictions that are closing doors might illustrate one reason why China’s economic growth rate is slowing.

[textmarker color=”C24000″]Source[/textmarker] FXBTC BTC China