The story of BTC China has been an interesting one. This exchange went from nobody’s talking point to the largest bitcoin exchange in the People’s Republic of China in a matter of weeks.
That is, until, they stopped accepting bank deposits. Many were convinced it was the end of BTC China’s short, short history. Unlikely. The exchange has once again begun accepting bank deposits with its corporate bank account, according to a number of user reports and confirmation from the company’s head honcho.
“Previously, we judged doing this as not being viable, however, we have since changed our stance. We looked again at the guidance issued in December and we think it’s a reasonable for us to accept customer deposits via our corporate bank account,” said BTC China CEO Bobby Lee on the matter.
It was previously noted that banks in China would be unable to work with bitcoin exchanges, but BTC China feels the message from the People’s Bank of China has been misinterpreted. Lee is of the opinion that PBOC’s guidance means that banks must not personally get involved in the bitcoin business.
The news is well-received, but many are concerned that the People’s Bank of China — the country’s central bank — might crack down on this ‘interpretation’ of their guidance in the near future.
Certainly, it will be interesting to see where this goes from here. What do you make of this?
Thanks for the screenshot, Andi.