China BTC Exchanges now accepting direct bank deposits! HUGE

[Guido]

https://www.btcc.com/news/article/btcc-now-accepting-direct-bank-deposits

https://twitter.com/barrysilbert/status/661511847582015488

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[iliasyaco]

what a time to be alive

[Hamuki]

This might be the reason for the rise of BTC atm?

[bitcoinbettingtips]

This news implication is huge.

BTCC Now Accepting Direct Bank Deposits
Nov 02, 2015

Recent bitcoin price increases have reignited enthusiasm in buying bitcoin. BTCC is confident this trend will continue. As such, we are pleased to announce that we now accept direct deposits.
 
Customers now need only log in, click on “Account,” then “Fund,” and then select the “Bank Deposit” option to fund their BTCC accounts through their bank accounts. All customers who have Chinese bank accounts will be able to make direct deposits through ATM transfers or online banking.
 
BTCC will stop accepting customer deposits through agents on November 15.

[teddy5145]

This might be the reason for the rise of BTC atm?

I don't think so, the rising of the bitcoin is happening this past 2 months
While this news is still fresh and just out
But with this news i think the price of bitcoin will rise even further, more than we have right now
Expect the price to rise more and more

[SFR10]

A bold move right there (Good for the ones with chinese bank accounts), not sure why there's all the good things lately happening in particular to bitcoin and yet there are some bad ones as well all at the same time, it's like somehow each try to cancel one another even though in different departments but the good ones out weight the bad ones, yet kinda strange

[OROBTC]

...

China has been getting a lot of press re BTC and its price jump.  It looks like, one way or another, that Chinese citizens will get to participate in all that mining going on there (approx. 58% of BTC mining is by the Chinese pools).

Perhaps Chinese citizens are now buying more BTC?

I have read a lot about rich Chinese wanting to get assets out of China.  As more Chinese are able to do this, it seems that BTC price will benefit. 

Maybe benefit big time!   

[Raimonn]

With direct bank deposits will be easier for chinese users to buy bitcoins. But i don't think that it was a cause for the incresing on bitcoin price.

[unamis76]

Weren't deposits disabled because of a Chinese law? If I remember correctly they stopped allowing deposits on Bitcoin exchanges accounts and invited such exchanges to close their accounts... What happened meanwhile?

[Coin Republic]

Weren't deposits disabled because of a Chinese law? If I remember correctly they stopped allowing deposits on Bitcoin exchanges accounts and invited such exchanges to close their accounts... What happened meanwhile?

In the past two years, Chinese citizen can use vouchers or third party payment processors to deposit and withdraw money into/from exchanges. It cost money and time. Now they can do it directly. It looks the previous ban was lifted.

[edmundduke]

This is huge for Bitcoin. And im sure part of it is showing in the price as it is highest it has been in a while. Im sure it will go even higher as there has been a lot of good news for BTC lately

[AltcoinInvestor]

I hope this does not lead to another Mtgox in china. Is this exchange handling the majority of chinese transactions atm?

[Mickeyb]

This is a great news and all and I salute this very much! But am I the only one seeing something weird here?

If the Chinese capital controls are the main reason of current run as everyone is reporting today, why would they allow bank deposits directly then and in this way encourage the outflow of capital out of their country?

[Guido]

This is a great news and all and I salute this very much! But am I the only one seeing something weird here?

If the Chinese capital controls are the main reason of current run as everyone is reporting today, why would they allow bank deposits directly then and in this way encourage the outflow of capital out of their country?

agreed
is a paradox

therefore we could see an ATM  in many thousands, to then see china come in and mega tighten things again
unless the chinese gov have been accumalting cheap coin for past 18 months

[brokenchair]

This is a great news and all and I salute this very much! But am I the only one seeing something weird here?

If the Chinese capital controls are the main reason of current run as everyone is reporting today, why would they allow bank deposits directly then and in this way encourage the outflow of capital out of their country?

Nope.

So the instant the Chinese are allowed to buy btc directly again, noone knew about it, yet this exchange was already set up for it?  
While I would like to believe this; I don't.  

[NorrisK]

The news just keeps piling up.. This is getting insane.

It feels like the news has been withhold, to explode in one fantastic burst of beautiful price increase.

Bet the Chinese are very happy here!

[ajareselde]

I hope this does not lead to another Mtgox in china. Is this exchange handling the majority of chinese transactions atm?

There's no similarity between direct bank deposits and insider trading/abuse of user funds. afaik huobi and okcoin are holding majority of chinese market volume.
If you ask me, there was no real reason not to allow direct deposits in the first place.

cheers

[Mickeyb]

This is a great news and all and I salute this very much! But am I the only one seeing something weird here?

If the Chinese capital controls are the main reason of current run as everyone is reporting today, why would they allow bank deposits directly then and in this way encourage the outflow of capital out of their country?

agreed
is a paradox

therefore we could see an ATM  in many thousands, to then see china come in and mega tighten things again
unless the chinese gov have been accumalting cheap coin for past 18 months

This might have been happening but this still doesn't explain the capital controls thing which don't go hand in hand with allowing direct bank deposits!

[Bitcoininspace]

A bold move right there (Good for the ones with chinese bank accounts), not sure why there's all the good things lately happening in particular to bitcoin and yet there are some bad ones as well all at the same time, it's like somehow each try to cancel one another even though in different departments but the good ones out weight the bad ones, yet kinda strange

I like how the end of your sentence can be compared to fiat or cash. It's like they don't care that CASH has been used as ransom money for centuries, yet cash is so simple that the good things outweigh the bad things that happens with it. (in case your bad news was referring to the kidnapping) yet when something like that happens and the kidnapper wants bitcoins as payment; "OMFG BITCOIN U CREATION OF SATAN NAKAMOTO, WE WILL BAN YOU SO HARD".

Get with the times people, your "cash" is old, future is here and it wants it's currency to free the people. If you can't beat them, join em'.

[Nagle]

If that's real, it's huge. It means there's now a easy way to turn yuan into dollars or euros via Bitcoin.

There should be heavy selling on USD and EU exchanges to compensate for the buying on the yuan side. Is there?