China BTC Exchanges now accepting direct bank deposits! HUGE

[Bitcoininspace]

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?

You should find this site interesting:

http://fiatleak.com/

[1714897558]

1714897558

[newbitcoins]

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?

This could be real. I would like it to be true.  The link is still there:

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

[mayax]

BTCC is making a big mistake. The China gov has banned all the financial institutions to work with Bitcoin.
The banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. This ban is since 2014 and it's nothing changed since then.

So, how BTCC is doing that? Of course, by doing it illegally. It is a desperate gesture because they did not have clients lately.

http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

One single complaint to their banks and BTCC's accounts are closed. The people should be very stupid to deposit their funds with a such exchanger.

[Coin Republic]

BTCC is making a big mistake. The China gov has banned all the financial institutions to work with Bitcoin.
The banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. This ban is since 2014 and it's nothing changed since then.

So, how BTCC is doing that? Of course, by doing it illegally. It is a desperate gesture because they did not have clients lately.

http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

One single complaint to their banks and BTCC's accounts are closed. The people should be very stupid to deposit their funds with a such exchanger.

That could be just BTCC. I do not understand how BTCC can be so brave to accept bank transfer without permission from banks, not just a single bank.

[Mickeyb]

BTCC is making a big mistake. The China gov has banned all the financial institutions to work with Bitcoin.
The banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. This ban is since 2014 and it's nothing changed since then.

So, how BTCC is doing that? Of course, by doing it illegally. It is a desperate gesture because they did not have clients lately.

http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

One single complaint to their banks and BTCC's accounts are closed. The people should be very stupid to deposit their funds with a such exchanger.

That could be just BTCC. I do not understand how BTCC can be so brave to accept bank transfer without permission from banks, not just a single bank.

Yes, this doesn't make much sense to me. I don't see them going against their government orders. I mean, you don't do this in European countries and not in communist China. Or am I wrong, I don't know?

What I find even stranger is that they have written that they will stop accepting deposits through agents from 15th of November, so I guess they are staying only with direct deposits after this date.

[ShetKid]

Hows this possible. I just heard in the morning that Taiwan was to declare bitcoin as illegal , so wouldn't it be illegal for any business to accept direct deposits for bitcoins ?

[ranochigo]

Hows this possible. I just heard in the morning that Taiwan was to declare bitcoin as illegal , so wouldn't it be illegal for any business to accept direct deposits for bitcoins ?

AFAIK, Taiwan is not a part of China. Even if Taiwan says Bitcoin is illegal, it is still legal in China. Furthermore, BTCC isn't based in Taiwan.

[Febo]

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.

Price rose, because it was expected it will. It has to do it sooner or latter. I dont understand why people put questions why. There was milion good news in last 2 years but price was going down or was steady.
Now even if there are only bad news, price will go up fro some time.

[the_poet]

http://www.zerohedge.com/news/2015-11-04/bitcoin-soars-14-month-highs-major-exchange-eases-access-chinese

[Ayle56]

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.

Price rose, because it was expected it will. It has to do it sooner or latter. I dont understand why people put questions why. There was milion good news in last 2 years but price was going down or was steady.
Now even if there are only bad news, price will go up fro some time.

The price rose by almost $100 in less than nine hours today. That's got to be due to the enabling of direct Chinese bank deposits. I've never seen it rise so fast before. There are other reasons for the rise, but I think the biggest reason is the Chinese bank deposits.

[Bitcoininspace]

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.

Price rose, because it was expected it will. It has to do it sooner or latter. I dont understand why people put questions why. There was milion good news in last 2 years but price was going down or was steady.
Now even if there are only bad news, price will go up fro some time.

The price rose by almost $100 in less than nine hours today. That's got to be due to the enabling of direct Chinese bank deposits. I've never seen it rise so fast before. There are other reasons for the rise, but I think the biggest reason is the Chinese bank deposits.

I think so too, until china bans bitcoins again in late december and price plummets to the ground.

I'm starting to think they are doing all of this on purpose and working with the media. Once the richest country - forever the richest, or atleast they seem to want to stay that way with bitcoins too.

[Kprawn]

This is just proof for me that more people need a easy way to purchase Bitcoin, and the current on ramp into BTC is too difficult. Yes there are other pushing factors behind

this, but direct bank deposits makes this so much easier. There are many barrier to entry in some countries and we would have seen much more of these, if we could remove

these barriers. Make it easy, and they will come. 

[World]

Price rose, because it was expected it will. It has to do it sooner or latter. I dont understand why people put questions why. There was milion good news in last 2 years but price was going down or was steady.
Now even if there are only bad news, price will go up fro some time.

The price rose by almost $100 in less than nine hours today. That's got to be due to the enabling of direct Chinese bank deposits. I've never seen it rise so fast before. There are other reasons for the rise, but I think the biggest reason is the Chinese bank deposits.

CoinBase + USAA the pilot was initially rolled out to USAA employees in September.
BitFury secret Block Chain Summit in UEA in October.
Bitcoin Tracker EUR, available through Nasdaq Nordic on October,which are exchange-traded notes (ETNs)
Gemini exchange
Money 20/20
WebSummit
etc...

[Coin Republic]

Direct bank deposit is the most important reason for the recent rise. It implies that the Chinese authority allow the banks to be involved in bitcoin related money transfer. It is a kind of legaliztion of bitcoin in China.

[Guido]

Price rose, because it was expected it will. It has to do it sooner or latter. I dont understand why people put questions why. There was milion good news in last 2 years but price was going down or was steady.
Now even if there are only bad news, price will go up fro some time.

The price rose by almost $100 in less than nine hours today. That's got to be due to the enabling of direct Chinese bank deposits. I've never seen it rise so fast before. There are other reasons for the rise, but I think the biggest reason is the Chinese bank deposits.

CoinBase + USAA the pilot was initially rolled out to USAA employees in September.
BitFury secret Block Chain Summit in UEA in October.
Bitcoin Tracker EUR, available through Nasdaq Nordic on October,which are exchange-traded notes (ETNs)
Gemini exchange
Money 20/20
WebSummit
etc...

no vat in europe for btc even bigger news

plus last of silk road coins auctioned off omorrow, hopefully into strong hands considering hoops they have to jump through with fbi to be able to bid
plus they will be people with lots of money, as you have to send money in advance
most prob institutional investors, funds etc
not trolls lol

[7788bitcoin]

If this is real, I am quite sure the Chinese government will think of ways to prevent the money to flow in/out China easily.

[aakashsangwan]

If this is real, I am quite sure the Chinese government will think of ways to prevent the money to flow in/out China easily.

i do agree with you this is just a news and inside the government is also accepting the bitcoin potential and chinese after dealing with gold and silver now they have turned to play with bitcoin. and for the past few days lot of good new are inputing regarding bitcoins, hope this bull runs for some more time and we can see the Bitcoin price above $1000   

[Nagle]

Any comments from inside China on this? Is the PBC going to crack down?

[newbitcoins]

Any comments from inside China on this? Is the PBC going to crack down?

That is a good question. I do not see the news reported in media, just from this forum. Very strange. If true, it is very big news.

[mayax]

Any comments from inside China on this? Is the PBC going to crack down?

That is a good question. I do not see the news reported in media, just from this forum. Very strange. If true, it is very big news.

No, it's not a news. BTCC do not have too many real clients(don't believe their trading platform because they have many bots who are trading with fake transactions) lately and they launched this news(propaganda).

China banned any financial institution(banks and so on) to deal with companies who are dealing with Bitcoin.