China BTC Exchanges now accepting direct bank deposits! HUGE

[CIYAM]

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

Yet you are able to deposit funds from a bank account directly to BTCC now (has been the case since at least mid October and you can use any of several of the major banks).

There has been no official announcement from the PBOC about this so I guess they are watching and waiting to decide whether or not to make such an announcement (makes it very easy for them to stop it again any time they wish to for now).

In regards to the tx volume any exchange can fake it regardless of fees (if they are paying the fees to themselves) so actually I think it is more honest to have no fees and simply let people analyse the trades (which is what BTCC does).

[1713878177]

1713878177

[mayax]

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

Yet you are able to deposit funds from a bank account directly to BTCC now (has been the case since at least mid October and you can use any of several of the major banks).

There has been no official announcement from the PBOC about this so I guess they are watching and waiting to decide whether or not to make such an announcement (makes it very easy for them to stop it again any time they wish to for now).

In regards to the tx volume any exchange can fake it regardless of fees (if they are paying the fees to themselves) so actually I think it is more honest to have no fees and simply let people analyse the trades (which is what BTCC does).

Hi CIYAM,

What banks are they using for direct deposits?

[Snorek]

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

If that was indeed the one of the causes of last week bitcoin price rise then it was rather short lived and insignificant in the long run.
I still don't know how that is possible with Chinese restrictions on financial institutions preventing them from dealing with bitcoin.

[CIYAM]

What banks are they using for direct deposits?

Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Minsheng Bank, Bank of Beijing, SPD Bank and several others.

(so the major four plus a number of the secondary banks)

[CIYAM]

I still don't know how that is possible with Chinese restrictions on financial institutions preventing them from dealing with bitcoin.

The way things work in China is often not in strict accordance with regulations (that is common for many things here).

[mayax]

What banks are they using for direct deposits?

Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Minsheng Bank, Bank of Beijing, SPD Bank and several others.

(so the major four plus a number of the secondary banks)

and the accounts are open in the BTC china's name? I mean, are they using their main company name or are they using like XXXX company in order to hide the real means of transactions they get?

[CIYAM]

and the accounts are open in the BTC china's name? I mean, are they using their main company name or are they using like XXXX company in order to hide the real means of transactions they get?

I am pretty sure it is in their name although I'm not sure exactly how to check that (as I don't think that bank account records you can see as a customer actually show that).

[lihuajkl]

What banks are they using for direct deposits?

Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Minsheng Bank, Bank of Beijing, SPD Bank and several others.

(so the major four plus a number of the secondary banks)

and the accounts are open in the BTC china's name? I mean, are they using their main company name or are they using like XXXX company in order to hide the real means of transactions they get?

I think they are using their company's name for the deposits! Gov is not seriously banning btc and China is still the biggest market for trading and mining.

[mayax]

What banks are they using for direct deposits?

Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Minsheng Bank, Bank of Beijing, SPD Bank and several others.

(so the major four plus a number of the secondary banks)

and the accounts are open in the BTC china's name? I mean, are they using their main company name or are they using like XXXX company in order to hide the real means of transactions they get?

I think they are using their company's name for the deposits! Gov is not seriously banning btc and China is still the biggest market for trading and mining.

It's not about that. It's about that the banks can block the accounts anytime if the ban is still enforced. Would send money to a company like that when you have better alternatives?
It's very risky. You lose the money anytime with BTC China.

[CIYAM]

It's not about that. It's about that the banks can block the accounts anytime if the ban is still enforced. Would send money to a company like that when you have better alternatives?
It's very risky. You lose the money anytime with BTC China.

The banks have never blocked withdrawal of RMB only deposits so I'd be fairly confident that even if RMB deposits disappear again the withdrawals will not.

[makcik]

Bitcoins have been quite around since some time.. And as such , people are shifting to exchanging their money with bitcoins.
Now, in the world.. Generally people use bank deposits and consider it convenient. As such, acceptance of bank deposits by china BTC exchange will make it easier for people for exchanging as fiat currencies required physical meeting.. Whereas deposits in bank Can now be done from home..(though in some places you may need to go to bank). Now, so those people who are escaping BTC because of exchanging problems don't need to worry now.