[2014-01-31] BTC China Starts Accepting Deposits In Chinese Yuan Again

[empoweoqwj]

BTC China Starts Accepting Deposits In Chinese Yuan Again
http://kculshare.com/2014/01/btc-china-starts-accepting-deposits-in-chinese-yuan-again/

BTC China CEO Bobby Lee told the Wall Street Journal that the exchange started accepting renminbi again on Thursday after studying the PBOC memo and determining that it was legal to accept deposits and transfer money into customer accounts, even though the banks that manage those accounts can’t conduct business in bitcoin

Hmm... is he just taking a big risk here, or was the original 'ban' just more FUD?

I think he's taking a big risk. Final throw off the dice, as it were.

[notthematrix]

Well I think Boby from btc china knows culture very wel....
better then most US peole here ,,,, its money we are talking about and china is no diffrent.

[empoweoqwj]

Well I think Boby from btc china knows culture very wel....
better then most US peole here ,,,, its money we are talking about and china is no diffrent.

Try reading what he is doing, he's taking a big risk. he has to, otherwise his business will disappear. So yes, its all about money.

[prophetx]

Like the Chinese governments needs to spend its time earning a few millions $ at best. You know the GDP of China right?

This has been pointed out before but 'the chinese government' ≠ whichever financial official is in control of making this announcement. Obama didn't buy bitcoin just before the US senate hearing, but you can bet the surprisingly positive law enforcement people who testified did.

Then again, it could just be that they are suspicious of aspects of the economy they can't control. I tend to favour this interpretation until there is any evidence of corruption.

Oh good so we have evidence of govt official manipulating markets?  Or is this just conjecture?

[jadescorpio]

I'm sure it will not last for a long time. He just has not other way forward now.