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Author Topic: Bitcoin trade is banned by China Merchants Banks and Alipay  (Read 1233 times)
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April 28, 2014, 09:25:18 AM
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The ban to Bitcoin from financial organizations still continues .Recently ,Alipay and China Merchants Banks announced not to provide any service for Bitcoin .Also ,the last recharging mode—virtual recharging card faces up to  difficulties .
China Merchants Banks announced that from now on ,any organizations or individuals don’t have to recharge ,withdraw deposit ,purchase and sale Bitcoin ,litecoin and other virtual currency by our bank accounts .Also ,the public cant use our bank accounts to carry on a series of virtual currency trade .Once being found ,we will close his or her trade or write off the accounts .
Previously ,It’s said that central bank of China has sent a notice about preventing Bitcoin risk ,emphasizing that banks and the third-party payment organizations cant serve for Bitcoin trade .And write off all bank accounts from Bitcoin trading platforms before 15th April .However ,after 15th April ,many Bitcoin trading platforms still can recharge through money remittance and virtual recharging code .Thus ,Bitcoin price comes back to more than 3000yuan again .According to the media ,central bank of China discussed with some commercial banks and the third-party payment organizations again ,hoping to cut off Bitcoin trading funds chain completely .
BTCCHINA was not affected in the past month like huobi and okcoin, but this time, it is named and criticize by PBOC directly, when we browse btcchina yesterday, China Merchants Bank has stop business with them, and “bank of China(bank name) ” still works.
However ,BTC China still can be recharged through money remittance and BTCC recharging code yesterday .Compared with BTC China ,huobi.com and okcoin has suspended money remittance mode ,only being recharged by recharging code .

After money remittance and the third-party was cut off ,BTC China ,huobi.com and okcoin and other Chinese Bitcoin trading platforms recharge through recharging code .But now the mode may be cut off too.
Alipay released a statement banning Bitcoin trading service .It said , from now on ,any organizations or individuals don’t have to recharge ,withdraw deposit ,purchase and sale Bitcoin ,litecoin and other virtual currency through Alipay .Also ,the public cant use Alipay to carry on a series of virtual currency trade .Once being found ,we will suspend all relative service .
Therefore ,as Alipay and banks bans release,virtual recharging code is more difficult .Bitcoin BTCC code recharging platforms include 6 online shop in Taobao ..They said their BTCC recharging code still can be bought normally.
The vice CEO Ling kang of BTC China said ,the latest statement from Alipay will not affect BTC China much .Purchasing BTCC recharging code in which way is chosen by the clients not BTC China .But a Bitcoin expert said ,if virtual recharging code mode is suspended ,it will cut off  the funds chain of Bitcoin trading platforms .,Bitcoin trade may transfer to underground in China.

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

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April 28, 2014, 09:33:39 AM
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confirmedsauce

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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April 28, 2014, 05:55:34 PM
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Good fucking riddance, the Chinese exchanges and government has been nothing but toxic to the BTC ecosystem. One less source to feed the Chinese exchanges. I don't want to see any more fake volume from Huobi or BTC China.
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