BTC China stops Bank of China deposits today 5/6/14

[yomofo]

https://twitter.com/btcchina/status/463494453882142720

Dear users,
Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: support@btcchina.com

[windjc]

https://twitter.com/btcchina/status/463494453882142720

Dear users,
Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: support@btcchina.com

What does this mean? Does it change anything?

[y3804]

It's worse than banks banning BTC imo

[dropt]

It's worse than banks banning BTC imo

How is a bank dropping BTC China worse than the PBOC commanding Banks drop Bitcoin accounts? 

[windjc]

It's worse than banks banning BTC imo

How is a bank dropping BTC China worse than the PBOC commanding Banks drop Bitcoin accounts? 

I agree, that doesn't make any sense.

My question was more about how important was that bank to BTC China?

[atp1916]

It's worse than banks banning BTC imo

How is a bank dropping BTC China worse than the PBOC commanding Banks drop Bitcoin accounts?  

I agree, that doesn't make any sense.

My question was more about how important was that bank to BTC China?

I am sure very important.  Every single exchange over there will eventually have their bank accounts shuttered.  If it is true that actual regulations have been put into place (as opposed to 'word of mouth'), then this process will be accelerated.

The system needs to flush China down the drain for real recovery, and this is the first big step.

The only people selling are the Chinese speculators.  Don't sell with them.  The USD is stronger than the yaun.


Hold the line.

[atp1916]

^^^ I like that pic.  

--edit Were'd it go!?

[y3804]

It's worse than banks banning BTC imo

How is a bank dropping BTC China worse than the PBOC commanding Banks drop Bitcoin accounts?  

Sorry, I meant in terms of news, not in terms of drop of price. BTCChina has never announced anything after CCB ban, so a word from them just tells us that problems exist behind the scene. It tells us they probably already closed a bunch of their accounts.

Of course ICBC and ABC withdrawal ban will be way worse in terms of price drop. As for BTCChina, you can still buy BTCC recharge coupons through Taobao and they released new ATMs in Shanghai today

[YipYip]

Yay ...its like highlander ..the quickening is finally hear !!!!

There can be only 1 (chinese exhange with deep links & heavy bribing to the Communist part of China )

[Pepin]

I guess I made my last bank transfer to them yesterday afternoon! It's honestly cheaper to buy recharge codes on Taobao though. 0% fee vs about .9% fee for the bank transfers I have been making.

Yay ...its like highlander ..the quickening is finally hear !!!!

There can be only 1 (chinese exhange with deep links & heavy bribing to the Communist part of China )

No, not really.

[yomofo]

I guess I made my last bank transfer to them yesterday afternoon! It's honestly cheaper to buy recharge codes on Taobao though. 0% fee vs about .9% fee for the bank transfers I have been making.

Yay ...its like highlander ..the quickening is finally hear !!!!

There can be only 1 (chinese exhange with deep links & heavy bribing to the Communist part of China )

No, not really.

these taobao codes (workarounds) are only delaying the inevitable.  i thought taobao banned btc vouchers, what happens if you flag them?

[RockHound]

I guess I made my last bank transfer to them yesterday afternoon! It's honestly cheaper to buy recharge codes on Taobao though. 0% fee vs about .9% fee for the bank transfers I have been making.

Yay ...its like highlander ..the quickening is finally hear !!!!

There can be only 1 (chinese exhange with deep links & heavy bribing to the Communist part of China )

No, not really.

these taobao codes (workarounds) are only delaying the inevitable.  i thought taobao banned btc vouchers, what happens if you flag them?

Yeah, thought the same bro:

https://cryptocointalk.com/topic/10445-alipay-bans-bitcoin-completely-recharging-code-taobao-shore-may-be-banned/

Hopefully our Chinese bitcoiners will come up with another clever workaround for recharge/withdraw.

[lumierre]

BTC in China just became even rarer. Chinese bitcoin holders may refuse to sell because it is hard to buy. Thus, supply is reduced but the demand is still there. And when supply<demand, the price rises.

[greatway]

Alright one by one they go down

[Asrael999]

still "bothered"