Bitcoin News Mash-Up: PBOC Ruling Reappears; Mt. Gox Bankruptcy Process Initiates

0
128

Bitcoin News

This section includes the latest Bitcoin events that took place between April 24th and 25th.

Alleged Chinese Government Restrictions Impact Bitcoin Market
Caixin.com yesterday (April 24) reported that the PBOC (China’s Central Bank) had a meeting with a few commercial banks and third party payment processors to further restrict transactions between Bitcoins Yuan. If comes into effect, this ruling would interrupt the flow of Yuan to and from the exchanges. During the meeting, PBOC representatives have openly criticized the BOC (Bank of China) and CMB (China Merchants Bank) for doing business with Chinese Bitcoin exchange BTC China.

**relatedarticle**

The news have further damaged the stability of Bitcoin, as its price have fell massively in the last 24 hours.

Xapo Announces Launch of Bitcoin Debit Card
Bitcoin wallets provider Xapo announced the launch of a new Bitcoin debit card. If sources are to be believed, this is the first Bitcoin debit card to allow users to make expenditures like any traditional debit card. The operation is simple: Cryptocurrencies are loaded into the card through the company website, and it can then be used to purchase products and services wherever it is accepted.

While the company had announced earlier that MasterCard customers could enjoy the service, this was denied by the firm supplying this card. According to Coindesk.com, MasterCard representatives claimed that their product has no relationship with Xapo. But the CEO of Xapo, Wences Casares, said the company is currently working with a bank, the name of which is not yet released, to launch the service.

Mt. Gox Bankruptcy Proceedings Initiated
The administrator appointed by the District Court in Tokyo, for the Mt. Gox case initiated formal proceedings to liquidate the collapsed exchange. Nobuaki Kobayashi’s lawyer confirmed that he will manage and dispose the assets of the exchange site. “I’m going to implement the bankruptcy proceedings. The assets of the entity will be managed and converted into cash”, he said. However, it is unclear whether the former exchange customers will receive their money back or not.

To contact the assembler of the news: Yashu Gola at yashu@forexminute.com

Subscribe our daily newsletter at www.forexminute.com/newsletter