ForexMinute.com – BTC-e, a renowned Chinese Bitcoin exchange, recently introduced new currency pairs for Chinese traders. The new trading instruments include the much sought-after USD/CNH, CNH/BTC and CNH/LTC trading options.
The decision came days after the PBOC’s alleged announcement of freezing bank accounts of the Chinese cryptocurrency exchanges. With the latter’s’ access of their bank accounts soon to become nil, Chinese traders are surely looking for an exchange that could trade between Renminbi and leading cryptocurrencies like Bitcoin and Litecoin – a reason that might have inspired BTC-e to introduce the aforementioned pairs.
BTC-e has also introduced RMB deposits that will be managed by an undisclosed international bank. The reason why BTC-e has chosen an international bank to handle all its transactions is yet again the PBOC’s strict guidelines.
Using this service will limit the fiat to crypto conversions to a maximum of $50,000 per year, as per the Chinese laws which restrict individuals to move money across borders. In case the amount exceeds its limit, trades are required to take approval from their local State Administration of Foreign Exchange.
The new instruments are now available to trade via BTC-e MetaTrader4 and WebTrader trading platforms. As per the information given on BTC-e website, USD/CNH is only available on WebTrader. Meanwhile on both MT4 and WebTrader, traders can take perks of Bitcoin and Litecoin trading.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org