PBOC Restriction: China’s Cryptocurrency Exchanges Boycott Global Bitcoin Summit in Beijing

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PBOC Restriction: China’s Cryptocurrency Exchanges Boycott Global Bitcoin Summit in Beijing

ForexMinute.com – Amid the installation of certain banking restrictions by PBOC, major Chinese cryptocurrency exchanges decided to stay away from the upcoming Global Bitcoin Summit, to be held in Beijing this weekend.

BTC China, one of the first Bitcoin exchanges in China, as well as OKCoin and Huobi took this stiff decision to stay low profile when the PBOC is putting enough implications on them. All the aforementioned exchanges has previously halted their CNY deposits, and has also clamped down their professional tie-ups with China’s local banks and third party payment providers.

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The CEOs of the exchanges were also listed as speakers in the Global Bitcoin Summit. The speeches, after the announcement, was then again rescheduled and was sent to media by the event organizers the same day.

“We got together with a few exchanges and decided to coordinate some efforts in light of the perceived clampdown of the central bank,” said Bobby Lee said, CEO of BTC China. “We’ve decided to stay more low-key and skip out of the conference this weekend.”

Meanwhile, Huobi’ CEO Jun Du further expressed his plans to combat the PBOC pressure. He confirmed to make few changes to its exchange’s services in order to comply with PBOC restrictions. One such change will be changing Huobi into a marketplace from a Bitcoin exchange.

Other Chinese Bitcoin exchange however have not revealed any similar or more innovative plans to tackle PBOC ruling, except moving their businesses offshore – the nearest being Hong Kong where no Chinese regulations are applied.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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