ForexMinute.com – As expected, BTC China has also suspended CNY deposits after facing the mounting pressure from the Chinese Central Bank. The exchange made this news public via a tweet they did today, while blaming this tough move to the regulations.
It said: “Dear users, Due to regulations, we have suspended CNY deposits from [the] Bank of China. For further enquiries, [please] email: email@example.com.”
Last week, it was another popular Chinese exchange FXBTC that took a further severe decision following the PBOC’s decisions. The exchange announced a closure owing to their “inability to recharge withdrawals, preventing normal operation, issues and other aspects of the decision-making difficulties.”
Following the FXBTC announcement, the Bitcoin prices were heavily affected and fell from over $450 to around $435 within a matter of hours. The same is expected from the market today, as a substantial number of Bitcoin users also belong to China. This will also impact other coins like Litecoin, Dogecoin..
Following this event, we could see some stability in the Bitcoin market in the coming days as price fluctuation will be less likely take place. While one cannot expect anything from Chinese regulators and their unclear stand on cryptocurrencies.
Bitcoin, however, will keep functioning inside the Chinese territory. According to a study given by newsBTC, the number of Chinese miners have surged exponentially in recent months. The country is manufacturing a large quantity of Bitcoin-related equipment that could directly benefit the entire industry at once. Chances also are that Chinese Bitcoin exchanges will simply move to Hong Kong, away from the Chinese authorities to function without hassle.
In a way, Bitcoin will surely survive China, whether the country bans it or ignores it.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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