PBOC Rumor: Cryptocurrency Exchange Suspends Chinese Yuan Deposits


PBOC Rumor: Cryptocurrency Exchange Suspends Chinese Yuan Deposits

ForexMinute.com – No one has a clue about the genuineness behind the news that mentioned PBOC issuing a deadline to Chinese cryptocurrency exchanges, asking them to withdraw their funds from the country’s conventional banks before coming April 15th. Whether it turns out to be true or false, but the so-called-rumor has started to influence the decisions of many digital currency exchanges in China.

The latest one to catch the flu is Bter, one of the most renowned and largest Bitcoin exchanges in China, which announced today to temporary suspend Yuan deposits. Prior to the announcement, Bter was smoothly offering trading instruments related to RMB. They included RMB to Litecoin, Dogecoin, Bitcoin as well as CounterParty (XCP).
The exchange is also said to have started withdrawals of its money from the Chinese banks.


Earlier this day, BTC-e had announced to introduce new trading instruments for Chinese traders, and further took an important decision to have its RMB deposits managed by an unnamed international bank. Their decision too somehow hinted the impact of PBOC’s warning; although, no official statement was made regarding the matter.

On the other side of the law, one of the PBOC’s official found posting doubtful post on social media last Friday, as reported by Wall Street Journal. Zhang Niannian was too much interested in comparing Bitcoin exchanges to “casinos”, teasing Bitcoin users with lines such as “Aren’t you afraid that a Bitcoin platform will leave with your money?” as well as, “Do you think the court would protect you?”

Although, we do not mean to rule out anything specific from the PBOC official’s microblog. But even if the fragments of his satirical post is true, the temporary suspension of Chinese Yuan at Bter might defy the actual meaning of “temporary” in future.

Let’s wait and watch until then.

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