The Chinese Exchange Bter Has Stopped Accepting Yuan Deposits

31 Mar
2014

bter-crypto-exchange-cny-markets

Bitcoin and Litecoin prices continue to go down due to the panic that the information about the Peoples Bank of China possibly ordering banks and payment processors to stop servicing the accounts of Chinese crypto currency exchanges. This information has no yet been fully confirmed, but Bter, one of the larger Chinese crypto exchanges with English supports has announced the temporary suspension of deposits of Chinese Yuan. CNY withdrawals are currently unaffected however and people are able to withdraw cash from the exchange and on the CNY markets prices are going down as a result. It seems that the exchange got a notice from their payment processor and not an official information from PBOK. The announcement was published only in Chinese, though considering that this can affect prices significantly for other users as well it would’ve been nice to see an official English translation as well and not to have to rely on translation services. Still, it seems that after China brought the prices of Bitcoin and Litecoin up quite a lot last year, now they may bring them back to the old levels of sub $200 per BTC and sub $3 for LTC.

You might want to keep a look out on Bter’s website for further development and news…



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2 Responses to The Chinese Exchange Bter Has Stopped Accepting Yuan Deposits

will

March 31st, 2014 at 13:53

not surprising that the Chinese gov want to have more control over whats happening to all there already manipulated YEN :P Wont last long the Chinese get around the great firewall they will find other ways to buy there BTC :)

Adachi

March 31st, 2014 at 14:50

YEN is JAPAN currency. Read a book sometime…

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