Topic: Central bank of China criticize two banks in China for not stop business ...... - page 2. (Read 1944 times)

so far as I know atm = money out possibility should be main one

I missed a key update:
Do the Chinese BTC atm's have fiat coming out, or only going in?

Right. For a few months starting last October, buying Bitcoins with yuan and selling them for dollars or euros was a cheap, legal way around China's exchange controls.  That's over. Despite much denial on this board, it's over.

(For those of you who came in late, ordinary Chinese citizens can't easily convert yuan to dollar or euros. It takes special permission. Read up on China's exchange controls.)

They reserve ATMs for the next ban.

P2P trading is possible but not for large volume, it's also inconvenient. China market will never has the same volume with this method.

At least, people in China can still use the ATMs and do p2p trades.

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

Now that's mean these two banks have to terminate services for Exchanges. There will be no more way for BTC <-> CNY.

Central bank of China criticize two banks in China for not stop business with bitcoin platform

April 24 morning , the central bank interviewed some of the commercial banks and third-party payment agencies to deploy the next steps, preven and control the risk of bitcoin , want to completely cut off the chain of funds through Bitcoin transactions.

The interviews hosted by the Central Bank of the Law Secretary Muhuai Peng , participants include the central bank to pay Secretary Li Yue , and many other central bankers

Someone from Central Bank said that this is mainly because after April 15 Bitcoin prices rebounded sharply, and platform still doing business with banks in China

Central Bank in March issued "on further prevent the risk of bitcoin notice" , stressed banks and third-party payment institutions may not serve Bitcoin transactions cleared in the current account deadline April 15 . However , on April 15 , the majority of Bitcoin trading platform is still functioning , Bitcoin prices also soared from 2,500 yuan to 3,000 yuan.

In the meeting , the central bank has been criticized two banks, include “Bank of China” and China Merchants Bank.

Mu Huaipeng Secretary repeated the file of  " on guard against the risk of Bitcoin notice" and "to further prevent the risk of bitcoin notice", and financial institutions and payment institutions shall not provide , directly or indirectly related to bitcoin services policy requirements.

After "further guard against the risk of bitcoin notice" issued , including huobi , OKCoin have lanched another way to recharge and withdraw, named recharge code,

OKCoin launched a recharge code , users can now change the yuan to recharge code, and then transferred to the recharge code OKCoin other users to recharge. Recharge codes need to be purchased from the agent . huobi and BTCChina also taken a prepaid recharge code distributed manner .

As of April 24 , all Bitcoin trading platform in China has been stop third-party payment . Most bank card recharge channels have been closed , however , some are still allowed to bitcoin bank transfer and cash withdrawal services platform .

In the meeting,Central bank emphasized that  cash withdraw must also be stopped.

The central bank also requires the agencies need to assign someone to monitor changes in the way funds transfer Bitcoin transactions , the new account to receive a list issued by the central bank , and make quick response.

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little,we will translate 3-4 bitcoin news in China to english everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere transalte not that good, pls PM us so thatwe can  correct it.