How to use China bank in BTC exchange?

expert-lister

sr. member

Activity: 302

Merit: 250

Imagine a world without hate and oppression

Your alright friends, but i don't understand it.
Look for e.g:
(A man) want to buy BTC from Okcoin.
He send CNY to okcoin china bank account (example Bank of China) True? and after do it, he can buy btc from (B man).
So why use okcoin code? required?

Nrcewker

copper member

Activity: 2268

Merit: 539

They do not use a bank account, you can use okcoin code / btcc code to complete the transaction.

yitingyou

newbie

Activity: 50

Merit: 0

you need a bank account in china firstly, then you can deposits/withdrawals via it.

but, deposits/withdrawa code is only supported on btcchina, huobi, okcoin

so, you can do trading on lakebtc & anx, that's more simple

nextblast

hero member

Activity: 658

Merit: 500

Why not just ban it thoroughly? Ban, reban, re-reban...

fa

full member

Activity: 140

Merit: 100

Quote from: expert-lister on July 28, 2014, 07:20:30 AM

Hi guys,

I have a import question,
Why OKcoin and china people can use china bank? how?
Unless Bank of china warns to used Bitcoin? bank of china don't block bank accounts?
How can used CNY in these exchange platforms? Okcoin, BTCchina, ANX

There're middle men, mate.

For instance, a guy named A want to exchange money for btc,
1 A transfers money to B, who is OKcoin's trusted middle man (mostly through bank accounts. BTCChina also accepts face-to-face exchange in a few places like Shanghai).
2 Once B confirms the money transfer completion, B sends A activiation code (actually it's a pair of AB code).
3 A then fill the code in OKCoin website.
4 OKcoin validates the code, and A can happily buy btc in OKcoin with that money.

So... it's pretty troublesome and causes distrust a lot due to the middle man involved procedure.

Chines Gov did not ban btc at all, and deem btc as normal commodity. It's just banks in China that hate btc and forbids direct exchange of money for btc.