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BTC China has installed the country's first bitcoin ATM in its (China's first bitcoin ATM installed in Shanghai mall http://t.co/MwtCsY7ngy) 
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NOT so long ago, China looked to be the promised land for crypto-currencies. Bitcoin and its rivals were traded freely and online exchanges proliferated. On one estimate, China accounted for more than half of the world’s trade in Bitcoin last year. Near the end of last year, when its price was above $1,000, more than 100,000 coins were being traded daily on BTC China, a local exchange.
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The price of bitcoin has fallen by almost $50 (£30) in a 24-hour period following announcements from bitcoin exchanges in China that they will be suspending bank transfers from customers.
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The start of this week was marred by a huge drop in the price of bitcoin, in response to rumours circulating that China was about to issue a ban on bitcoin. The initial rumours began circulating on March 21 2014, when reports surfaced indicating that the Chinese government were attempting to make it illegal for banks and currency exchanges to work together. This was quickly refuted by the People’s Bank of China (PBOC) but subsequent rumours, initiated by news reports at Caixin were not.
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China's economy is slowing suddenly. Recently, the country also experienced its first domestic bond default. And that was quickly followed by the collapse of a property developer.
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The PBOC ruling stated that "all accounts opened by the operators of websites that trade in the virtual currency" through banks and payment firms had to close, and close soon. With Bitcoin business effectively banned in the country — and the only way to purchase the currency now through cold, hard cash — trading posts have to move their servers abroad and use foreign payment firms to keep going, or shut their doors.
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China's central bank has ordered the country's commercial banks and payment companies to close bitcoin trading accounts in two weeks, according to people with knowledge of the matter, dealing another blow to the virtual currency.
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Following rumours of China's ban on bank transfers to bitcoin exchanges, the CEO of Bitcoin™ has banned China.
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The price of Bitcoin today, on March 30, stands at around $464, still falling rapidly since it began its recent decline. On March 25 the price was around $588, and Bitcoin has fallen from a value of over $1000 a few months ago. The immense drop seemed to arise due to a number of internet and media rumors circulating about the legality of Bitcoin in China. The confusion is not quite over yet, and although it has been established that for the time being Bitcoin is not illegal in China, the value is still falling at a worrying rate.
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China’s central bank has ruled that all banks and payment service providers in the country must cease dealing in Bitcoin.
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Both metals are heavily involved in China's credit bubble. That is, traders, speculators and whoever else wanted in on the action would effectively 'monetize' their copper/iron ore holdings and then speculate with the proceeds.
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Did you know that financial institutions all over the world are warning that we could see a “mega default” on a very prominent high-yield investment product in China on January 31st?
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Chinese investors have limited options where to put their money, but they have been attracted to Bitcoin by the skyrocketing returns.
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Alibaba Group Holding Ltd's Taobao, China’s largest online marketplace, will not allow any transactions of virtual currencies or related products, the Financial Times reports.
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As 2013 comes to a close, efforts to revive growth in the world’s most influential economies are exerting competing pressures on the global economy.
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Bitcoin enthusiasts, especially those in China, have been riding a financial roller coaster as of late.
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>Here's something to watch in 2014: China's debt. Although the odds of a full-blown financial crisis are slim, they're not non-existent.
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Wild swings in value are not the only problem. Experts have raised their concerns. “Onmany occasions, the bitcoin is used as an arbitrage tool, rather than an alternativepayment tool. Underlying problems may arise from technical risks and lack of scrutiny,”says Zhao Qingming, a professor of the school of economics and finance at China’sUniversity of International Business and Economics.
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Bitcoin prices plunged against the yuan and the dollar after China’s largest online market for the virtual currency stopped accepting Bitcoin deposits and Scandinavian authorities said they will impose regulations.
Rgardenour's curator insight,
February 3, 2015 3:22 PM
Do you think that it is wise for countries like Denmark to start accept bitcoin?
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The virtual currency Bitcoin has taken a sharp tumble in value since Chinese regulators moved to restrict its usage. That has created no small amount of grumbling among Chinese Bitcoin buyers, who have been some of the most enthusiastic investors in the digital money.
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Zhou Jinhuang, the deputy director of payment clearance at the People's Bank of China is reported to have chaired the closed-door meeting on Monday when more than 10 third-party payment platforms were given the news. Attendees included a representative from Alipay, which is China's leading third-party online payment solution, according to its website.
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From
qz
The country’s central bank, which earlier this month banned Chinese commercial banks from trading in the virtual currency, has now told third-party payment platforms like Alipay that they cannot do business with Chinese bitcoin exchanges, making it much more difficult (though not impossible) for its citizens to purchase bitcoins. That cuts off the huge surge in investment that sent the currency to dizzying new heights over the past last few months.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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