Bitcoin peoples bank of china

There is still no official announcement coming out from PBOC, though exchanges are being notified by their banks and payment processors.

People's Bank of China Archives - CoinDesk

If you were still doubting about the ruling for banks and payment processors to stop servicing the accounts of 15 of the top crypto exchanges in China, then you should probably stop now as it seems clear that this is happening already. Do note that China is not banning Bitcoin and crypto currencies and most likely crypto currency exchanges will find another way of continuing to do business and trade coins for cash. All that China is doing is trying to limit the crypto to cash exchanges, and all of the exchanges will continue to trade crypto-crypto exchange pairs without problems.

And hopefully they will soon find an alternative solution for cash to be used to buy and sell crypto currencies, so that the Bitcoin markets will finally calm down a bit and instead of going down will stabilize and may start going up. That is unless of course China decides to actually ban the crypto currencies in a month or two for example as that is not entirely impossible as well. It seems that some more Chinese crypto currency exchanges have received notices from their banks and payment processors and the result is again some drop in the Bitcoin and other crypto currency prices as they were just starting to get back up.

It seems that another of the Chinese crypto currency exchanges called Huobi could be planning to stop accepting deposits as well.

'One day everyone will use China's digital currency'

The good news is that after the initial drop in price caused by these news this morning, now we are already seeing the BTC price starting to recover. 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.

But they are still in initial stages and have not gone through the tranches of regulatory red tape. Ironically, the PBoC is ahead of the game because of its centralized authority.

CoinDesk 50: How the People’s Bank of China Became a CBDC Leader

It has more executive power than any other central banks, including the Federal Reserve. For the first two decades, it managed both monetary policy and commercial banking services. How well the DCEP succeeds will have a lot to say about the future of money, monetary policy and international trade. Subscribe to , Subscribe.

China has been ahead of the curve in the CBDC race. Read more about Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups.