Bitcoin Chinese Banks

he latest Bitcoin news from China is in. A handful of Chinese banks have decided to kick off the week by unilaterally banning Bitcoin-related accounts. Tuesday morning in China, Ping An Bank and China Everbright Bank both posted notices to their website announcing that they would suspend accounts of individuals or organizations caught participating in Bitcoin or Litecoin transactions. Both banks explicitly mentioned the PBOC as the source of this decision. Also, both banks call for the public at large to report any individuals or organizations that might be involved with Bitcoin or Litecoin trading. Recently, Chinese banks have started halting deposits into Chinese Bitcoin exchange, and a smaller Bitcoin exchange has even thrown in the flag. [divider]CCN[/divider] [dropcap size=small]O[/dropcap]ver the last several months, the Chinese Bitcoin exchanges have jumped through many hoops to get Chinese RMB into and out of their coffers. Some exchange heads used their personal bank account to receive and transfer Fiat in and out of the exchange once Chinese banks started cracking down on Chinese Bitcoin exchanges months ago. Most other Chinese Bitcoin exchanges eventually adapted to a voucher/code system that was originally pioneered by BTC China. Now, though, the Chinese banks that have promised to suspend any Bitcoin or Litecoin related accounts have also explicitly banned the funding of voucher codes, one of the harshest blows to the Bitcoin community yet. However, the light at the end of the tunnel isn’t a quiet resting place; instead, it is the intrepid light of hope. Bitcoin ATMs have started to spring up all around China and BTC China has promised to release a Picasso web application that will turn any willing Chinese into walking and talking bi-directional Bitcoin ATMs. The web-app will be able to run on any smart phone since it operates within a browser, unlike MyCelium’s Local Trader App which has similar functionality but is only available on Android.

Source Via: https://www.cryptocoinsnews.com/two-chinese-banks-announce-will-cancel-accounts-associated-bitcoin-litecoin/

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