Will Bitcoin prices plummet?: China bans new Bitcoin deposits, what countries are next?
China has blocked the country’s Bitcoin exchanges from accepting new inflows of cash, a move that imperils the much-hyped virtual currency in its biggest market.
The head of BTCChina, the world’s largest Bitcoin exchange by trading volume, said he had received word at midday on Wednesday that his platform would no longer be able to accept renminbi from would-be Bitcoin buyers.
“As of right now, we have received notice from our third-party payment company that they will disallow customers from making deposits into our exchange,” Bobby Lee, a former Yahoo developer who co-founded BTCChina this year, told the Financial Times.
As of early afternoon the Bitcoin price in China had fallen more than 25 per cent on the day to Rmb2,800 ($461) per unit. It has been a rollercoaster ride for the virtual currency, which soared as high as Rmb7395 per unit in early December, up some 50-fold since the start of the year. . . .