Bitcoin price recovers as Chinese authorities and bitcoin industry push for regulatory alliance.
Chinese exchanges suspend withdrawals of virtual currency while the country’s central bank increases pressure on bitcoin companies to stem capital outflows.
Chinese biggest bitcoin exchanges unveiled on Sunday they will impose trading fees, as the government is tightening control over digital currency.
The People’s Bank of China found some violation of rules in the operations of major bitcoin exchanges.
China’s central bank unveiled plans to more closely inspect operations of digital currency exchanges in an effort to curb the yuan’s outflow.
Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
Nearly 80% of all bitcoin trading volume is driven by the Chinese national currency.
Bitcoin exchange Huobi commissioned new BitYes platform that will allow users to trade litecoin and bitcoin.
The biggest Chinese exchange Huobi brings margin trading and interest-bearing accounts with its new internationally focused platform BitVC and Yubibao brand.
China’s major virtual-currency exchange BTC China has suspended yuan deposits from the Bank of China, according to a tweet sent from its account.
Bitcoin has been hit once again by the Chinese regulatory hammer as the crackdown gets stronger, due to the warnings issued by People’s Bank of China.
Bitcoin prices decreased as BTC China, a China’s largest bitcoin trading platform, stopped Yuan deposits.
In case PBOC (People’s Bank of China) decides to tighten the restrictions of financial services that are operating with industry, major Chinese bitcoin exchanges will be ready to move their operations.