RT: Bitcoin takes 50% plunge after China’s biggest exchange bans new deposits . . . plus earlier Bitcoin stories. . . ~J

2012: What's the 'real' truth?

Published time: December 18, 2013 13:13
Edited time: December 18, 2013 15:43 

Reuters / Jim UrquhartReuters / Jim Urquhart
The value of the cryptocurrency has crashed to $550, less than half the $1,200 trading level last week, after BTC China – the world’s largest bitcoin exchange – halted deposits in Chinese yuan.

The ban followed a decision by YeePay, a third-party payment provider, that said on Wednesday it would no longer accept yuan deposits, while it’ll keep on processing withdrawals, Bloomberg News reports.

“For reasons we all know, BTC China has had to cease renminbi-account charging functions,” the exchange said in its message.

“We think this is due to government regulation. We have to play by the rules of the government of China,” Bobby Lee, CEO of BTC China, told Bloomberg News. BTC China began discussions with the People’s Central Bank of China over bitcoin legitimacy on December 2.

At the time…

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