Chinese Bitcoin Exchanges Will Resume Withdrawals After the Approval from the PBoC

Chinese Bitcoin Exchanges Will Resume Withdrawals After the Approval from the PBoC

Famous Chinese Bitcoin exchanges such as BTCC, Huobi, Okcoin decided to resume Bitcoin withdrawals only after new announcements from the People’s Bank of China. It looks like the main priority of the major Bitcoin exchanges is to confirm that its regulatory precautions suit People’s Bank of China, because previously was stated that the resumption of withdrawals would start this month.

Okcoin stated on Wednesday:

“Once the regulatory authorities have given their approval, you may withdraw currency.”

Peoples Bank Of China

Okcoin mentioned this in a statement to users, after the comments made by director of the People’s Bank of China, Zhou Xuedong. Xuedong noted that an indulgent attitude would be adopted towards Bitcoin exchanges, but that strict supervision would also continue, could grow into the possible licensing scheme or the same legislation.

Moreover, the People’s Bank of China has released a list of negative activities such as offering leverage and margin trades, creating fake volume and involving marketplace manipulation with the help of zero fees, replacing fiat by using Bitcoin to buy goods and others, which will be prohibited.

Bitcoin

cnLedger posted in Twitter:

“3/ PBoC director suggested the negative list for Chinese #bitcoin exchanges, including not offering bitcoin as payment to replace fiat money”

However, one of the main Bitcoin exchange in China – BTCC had noted that the resumption of withdrawals would begin in March 15. Last week, another Bitcoin exchange – Bter resumed Bitcoin withdrawals but with the ten Bitcoins daily limit.

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