Bit Coin China allowed Yuan Once Again

BTC China is the biggest bitcoin swap platform. BTC china is allowing consumers to buy and rent digital currency with Chinese Yuan after forbid. As last month Bit coin stop recognizing to Renminbi, because of the warning from National Financial Institution, in which they’re not allowed to trade through bit coin issued from peoples Bank of China. This decision was taken to save money in huge drop in bit coin value, also damaged the public image.

Chinese Bit Coin

As we know bit coins are not that safe throughout the beginning. People did not found bit coins very promising, bit coin were involved in some fraud activities. CEO Bobby Lee told that they are using every possible fraud detection technique to prevent misuse of bit coins.

He added “The exchange started accepting Renminbi again on Thursday after studying the PBOC memorandum and ascertaining that it was legal to accept deposits and then transfer money into customer accounts, despite the fact that the banks managing those accounts cannot conduct any business in bitcoin. Coindesk and Reddit users picked up on BTC China’s decision, regardless of the exchange trying to keep it low profile. BTC China has still not made an official announcement and they timed the change to coincide with the Lunar New Year holiday, when all trading volume is low. Even with this news coming out, it is still far too early to ascertain what impact BTC China’s decision will have on the value of bitcoin.”  

Digital Currency bit Coin

Bobby tell WSJ that BTC china has closed $5 million deal with Lightspeed Venture Parners and China partners, is focused on the Government policies because Chinese Govt. could change its Economic policies at any time, because Chinese Govt. had taken Negative steps towards digital currency and it's technology way back in 2009.

 When Govt. Banned the bit coins in china, The reputation has dropped. Here is the report that shows the damadge of bit coin after Ban...