BTC China begins to accept yuan again

The world’s largest Bitcoin exchange is once again accepting the currency of its home country.

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BTC China begins to accept yuan again

The world’s largest Bitcoin exchange is once again accepting the currency of its home country.

BTC China announced Thursday that it would once again begin accepting Chinese yuan.

After the Bank of China warned Chinese financial institutions to stop accepting Bitcoin in December, BTC China stopped accepting deposits in renminbi. The ripples from China sank Bitcoin’s value against the dollar from a high of around 1,200 USD to around 800 USD.

The CEO of BTC China, Bobby Lee, told the Wall Street Journal the decision came only after thoroughly researching whether yuan-for-Bitcoin trades were legal. For banks and financial institutions, it is still illegal in China for them to do business in Bitcoin. The BTC China exchange, it seems, is excluded from those restrictions by law.

At the time of writing, the news has not showed any measurable change to Bitcoin’s value, which is trading at about 847 USD.

Still, Lee warns that his company needs to be vigilant.

“We are definitely in compliance with the Dec. 5 memo, but the government and the government agencies can change the rules anytime in the future,” he told the Wall Street Journal. “So we are going to take a wait-and-see approach.”

 

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