In the West we tend to think, at least with respect to trading, in terms of either US dollars or Euros and sometimes BP Sterling and the fact is that most cryptocurrency exchanges only deal in these Western fiat currencies. But the fact is that the Yuan is one of the largest, and strongest, currencies in the world and used by literally billions of people. The Chinese government might be hostile to cryptocurrencies but Chinese entrepreneurs are not.
Hong Kong Registered Huobi to Launch New Platform
Yuan is one of the largest, and strongest, currencies in the world and used by literally billions of people.
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Huobi, registered in Hong Kong, plans to release both a new platform and a new product used within CoinSaving. The new platform is the first to open in the country since domestic exchanges in China were all closed down. Founder of BTCChina Yang Linke and CEO Bobby Lee made the announcement at BTCChina's 3rd Anniversary celebration on June 9, 2014.
The platform itself seems relatively user friendly, especially if the user is fairly familiar with other platforms, and is available in both Chinese languages as well as English. It offers margin trading (leveraged trading appears to be a thing of the past in China), which of course requires a deposit, and coinsaving. The new product is integrated into Coinsaving, which allows users to earn interest on coins deposited. Users are also able to move coins from the CoinSaver account to the exchange account easily or withdraw money on demand.
The new platform has not been officially launched yet and is still in Beta testing. The launch date has been set however to July 31, 2014 and the company promises that by September there will be several more Huobi products ready for use.