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BTC-e Allowing Trading with Chinese Offshore Yuan
Last week, BTC-e announced that it would allow fund withdrawals to Master and Visa Credit Cards. This week, the popular digital currency exchange announced a new update. In a recent announcement, BTC-e, has said that it is allowing new trading systems with Chinese offshore Yuan. It said on BTC-e’s website,
“We are pleased to inform that new trading instruments with Chinese offshore Yuan has been added. Now btc-e clients can trade 3 new instruments. A unique trading instruments that enables you to benefit either from price fall or increase are now available in your btc-e MetaTrader4 and WebTrader platforms under following symbols: USD/CNH (available on WebTrader only), BTC/CNH, LTC/CNH”
BTC-e Chinese Offshore Yuan
This move makes BTC-e the first Bitcoin exchange to allow both yuan and US dollar for trading. Chinese offshore yuan is the amount of Chinese yuan that is available to be traded on international markets by businesses. The price of Chinese off shore yaun is generally higher than regular yuan due to it being easy to access.
BTC-e allowing offshore yuan trading will open up new doors for both the exchange and for Bitcoin. This is due to the fact that offshore yuan are more accessible and easily liquidated into other forms of currency. Hence, investors and spectators alike can expect there to be more of a benefit with having offshore yuan trading.
Bter’s Regulatory Hurdle
In contrast, a Bitcoin exchange, Bter, said that it would not be taking any more Yuan deposits temporarily. Bter’s decision stemmed from regulatory hurdles occurring in China as a result of the fear associated with Bitcoin. However, Bter posted on its website that even though it would be unable to process deposits temporarily, customers can still withdraw from the digital currency exchange.
“We’re very sorry to announce that, regarding deposits, Bter just received notice regarding official regulations that makes it impossible to avoid the temporary suspension of deposits.”
While there is uncertainty in China regarding Bitcoin, BTC-e allowing the trading with Chinese Yuan is a good sign of progress towards the right direction for Bitcoin.
