Chinese Bitcoin Exchange Resumes Operations
Chinese Bitcoin Exchange
BTC China has once again begun taking in deposits using its corporate bank account, after the Chinese government shut down their operations back in December 2013. CEO of BTC China, Bobby Lee, acknowledged that his customers can purchase bitcoins by depositing their funds straight into the company’s bank account.
Lee claims that he and the company believe the memo from the People’s Bank of China announces that China’s banks have no right to set up bitcoin businesses. The memo indicated that Chinese citizens are allowed to buy and sell bitcoins, but that exchanges had to be registered through the Ministry of Industry and Technology. Lee said:
“The fact the PBOC said exchanges need to register with MIIT essentially means it recognizes exchanges as a business category and BTC China as a legitimate business.”
Lee mentioned how the central bank or Chinese government could influence and “change the rules of the game.” However, he remains confident that everything will play out fine.
Lee goes on to talk about how volumes have been down as of December and that many people have cashed out, resulting in a cool down period for bitcoin. Lee expects volumes to remain low during the Chinese New Year celebration. However, its not all bad news, as the cool down period allows for the company to perfect their future plans and procedures while things are quiet.
BTC China has been around as of June 2011, and is the oldest Chinese bitcoin exchange out there today.
A Token of Appreciation
Small prizes are being rewarded to BTC China customers as a way to spread awareness for the company’s Maker-Taker program. The program is used to give credit and money to those who improve liquidity by posting buying and selling opportunities. These customers are the ‘makers’. The ‘takers’ are charged a 0.3% fee for taking the offers from the market, reducing liquidity.
The company is giving away 1,000 RMB ($165) to a maker and a taker every time the amount rebated to makers passes 100,000 RMB. This promotion will last until February 15th. Lee proudly stated:
“The prizes go to the maker and the taker who push the rebate threshold over the next 100,000 mark. We have already given out over 3 million RMB in rebates and given prizes to 62 winners.”
The Shanghai-based company says that its customers can buy and sell thousands of RMB worth of bitcoin without impacting the market.
Stay tune with Coinreport for further development.