Banks to Stop Accepting Deposits of Bitcoin Currency

Banks to Stop Accepting Deposits of Bitcoin CurrencyBTC China the Chinese Bitcoin exchange is not accepting customer deposits in yuan coming from China Merchants Bank Co. one of China’s largest banks. This by the Bitcoin exchange who has been the largest dealer of bitcoins in the world for a short period of time only indicates that the Central bank’s shutdown on the trading of the virtual currency. On Monday the China Merchants Bank asked BTC China to cancel all accounts with the bank.

Furthermore China Merchants Bank announced that is will be stopping their services of any Bitcoin related transactions with the reason of to protect public interests and to safeguard the legal status of the yuan. The People’s Bank of China also issued a statement that bans financial institutions in China from doing any deals using the Bitcoin since then the Central Banks have not disclosed any details in their stance and Bitcoin exchanges in China started to end deposits in yuan after reports of payment companies and banks are closing Bitcoin trading accounts.

Shangahi based FX BTC and Shenzhen based BTC 38, two small Bitcoin exchanges have already stopped customer’s deposits in yuan just earlier this month. also BTC China is still resistant in doing adjustments and stated that they still have to receive notices from banks that they have worked with until now.

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