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This article was published on December 18, 2013

World’s largest Bitcoin exchange ends Chinese Renminbi deposits, sending the cryptocurrency crashing

World’s largest Bitcoin exchange ends Chinese Renminbi deposits, sending the cryptocurrency crashing
Jon Russell
Story by

Jon Russell

Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on T Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on Twitter, Angel List, LinkedIn.

bitcoin-cropIf you’re into Bitcoin, you’ll have watched the valuation of the virtual currency crash over the past 24 hours or so. That’s (likely) due to a series of incidents in China, which culminated in BTC China — the world’s largest Bitcoin exchange — stopping deposits in Renminbi, China’s currency, today.

The move — spotted by the New York Timesfollowed reports that the Bank of China (BoC) had outlawed transactions between Bitcoin exchanges and third-party payment systems. All of this sent today’s Bitcoin price down to $435 (on average, and at time of writing) — the value was as high as $880 on Monday.

The BoC warned of the risks of Bitcoin earlier this month — while it would be impossible for the government to ban all use of the crypto-currency, its future in China is unclear at this point.

➤ China Bitcoin Exchange Ends Renminbi Deposits [New York Times]

Image via Antana / Flickr