Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/19/2013 (2 years ago)

Catholic Online (www.catholic.org)

Country's bank now barred from handling Bitcoin transactions

Earlier this month, China's central bank declared that the country's banks were now barred from handling Bitcoin transactions. Now - BTC China, the world's largest Bitcoin operator by trading volume, has announced that it will no longer accept new deposits in the Chinese currency of yuan. This marked a new setback for the trendy virtual currency.

The People's Bank of China had previously banned financial institutions from handling Bitcoin transactions on December 5, opening a space for individual trading of the currency via third-party payment channels.

The People's Bank of China had previously banned financial institutions from handling Bitcoin transactions on December 5, opening a space for individual trading of the currency via third-party payment channels.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/19/2013 (2 years ago)

Published in Asia Pacific

Keywords: Bitcoins, China, yuan, deposits, barred


LOS ANGELES, CA (Catholic Online) - "Because of the reasons that everyone knows, BTC China has to temporarily stop its yuan account recharging functions," the platform said. In the meantime, account holders can still top up their accounts using Bitcoins and withdraw yuan.

"BTC China will continue to operate. Please continue to monitor our Web site, we will try to offer another way to recharge," it said.

As a result, the price of the virtual currency slumped after the midday announcement. Bitcoins trading on BTC China dived to $385 in American dollars per unit by early evening Wednesday, a 37 percent decrease from the previous day, and about 70 percent down from its all-time high on December 1.

The People's Bank of China had previously banned financial institutions from handling Bitcoin transactions on December 5, opening a space for individual trading of the currency via third-party payment channels.

The central bank has also banned domestic third-party payment companies from providing clearing services for virtual currency trading platforms.

Tencent Holdings Ltd.'s Tenpay payment system said it has halted payment and clearance services for Bitcoin exchanges in China in compliance with the new regulations. It was also pointed out that Alibaba Group Holding Ltd.'s Alipay never established a cooperation project with any Bitcoin exchanges, Alipay said on Wednesday.

A senior manager at a major Chinese Bitcoin exchange told China Daily that the exchange's management has been discussing solutions to unblock yuan deposit channels for Bitcoin accounts in the country.

"Possible solutions may be asking customers to transfer money through bank accounts in yuan, or in other currencies, to overseas banks or third-party payment accounts. These solutions may expose platforms to cost control higher risks, and they might lose customers due to concerns over capital safety," the source said.

Bitcoins have been on a financial roller coaster as of recently, but not many people are reading too much into that.

"Wild swings of prices and trading volumes are quite normal in the Bitcoin market because of the nature of the digital currency. Bitcoin trading is intrinsically high risk, and prices slump when investors engage in profit-taking activities. This is normal," the source said.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for April 2016
Universal:
Small Farmers: That small farmers may receive a just reward for their precious labor.
Evangelization: African Christians: That Christians in Africa may give witness to love and faith in Jesus Christ amid political-religious conflicts.



Comments


More Asia Pacific

China prepares long-range NUCLEAR WARHEAD in battle for South China Sea Watch

Image of China tested their DF-41 missile (globalsecurity).

By Kenya Sinclair (CALIFORNIA NETWORK)

China continues to test the limits of its DF-41 long-range intercontinental ballistic missile as tensions rise between the country and the U.S. over the South China Sea. LOS ANGELES, CA (Catholic Online) - According to The Free Beacon, Pentagon officials reported the ... continue reading


God's Intervention? Baby girl incredibly survives devastating Japan earthquake Watch

Image of Rescuers discover 8-month-old baby in the rubble of a crumbled building (BBC).

By Kenya Sinclair (CALIFORNIA NETWORK)

Following a 6.5 magnitude earthquake, nine have been reported dead and over 800 people suffered injuries - but God ensured the safety of one blessed little girl. LOS ANGELES, CA (Catholic Online) - According to NBC News, an 8-month-old girl was sleeping peacefully when ... continue reading


No more Christmas in Nepal? Watch

Image of Nepal says no more Christmas.

By Kenya Sinclair (CALIFORNIA NETWORK)

Nepal first recognized Christmas as a national holiday eight years ago, but the 2015 Christmas celebration will be its last. Nepali government officials announced Christmas is no longer recognized as a national holiday, prompting the Christian minority to rise together ... continue reading


'This Christian nursing home is not a place for religious activities': Christians victims of persecution Watch

Image of China destroys thousands of crucifixes to effort to eradicate Christianity (ChinaAid).

By Kenya Sinclair (CALIFORNIA NETWORK)

China's government has destroyed over 1,500 crucifixes in Zhejiang province, China as part of a plan to eradicate the Christian communities. LOS ANGELES, CA (Catholic Online) - Christianity is spreading across China, leading the communist government to grow upset over ... continue reading


We DON'T know it all! Discovery proves Silk Road reached farther than believed Watch

Image of The Silk Road ended with the arrival of sailing ships and modern transportation, but it's mystique still captures the imagination and intrigues historians who appreciate its impact on the development of modern civilization.

By Marshall Connolly (CALIFORNIA NETWORK)

A well-known ancient trade network may have stretched much father than previously believed according to new evidence discovered in Nepal. Chinese-made objects in a 1,600 year-old tomb suggests the Silk Road may have extended south into Nepal. LOS ANGELES, CA ... continue reading


'We are horrified at this Easter attack, and the tragic loss of life': Easter bombing kills at least 70 Watch

Image of The Easter bombing in Pakistan shocked the world (AFP).

By Matt Hadro (CNA/EWTN News)

Religious freedom advocates have condemned the Easter Sunday bombing in Pakistan that killed more than 70, while insisting upon reform within the country to prevent future such attacks. Lahore, Pakistan (CNA/EWTN News) -  "We are horrified at this Easter attack, ... continue reading


Garbage mafia may be behind 18-story landfill fire Watch

Image of India's trash crisis has reached new heights (Express).

By Monique Crawford (CALIFORNIA NETWORK)

The people of Mumbai are currently suffering the effects of smoke inhalation after an 18-story-high trash-filled landfill burst into flames. LOS ANGELES, CA (Catholic Online) -  India's garbage crisis required 100 firemen, twelve fire engines and 8 tankers to ... continue reading


FIND OUT NOW: What do GMOs have to do with farmer suicides? Watch

Image of Indian farmers who fall into too much debt often commit suicide (Vijay Bedi).

By Monique Crawford (CALIFORNIA NETWORK)

What should you do when farmers are given illegal genetically modified (GM) seeds to sow? Apparently the answer is to purchase the crops at a drastically reduced price to teach the biotech company a lesson while simultaneously forcing farmers into debt-related suicide. ... continue reading


ISIS crawls across Asia as the Filipino government continues to deny the extremist's presence Watch

Image of ISIS continues to influence people across Asia (Bukit Aman Special Branch Counter Terrorism Division).

By Monique Crawford (CALIFORNIA NETWORK)

ISIS propaganda videos continue to draw Muslim converts to the militant extremist group across Asia, including the Philippines and Indonesia. LOS ANGELES, CA (Catholic Online) - Since ISIS appeared in the Philippines in December last year, the extremist group has done ... continue reading


16-year-old girl tragically raped, beaten and burned on parent's rooftop Watch

Image of The girl's sister was inconsolable during the funeral (AFP/Getty Images).

By Kenya Sinclair (CALIFORNIA NETWORK)

A 16-year-old girl was stalked and eventually lured to the terrace of her home one night, where she was brutally attacked beneath the cover of darkness. LOS ANGELES, CA (Catholic Online) - According to Daily Mail, the girl's attacker was a 19-year-old man, who left her ... continue reading


All Asia Pacific News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, Acts 15:1-2, 22-29
1 Then some men came down from Judaea and taught the brothers, 'Unless ... Read More

Psalm, Psalms 67:2-3, 5, 6, 8
2 Then the earth will acknowledge your ways, and all nations your power ... Read More

Gospel, John 14:23-29
23 Jesus replied: Anyone who loves me will keep my word, and my Father ... Read More

Reading 2, Revelation 21:10-14, 22-23
10 In the spirit, he carried me to the top of a very high mountain, and ... Read More

Saint of the Day

Saint of the Day for May 1st, 2016 Image

St. Marculf
May 1: Marculf is also known as Marcoul. He was born at ... Read More