With BTCChina Ready to Stop Withdrawals, China Bitcoin Gates are Closing

domainking131

Forum Leader
Staff member
On Oct. 23, BTCChina, the largest Bitcoin trading platform in China, has updated an announcement that it will shut down the exchange business and stop providing withdrawal services on Oct. 30.

For speeding up its shutdown, BTCChina is going to adjust the withdrawal transaction fee to remind and urge users to withdraw as soon as possible.

Until Oct. 25, the platform will remain with the previous withdrawal transaction fee standards:

  • Withdrawal transaction fee for BTC: 0.0015 BTC;
  • Withdrawal transaction fee for LTC: 0.001 LTC;
  • Withdrawal transaction fee for ETH: 0.01 ETH;
  • Withdrawal transaction fee for BCC: 0.0005 BCC.
Start on Oct. 25, new withdrawal transaction fee standards will be activated:

  • Withdrawal transaction fee for BTC: 0.0045 BTC;
  • Withdrawal transaction fee for LTC: 0.003 LTC;
  • Withdrawal transaction fee for ETH: 0.03 ETH;
  • Withdrawal transaction fee for BCC: 0.0015 BCC.
Hopes

However, though the Chinese government currently bans Bitcoin trading, the government didn't consider it absolutely illegal. Some scholars believe that this means that Chinese government might free Bitcoin trading under certain circumstances in the future.

When the regulation system is complete, the Chinese government might reopen the gate for Bitcoin.

Additionally, both Huobi and OKCoin stated that they would keep communicating with regulators and try to recover CNY trading market in the future.

Source
 

Foroux

Member
It just sounds extraordinarily disingenuous when you consider the fact that Chinese citizens have a monopoly on Bitcoin mining. That country has benefited the most from mining and the sales of mining equipment. So, is that government shooting itself in the foot or is something else going on?
 

domainking131

Forum Leader
Staff member
It just sounds extraordinarily disingenuous when you consider the fact that Chinese citizens have a monopoly on Bitcoin mining. That country has benefited the most from mining and the sales of mining equipment. So, is that government shooting itself in the foot or is something else going on?

There is news again that another company ZB.com is coming up from November 1. They would facilitate the transactions in China.
There are rumors that people from government are also helping the platform ZB.com to come up ;)
 
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