It is becoming increasingly difficult to trade Bitcoins in China, both for the regular user but also for companies that wishes to utilize the popular cryptocurrency. More and more banks are joining the “ban all Bitcoin related transactions” train and when banks are blocking transaction it becomes quite difficult to get funds out.
Industrial and Commercial Bank of China, Agricultural Bank of China, China Guangfa Bank and Shanghai Pudong Development Bank have all banned their customers from doing Bitcoin related transactions and more banks are set to follow them in the near future. The banks announced their new ruling on their websites and will have a zero tolerance towards their customers.
The rules has been put in place to avoid fraud, money laundering, undermining the value of the Chinese currency as well as protecting the interest of the public in general. China believes that there is a much higher risk of fraud and money laundering through cryptocurrencies due to its anonymous nature and thus it will bring along terrible things for the general public.
Seen from a Bitcoin perspective, the continuous battle in China over the right to buy and sell Bitcoins is not good, as the value will continue to remain low and may even go lower as long as this is ongoing. Should it be possible for China to eventually find some common ground with the community, there’s a big chance that we’ll see the Bitcoin stabilize a little more.