Chinese banks to ban Bitcoin transactions!

There has been growing developments that the Chinese central bank is looking to restrict users from making transactions to the Bitcoin Exchanges. According to a report in Financial Times, the People’s bank of China is considering restricting the users. There are multiple ways to buy bitcoins, although bank transfers remain the most preferred method.

China to ban bitcoin!

There are also reports that the corporate accounts of the Exchanges could be blocked as well. This would be a major setback to the Chinese Bitcoiners and Exchanges as the trading activity in China has increased drastically over the past few months. Now the Chinese have to look for some alternate ways to get the money out of the exchanges. It is still unclear what is the exact reason behind this decision.

The current Bitcoin price $490 which is 60 percent less from its peak in November. If there is less trading activity from China, the price could reduce even more. This will be a good opportunity for people who wish to buy at a lesser price and for those who have invested will be looking forward to some good news.

The news has not been made public yet, so there is still hope for this. If it’s true, we hope the Chinese banks do reconsider this decision and come up with a some regulation or some limited restrictions for the users doing transactions with Bitcoin Exchanges.