Even while Chinese Bitcoin exchanges have been warned about the possibility of being cut off from their bank accounts, the Bitcoin price continues to rise. Today the price of a single Bitcoin rose to more than $500, which is an amazing 40% from the low of $355 that was recorded last week when a great deal of Chinese Bitcoin exchanges heard the news about having to close their bank accounts.
However, it now seems the tide has turned and the Bitcoin price in yuan is also up about 8.4% to 3,125 yuan. This is close to 38% from its lowest point last week. All of this comes as a surprise for many, including those looking for Bitcoin mining information, since it was the People’s Bank of China (PBOC) itself that requested Chinese banks to stop working hand in hand with Bitcoin exchanges by April 15. The PBOC also made claims that they would go as far as banning the popular digital currency.
Still, up to this point things seem to remain calm in Chinese Bitcoin waters. For one, the biggest Chinese exchange, BTC China, continues to operate without a problem. According to BTC China Chief Executive Officer Bobby Lee, “Our situation hasn’t changed. We’ve been talking to banks, the ones we have personal relationships with, and so far we’ve not received any notice to close our business with them.” In addition, the governor of the PBOC, Zhou Xiaochuan, also helped ease the nerves when he stated that, “It is out of the question of banning Bitcoin as it is not started by central bank. Bitcoin is more a kind of tradable and collectible asset, such as stamps rather than a payment currency.”