Bitcoin update: Trading Chinese renminbi just got harder 1

JISHOU, HUNAN — Bitcoin’s value against the dollar has dropped dramatically these last few days, bouncing between US$600 and $700. Meanwhile, China’s restriction on bank trading has cut off one of my channels to convert renminbi into bitcoins. I found this message from rmbtb.com today. Dear users, Due to recent requirements by the People’s Bank of China, AliPay can no longer be used as a deposit or withdrawal method. Users with existing CNY balances at the time of this announcement will be allowed to withdraw CNY using AliPay prior to 21 December 2013, when the AliPay function will be completely removed. Other users have had their AliPay withdrawal limit reduced to zero. We have also tightened the withdrawal limits on Tenpay to 3,000 CNY. Please bear this in mind when selling BTC. We are searcing for reliable new payment options, and will update in the future when these are available. Alipay is a PayPal-like service in China. I’ve used it mostly for online shopping at www.taobao.com, but as with PayPal, you can also use to send money to an email address. Alipay uses the Bank of China as the conduit, and the government forbade banks from dealing in bitcoin earlier ...
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