Don’t look now, but Bitcoin is under siege. The front lines of this new war on digital currency? BTC China, which was until recently the world’s busiest bitcoin exchange.
Bitcoin prices in China plunged into the low-$300 range this week, which represents a steep fall from the currency’s record highs of over $1,200 U.S. at the start of the month.
But since then, the People’s Bank of China has banned banks from dealing with the popular digital currency.
Many think this is the end for bitcoin, but according to BTC China CEO Bobby Lee, that’s far from the case.
Lee and his team have a plan to get a new payment processor on board to restore the flow of yuan back into the BTC exchange.
Lee said, “The next step is for us is to continue to look for alternate payment companies that will work with us. So we have some leads, we’re going to try to do that. And then we’ll take it day by day. We’re going to go ask for clarification, probably from the government, to see if we are allowed to work with third party payment companies. If we’re not, then we’ll find out what are some alternate ways for us to do business. And we’re just going to take it day by day. We’re a startup, we’re a young start-up. We’re flexible, very nimble, and we’re going to adjust to the market.”
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And he continued, “So if you already have an account on an exchange, and you have funds in our exchange, then you would be able to buy bitcoins with your existing RMB funds. Your existing funds are safe, you can withdraw them at any time. We have all the funds accounted for. And then if you have bitcoins, you can withdraw your bitcoins, you could deposit bitcoins, and sell your bitcoins to turn them into RMB as well. Now if you don’t have any funds in our system then at this point, for the moment, you would not be able to make further deposits, and then therefore would not be able to buy new bitcoins at this moment.”