China’s bitcoin withdrawal freeze, which was instituted at the beginning of the year, looks as though it is coming to an end. An OKCoin representative confirmed that the company, today, has resumed withdrawals on its exchange. There is also speculation than the Huobi exchange, tomorrow, will also begin offering withdrawals to its users.
China’s People’s Bank and other regulators told exchanges to freeze withdrawals and to overhaul their systems while offering no specifics about what would be implemented. The OKCoin spokesperson said that the withdrawals would be subject to a verification requirement and prescribing to a $1m annual limit.
According to Coindesk, the Chinese are becoming more understanding of bitcoin’s role:
“Sources say the sudden change is a result of thawing of sentiment at the People’s Bank of China, which has been increasingly active on blockchain R&D and more understanding of bitcoin’s role in the larger technology industry.”
Bitcoin has been experiencing a huge increase in its worth and surpassed several milestones. With the latest news, we could see a further increase in the bitcoin price as more investors become confident that they’ll still be able to tap into the 1.3 billion person market in China.
