Virtual currency bitcoin received some good news on Friday with one of the most prominent exchanges in the world resuming trading after a clampdown by the People's Bank of China (PBoC) in December.
BTC China is the longest-standing bitcoin trading platform in China and was until recently the world's largest bitcoin exchange, according to Bitcoinity.org. In December the company decided to stop accepting trades denominated in the yuan due to pressure on third-third party payment processor from the country's central bank.
However, Bobby Lee, CEO of BTC China told CNBC via telephone that the decision has now been reversed, just in time for the Chinese New Year holidays.
"Everything is hunky dory," he told CNBC. "Essentially the government never disallowed it."
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In December, China's central bank ordered third-party payment agencies - which provide clearing services for bitcoin exchanges - to stop any "custody, trading and other services" related to the virtual currency. The platforms were told to end working relationships with virtual currency exchanges before the end of January.