China's biggest currency trading platform Bitcoin China is in danger

Bitcoin China is headquartered in Shanghai and employs 30 people. Li Qiyuan, its CEO, said in an interview this morning with the US technology blog AllThingsD that the company has not given up its efforts to keep trading platforms alive. He said the company is negotiating with other payment companies to allow the trading platform to restore the value of the renminbi, but has not yet reached any agreement.

He said whether these companies were told not to cooperate with us is entirely another matter, because we do not know what to talk about. "Our guess is that some of the third parties have rejected us because they were told not to work with us or think the stakes are high, but that's just speculation," he said. ”

He said that if Bitcoin did not find any partners in China, the company might explore ways to accept the renminbi's value without the cooperation of third-party companies. He declined to talk specifically about the possible workings of the company, which is still working with lawyers to review options and to seek approval from Chinese regulators.

If neither of these approaches works, Bitcoin China will have to close the platform.

Li Qiyuan said: "There is no effective way to absorb customer value, our Bitcoin trading model will collapse." ”

But he did not want to say that the result could have happened, and he noted that it was only two days before the store-value service was closed.

He said: "It is still early, our trading platform is still running, although the price fluctuations, but buyers can buy, sellers can sell, the renminbi can be raised, but not stored value, this is the case." ”

It is not clear how long Bitcoin will be able to maintain the trading platform without a new store-value function. It is clear, however, that Li Qiyuan seems committed to opening a new path for Bitcoin China in the event of a trading platform shutdown, with the business still linked to Bitcoin.

"The ability to maintain a trading platform depends largely on how regulators allow Bitcoin trading platforms to exist in China," he said. ”

"Our destiny is somehow in the hands of the regulators and the government, and if the trading platform is not maintained, I guarantee that we will find new models, new products and services that allow our users to continue using Bitcoin," he said. ”

"We are getting venture capital to deal with this disadvantage," he added. "He refers to the company's 5 million dollar investment from the speed of Light venture capital (Lightspeed) and the speed of light An Zhen Chinese venture capital (Lightspeed China).