Topic: [2017-04-25]‘Rectification Plan’ for Chinese Bitcoin Exchanges Leaked (Read 5973 times)

Despite you seemingly not realising that rectification is supposed to be sorting something out rather than messing it up, I somewhat agree with you.

I wouldn't really pin this on the Chinese government too much though, more governments in general.  In the current system increased Bitcoin awareness is going to be bad for governments as it can be a good way to launder money and in some cases illegal activity, fraud, or tax evasion.  I'm surprised America haven't gone much further yet, but who knows what they're doing behind the scenes.

Of course. After all, it's China that we're talking about. Everything that gives the ordinary person too much power and freedom will get smashed back to the ground again. I must however state that I am actually happy that they went nuts on Chinese exchanges. People were sick and tired of all the manipulation and fud coming from China. Chinese exchanges are insignificant now, and that's something filling me with great joy.

Those regulations sound a lot like USA's AML and KYC regulations. Not a huge deal but it will move markets.

But this is just another way to say regulation even further then what they have had their hands in the pot for years now.
This is just coming to light now and it is matter of time before it all collapses on their heads.

‘Rectification’ and perhaps re-education sounds promising, doesn’t it? They never change, it’s all about CONTROL.

Autually, whatever the Chinese government rules, Chinese will follow. Because we do believe Chinese government is doing good to us. Jihan Wu also agreed that Chinese government won’t aggressively regulate bitcoin and they just want to control the risk for those investors who don’t have enough knowledge about bitcoin.

It seems to me that now opening an exchange will not be as simple as in the past.

I already expected this

On Monday, Chinese publication 8Btc posted a translation of a document that contained supposedly leaked “rectification guidelines” for bitcoin exchanges. “It’s the first time the document that’s given rise to the regulatory storm on bitcoin exchanges was exposed to the public,” according to the publication.
State Council’s Plan
The State Council is the chief administrative authority of China, chaired by the Premier and includes the heads of each governmental department and agency. The People’s Bank 'Rectification Plan' for Chinese Bitcoin Exchanges Leakedof China (PBOC) is one of the 35 departments and agencies constituting the State Council.

On October 13, 2016, the State Council released to the public “the Plan to Implement Special Rectification Work on Internet Finance Risks.”

The leaked document references the October implementation plan by the State Council (No. 21) as well as a notice by the PBOC and 17 other ministries (No. 281) published in December last year. It then states that:

Rectification work is conducted on bitcoin exchanges.
‘Rectification Guidelines’ for Bitcoin Exchanges

The leaked document has 10 sections. The images of the original document can be found on Hexun.com, one of China’s largest financial information portals. They were reportedly first posted by a Wechat user. “This guideline applies to all bitcoin trading platforms that are found across the country,” the first part of the document reads. It continues:

The purpose is to crack down and abolish illegal financial operations on bitcoin exchanges, to maintain the order of bitcoin market, to prevent financial risks and to protect investors’ interests.
read more:https://news.bitcoin.com/rectification-plan-chinese-bitcoin-exchanges-leaked/