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Topic: Best way to trade btc in China/Make businesspartner accept btc for products (Read 895 times)

sr. member
Activity: 470
Merit: 250
"China for now will NOT allow goods and services to be sold and paid for by bitcoin" - Bobby Lee (CEO of BTC China)
1. "But essentially if bitcoin is not a currency in China and china as a state only recognizes one single currency which is the RMB. therefore all merchants, stores and services can only accept the RMB. since bitcoin is not a currency and not a recognized currency so it's actually a logical conclusion that china for now will not allow goods and services to be sold and paid for by bitcoin" Bobby Lee (CEO of BTC China)"
http://youtu.be/rBgQFzyg8pk?t=21m57s
2. Audience: Goods/services can not be sold in bitcoin. Im wondering if most investors in china are they expecting that to change?
Bobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow that.
http://youtu.be/rBgQFzyg8pk?t=43m37s
3. Audience: Can you clarify as whether all merchants are not allowed to accept btc or is it only for existing financial institutions?
Bobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
https://www.youtube.com/watch?v=rBgQFzyg8pk&feature=youtu.be&t=45m17s

Interesting, they're not allowed to do anything with it other than bying and selling for RMB but still, the interest seem to be high. I guess they use it anyway between businesses, especially those are already a little bit shady
sr. member
Activity: 470
Merit: 250
Haven't talked to that many people about btc to be honest -I don't speak Chinese and they really don't speak ANY English here. But at least my suppliers didn't know what I was talking about and they speak a little English.
sr. member
Activity: 406
Merit: 250
"China for now will NOT allow goods and services to be sold and paid for by bitcoin" - Bobby Lee (CEO of BTC China)
1. "But essentially if bitcoin is not a currency in China and china as a state only recognizes one single currency which is the RMB. therefore all merchants, stores and services can only accept the RMB. since bitcoin is not a currency and not a recognized currency so it's actually a logical conclusion that china for now will not allow goods and services to be sold and paid for by bitcoin" Bobby Lee (CEO of BTC China)"
http://youtu.be/rBgQFzyg8pk?t=21m57s
2. Audience: Goods/services can not be sold in bitcoin. Im wondering if most investors in china are they expecting that to change?
Bobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow that.
http://youtu.be/rBgQFzyg8pk?t=43m37s
3. Audience: Can you clarify as whether all merchants are not allowed to accept btc or is it only for existing financial institutions?
Bobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
https://www.youtube.com/watch?v=rBgQFzyg8pk&feature=youtu.be&t=45m17s
sr. member
Activity: 470
Merit: 250
Interesting about btc-china, I just assumed they had closed all "normal" exchanges here.

I'm in Guangzhou, so not far from Shenzhen, was actually there only like a weeks ago. Yea, gonna be hard for sure to get them on board but I guess I should give it a try
full member
Activity: 624
Merit: 125
alcedoplatform.com
I believe it will be difficult since the government's notice about bitcoin.  Too many people are unsure exactly how it applies to them/their business so it would be difficult getting a newbie on board.  And what LaudaM said, btcchina. 


Where in China are you?  My business is in Shenzhen, seems like alot of people heard of bitcoin there.  
legendary
Activity: 2674
Merit: 2965
Terminated.
sr. member
Activity: 470
Merit: 250
I'm in China in business and going to attempt to make my supplier accept Bitcoin. Now I've heard that Bitcoin is quite big here but most people, including my supplier doesn't know what I'm talking about (big in absolute numbers small in relative numbers perhaps). As it is now I would have to wire money to them which takes 3-5 days so Bitcoin would really come in handy. Especially since some of MY customers hopefully will pay me in BTC. But in order to do that I will have to tell them were they could exchange them for yuan... which I don't know. I just now the government shut down the biggest exchange. Anybody knows how they do it?

thx

 
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