"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
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
