Topic: BREAKING NEWS: Bobby Lee Confirms Bitcoin China Ban, It's finally Happened (Read 5649 times)

Okcoin just confirmed they will halt cny deposits from tomorrow

http://www.cryptocoinsnews.com/news/okcoin-fxbtc-btc38-announce-end-chinese-yuan-deposits-starting-april-3-2014/2014/04/02

Still in lala land trolls and haters?

Dear users of OKCoin:

Because our 3rd party payment card dealer (payment processor) just received notification to suspend our payment channel, Starting at 0:00 on April 3rd we will stop prepaid card recharges.  Bank transfer recharge cards for yuan withdrawals are not effected.  We apologize for any inconvenience.

OKCoin Bitcoin Trading Platform

No. The exchange is not "banned". It's still allowed to run and I'm sure they may try some loop-holes to get around this. For example, the chinese government have said nothing about depositing to the exchange via cash so that may be an option for them.

Admittedly my personal opinion is that this is a first step by the Chinese government towards dealing with the problems Bitcoin causes for their oppressive of currency controls, how exactly they are going to do that we don't know, but as of right now the Chinese government have shown no intention at all to "ban" or "shutdown" the Bitcoin exchanges.

Analogous to a ban, correct?

The rumors are that the Chinese government are going to shutdown the exchange. According to Lee this isn't whats happening, its that they are preventing people from depositing fiat to the exchange from a chinese bank account. The exchange is still allowed to run. Withdrawals to chinese bank accounts are still allowed and deposits and withdrawals in BTC are still allowed. You can still buy and sell Bitcoin, but you cant deposit money from your chinese bank account.

The rumors are that the Chinese government are going to shutdown the exchange. According to Lee this isn't whats happening, its that they are preventing people from depositing fiat to the exchange from a chinese bank account. The exchange is still allowed to run. Withdrawals to chinese bank accounts are still allowed and deposits and withdrawals in BTC are still allowed. You can still buy and sell Bitcoin, but you cant deposit money from your chinese bank account.

So there are rumours on the Internet, but these rumours were delivered to them by their third party providers and banks? Riiight

so OP is just FUD.

so OP is just FUD.

Reddit:

Chinese-speaking trader here, and here is my translation. Let me know if the translation is not clear.

Regarding our temporary suspension of CNY deposits.

Dear Customers,

We regret to let you know that as of midnight tonight (Apr. 2), you will no longer be able to fund your CNY account at BTC38 due to the latest PBOC regulation enforcement. BTC38 had been using third-party payment agent to process funds and that is no longer allowed according to PBOC regulation. Therefore, we have to suspend deposits via BTC38 e-code as well as bank transfers (transfers in).

Recently, there are rumors on the Internet stating that the PBOC will shutdown all Chinese virtual currency trading platforms. Those are just rumors and the PBOC have stated that they have no plan to do so. Today's change to our platform is the PBOC's enforcement of their Dec. 5, 2013 regulation guidelines regarding virtual currency exchanges. The message was delivered to us this evening via our third-party payment providers and our banks.

Therefore, we will follow PBOC's regulations and temporarily suspend CNY deposits. CNY withdraws, Bitcoin / Alt-coins deposits and withdraws are not effected. BTC38 holds more than 100% reserve of clients fund. Please do not worry about your funds in our exchange. They are safe.

We have plans to deal with our current problems and vision for our exchange operation going forward. In the mean time, you can trade on our exchange as usual.

BTC38

April 2, 2014

I do not get this. Are there exchange controls that prevent how much money one can bring into China? Otherwise someone holding BTC in China after the "ban" goes into effect can sell the BTC abroad and then repatriate the funds.

Most countries that have exchange controls aim to prevent funds in the form of local currency from leaving the country not the other way around.

I just talked to MY autistic friend, and he says cosmotard is retarded, along with HIS autistic friend.

yeah and whats surprising about that? this already happened 2 days ago? nobody really cares...

every time this FUD is confirmed the market cares less. the market is relatively stable now at 480.

Here is a small part of btc38 statement:

Upon request, we will also revoke the transfer of bankrenminbi

We will strictly comply with the notification provisions of the central bank and to suspend recharge the renminbi


So btc38 clearly received instructions from central bank to suspend their bank account for exchange purposes.

China money is coming in right now.