Topic: Can the chinese ban of bitcoin be bypassed? (Read 1252 times)

Nobody with their mind in the right place expected a ban, however most people were afraid of it. However no, it's not banned, therefore the price is rising.

All expected that bitcoin will be banned in china on 15 april but it wasnt? SO IT ISNT BANNED ATLEAST FOR NOW..

For the reason that Bitcoin is not considered a currency ( thank god ) in China. More like collectable items with a value. I don't think banks are allowed to trade with other collectable items either. However the China ban on bitcoins was just rumors spread and escalated into prices sinking.

Trade with cash, problem solved. 

Best Idea is to get an account setup with 'Ken" over at  https://anxbtc.com
He runs  a clean government registered exchange in Hong Kong and complies with all the applicable business registration rules.
I would expect that when they cannot change the BTC back to US/RMB in China (yep I know you can do deals on the 'street' the problem is validating the RMB bills are not fake) they will go to the first applicable exchange available where they can physically draw the cash out within a day or so. (it's an Ideal day trip)

It may be worth looking at some purchases when the lows start to come out.

RF

for what?

BITCOINS AREN'T BANNED IN CHINA

only banks are not allowed to trade with them

Yes,but you might get to court for this thing,it is considerd a crime.

Not a surprise lol.
Let's guess when will we see those "China banned bitcoin news" again.

That is great, that they are unaffected.

BTC China reportedly unaffected so far...

http://www.coindesk.com/pboc-deadline-day-business-usual-btc-china/

The government introduced some rules that prevents banks or financial institutions providing bank accounts/currency exchange for Bitcoin Exchanges or businesses, and has instructed such organs to remove all such facilities that were acquired in the past.
This is an extension to them blocking some of the big name  sales websites from taking BTC ( ali.. etc), which was off the backs of some of these big names deciding they were going to start their OWN crypto-currencies/ token systems. ( I pointed this out in Jan, that changes were coming)

There are two main reasons:

1. Some  big players saw BTC/Crypto as a way to leverage cash from users to fund their business model, thereby bypassing market rules and money laundering laws.
2. China is aiming to float the RMB sometime in the next year, the last thing they need is some massive banking fraud related to RMB & BTC or indeed anything liable to cast  any sort of negative image on their state run banks prior to the flotation.
They would rather 3 Billion people speculate with cross rate exchange with RMB Vrs US$ than  BTC, at least with RMB it gets the cash directly into the banks.

I would expect at sometime in the future, the China government continues to squeeze the life out of BTC in China, mainly because their current action is following the path of how they normally deal with such matters… press leaks….gentle talking… gentle taps… exit strategy… Iron fist.

That said…. a number of businesses have been sneaking over the border into HK , where the rules are WAY more flexible, and where BTC is freely exchangeable as long as you follow the rules related to due diligence and anti-money laundering.

RF

yea it's not banned but to answer your questions.  I'd say yes if you really wanted to get around a possible banning you would be able to.  It's might not be worth the risk, I really can't say but I have no doubt you could get around it.

People keep saying "China banned bitcoin", again and again lol. 

They haven't banned bitcoin. Even if they did though, how would they ban something that they don't control?

even if they were, I can't think of a way how they could prohibit the use of bitcoins..

Yes, they're not ilegal or against the law.

actually it's affecting the price and affecting the individual too on that way, but if you're asking about usage of coins

no, it does not affect the individual

would not ban

banks are refusing to transfer funds is the problem. but where opportunity opens people will fill those markets.
all those banks are doing is shooting themselves in the foot.
i understand their concern, crypto makes them useless for the most part