Topic: Central bank of China criticize two banks in China for not stop business ...... (Read 1944 times)

Yeah, but... PANIC!!!

It will work itself out when the exchanges start accepting cash, how will CBOC deal with that? Interrogate every single citizen before allowing him to withdraw money?
Let's not forget that you can simply exchange yuan to USD and buy bitcoins.

There is nothing that can stop bitcoin and cryptocurrency in general, let them try. In the end, bitcoin will succeed, just like the internet did in the 80s.

It works to a certain extent, i know some platform locate in Hongkong can recharge and withdraw RMB online, but their volume is too small compare to huobi and okcoin. but if Chinese goverment totally baned bitcoin in mainland, those platform can get many customers from huobi and okcoin i think.

doesn't surprise me one bit that the Chinese dictators hate bitcoin.
bitcoin represents the ultimate monetary freedom, no way it will be allowed in a country where you're not even allowed to criticize the government out in the open.

The central banks is trying to make up the rules as they go along and that is not okay.  They want to control everything and people are just supposed to accept that as the norm but it is far from being normal.  It is an abuse of power, time to push back buy supporting those that choose to not follow the power hungry central bank of china.  Any links the this story are appreciated.

They cant stop it entirely seems like they are trying to slow down its adoption then help, they feel a big threat from bitcoin seemingly they have been doing this for quite a whiile.

Its ok they can let us build the Great Wall of Crypto in the West

If you can get renminbi to Hong Kong, through the border control point, you don't need Bitcoin. Currently you can take up to 20,000 yuan in notes out of China every 15 days. Once in Hong Kong, you can change renminbi for HKD, USD, or EUR. No need to bother with Bitcoin.

Read this article on moving money out of China.

Hmm, so it is just one way and people can only buy bitcoin.
Thanks for the explanation.

That's true. What about the Chinese people going to Hong Kong and make trades there?
I know it is definitely inconvenient and time-consuming, but is it feasible?

So we just wait till china totally retreat from bitcoin and there will be no problems then?

How would you stop the following?:

1) Use Yuan to setup mining farm.

2) Generate coins.

3) Sell coins for USD or euros at an overseas exchange.

There are already syndicates that physically smuggle bundles of Yuan notes across the border into Hong Kong for a cut.

So even if you loose 5% - 10% mining, at least everything can be done electronically at lower risk of loss.

China will be back in the game. It is only a matter of time until they want to wag the dog again. If people would stop over reacting to them they would lose their ability to do it. 

The Chinese people should stand up.  Easier said than done in a communist country, I know.

Any smart Chinese person should convert CNY to BTC any chance they get at these new low levels.

The China problem exemplifies the the Bitcoin problem worldwide.

If Bitcoin did not exist, and people wanted to trade electronic/digital/virtual currencies worldwide, what would they do? They would do what they have done. They would use regulated digital currencies like PayPal, or Western Union and Moneygram, or they would turn to unregulated things like Liberty Reserve and Egopay. We all saw what happened to Liberty Reserve, and many of us have seen what PayPal was at its beginning and what it has evolved into because of Government regulation. And what about the granddaddy of them all, eGold?

Bitcoin is a piece of unique, innovative thinking/designing/programming/implementing. Bitcoin works. It is practical. But... like as Bitcoin is unique and innovative, we now need something else that is just as unique and innovative that makes Bitcoin interchangeable with any world fiat, yet without the regulation and control of the banks.

People may be able to stop using fiat currencies when trading. But such will be difficult to implement. It will take people, or companies, from every walk of life, making and selling their products and services without the use of fiat at all. This is difficult to do in the light of Government intervention - at least in the cases of bigger companies.

We need another unique innovation. We need a method, a process, special programming, something that can integrate fiat and Bitcoin, yet something that bypasses Governments and bank censoring. There are folks working on this. Who will see it through successfully first? If MaidSafe finally becomes a reality, it just might be the stepping stone to the innovation that relieves us of all that regulation.

it is official: they want to kill btc

Thanks for the info, even if it's not what I wanted to hear.
...Going back to believing China doesn't matter any more. 

Only going in, you can insert a cash bill to ATM and buy some coins then the coins will be sent to your wallet.
Actually , it‘s not really an ATM, defining it as a Bitcoin-vending machine will be more accurate.

will westerners please stop sheep following china.

their trading is fake...
.. dont beleive me? listen to th guys from BTCChina (time 13min to 17:30min)
http://youtu.be/2M12zzwNkCo?t=13m

then realise the news from december to april did not cause any physical impact.

and to clarify the media fud
skip to 30 minutes and 15 seconds of the same video.
bitcoin is not illegal
government is not banning users or businesses from sing bitcoin
but central banks will not DIRECTLY purchase or use bitcoins for the BANKS internal investment portfolio of services
they are allowed to however work with businesses so that businesses can send funds to customers

so can people stop basing their Western investments on Eastern FUD