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Topic: "China does NOT allow goods/services to be sold/paid for by bitcoin" CEO of btcc - page 2. (Read 4280 times)

full member
Activity: 157
Merit: 100
I guess Chinese sellers can still use payment gateways that instantly convert bitcoins into RMB and then settle it to merchant's account. Of course prices will be in national currency.

Given that Chinese individuals are free to buy bitcoins and hold them as investment, they are also free to buy any goods for BTC through described above payment platforms.


actually if you listen through the video (i didnt quote it), it removes many bitcoin business models from china.  the government is very clear that they do not want goods/services exchanged for bitcoin.  they are aware of teh bartering rules but i would assume they deliberately omitted mentioning that it's ok to barter.  in China, you don't do things that the government frowns upon, they will put you in prison or execute you.  look up shadow banking in china.

here's some commentary by a chinese citizen that i quoted for a reddit post.  

http://www.reddit.com/r/Bitcoin/comments/1sgjxw/post_by_a_chinese_citizen_on_how_the_china_rally/
donator
Activity: 784
Merit: 1000
I guess Chinese sellers can still use payment gateways that instantly convert bitcoins into RMB and then settle it to merchant's account. Of course prices will be in national currency.

Given that Chinese individuals are free to buy bitcoins and hold them as investment, they are also free to buy any goods for BTC through described above payment platforms.
newbie
Activity: 23
Merit: 0
It actually did not affect the BTC price as several days ago.
legendary
Activity: 1484
Merit: 1005
If China can't manipulate it, what's the point?
hero member
Activity: 490
Merit: 500
Yep, that's how it is in china right now

But who knows how this will play out in the future
legendary
Activity: 2062
Merit: 1035
Fill Your Barrel with Bitcoins!
So you're not allowed to trade commodities in China basically?
full member
Activity: 157
Merit: 100
Quote
"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


Quote
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


Quote
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

that's an official statement from Bobby Lee of BTC China.  2 follow up questions from the audience answered by Bobby Lee.  This clarifies the future of btc in China's economy.
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