China Internet Finance Association: self-regulation, no crypto trading services

alyssa85

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Quote from: AtheistAKASaneBrain on September 13, 2017, 12:38:27 PM

Quote from: ft73 on September 13, 2017, 12:33:12 PM

In the news:

China Internet Finance Association: Bitcoin Exchanges Lack 'Legal Foundation'
https://www.coindesk.com/china-internet-finance-association-bitcoin-exchanges-lack-legal-foundation/

China's internet finance body urges members not to deal in cryptocurrencies
https://www.reuters.com/article/us-china-bitcoin/chinas-internet-finance-body-urges-members-not-to-deal-in-cryptocurrencies-idUSKCN1BO23E

Quote
“We urge all our members to exercise self-regulation and strictly abide by laws by not participating in any centralized trading or provide services for this type of trading,” the National Internet Finance Association of China said in a notice on its website www.nifa.org.cn

So bottom line would be "self regulation" ?

No more than a (unofficial) slap in the face, so far.

Jihan Wu tweeted this a couple hours ago about China's supposed ban on Bitcoin:

Quote

Jihan Wu‏ @JihanWu
Replying to @mrvcrypto

China has not banned Bitcoin

https://twitter.com/JihanWu/status/907665487856881664

So according to Jihan Wu, china has not banned Bitcoin.

Im honestly sick of the back and fort. If they are going to ban it, then ban it already, because after they ban it, they can no longer interfere with the Bitcoin price. We will survive all bans in the world.

They haven't banned bitcoin - mining will still continue.

The exchanges are another matter though... So far three exchanges have said they are closing, Bitkan, Yunbi and BTCC.

AtheistAKASaneBrain

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Quote from: Pursuer on September 13, 2017, 02:10:27 PM

Quote from: AtheistAKASaneBrain on September 13, 2017, 12:38:27 PM

So according to Jihan Wu, china has not banned Bitcoin.

Im honestly sick of the back and fort. If they are going to ban it, then ban it already, because after they ban it, they can no longer interfere with the Bitcoin price. We will survive all bans in the world.

I am with you on that 100% but the problem is that there was no back to have a forth! China never said they wanted to ban bitcoin! it is our awesome and 100% reliable "news" sites (which should be called shit-posted-sites instead) that filled the media with this nonsense!
all China ever said was that since ICOs are scammy and unregulated, they are not legal.
and then the follow up on the exchange regulation which has been going on from 2016 and yet people believe what a click-bait of a site tells them.

It's not only new sites, but people spreading rumors. For example, Charlie Lee said that the had very secure sources that he could trust, that China would ban all exchanges. He ended up having to delete all of these tweets. The market crashed with these tweets, some people don't realize the power they have with twitter. Charlie Lee needs to twink twice before posting that kind of stuff again or he may put his life in danger. This is not a game, and there is nothing more dangerous than pissed off investors due what you do crashing the market.

On other news, it seems BTCC has confirmed themselves that they will be shutting down all operations come September 30th, so at least one exchange will be closing, not sure if temporal or not, probably temporal waiting for licenses.

Pursuer

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Where is my ring of blades...

Quote from: AtheistAKASaneBrain on September 13, 2017, 12:38:27 PM

So according to Jihan Wu, china has not banned Bitcoin.

Im honestly sick of the back and fort. If they are going to ban it, then ban it already, because after they ban it, they can no longer interfere with the Bitcoin price. We will survive all bans in the world.

I am with you on that 100% but the problem is that there was no back to have a forth! China never said they wanted to ban bitcoin! it is our awesome and 100% reliable "news" sites (which should be called shit-posted-sites instead) that filled the media with this nonsense!
all China ever said was that since ICOs are scammy and unregulated, they are not legal.
and then the follow up on the exchange regulation which has been going on from 2016 and yet people believe what a click-bait of a site tells them.

ft73

hero member

Activity: 564

Merit: 508

Rebound ongoing.
I can see a target of about 4100 - 4250$ for it.
Then we'll see.

fudster

sr. member

Activity: 1190

Merit: 255

Its all drama and soon these Chinese are going to buy all BTC for themselves. I can't believe one single country can fool all the continents to sell their bitcoin while they are are buying it. Sooner they'd enforce us to just use NEO as if its like the new ETH.

ft73

hero member

Activity: 564

Merit: 508

AFAIK the matter is an hypothetical ban of Chinese Cryptocurrency Exchanges.

No source told about a Bitcoin / Cryptocurrencies ban in my knowledge.
On the contrary exchanging them should be allowed (OTC).

AtheistAKASaneBrain

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Activity: 770

Merit: 509

Quote from: ft73 on September 13, 2017, 12:33:12 PM

In the news:

China Internet Finance Association: Bitcoin Exchanges Lack 'Legal Foundation'
https://www.coindesk.com/china-internet-finance-association-bitcoin-exchanges-lack-legal-foundation/

China's internet finance body urges members not to deal in cryptocurrencies
https://www.reuters.com/article/us-china-bitcoin/chinas-internet-finance-body-urges-members-not-to-deal-in-cryptocurrencies-idUSKCN1BO23E

Quote
“We urge all our members to exercise self-regulation and strictly abide by laws by not participating in any centralized trading or provide services for this type of trading,” the National Internet Finance Association of China said in a notice on its website www.nifa.org.cn

So bottom line would be "self regulation" ?

No more than a (unofficial) slap in the face, so far.

Jihan Wu tweeted this a couple hours ago about China's supposed ban on Bitcoin:

Quote

Jihan Wu‏ @JihanWu
Replying to @mrvcrypto

China has not banned Bitcoin

https://twitter.com/JihanWu/status/907665487856881664

So according to Jihan Wu, china has not banned Bitcoin.

Im honestly sick of the back and fort. If they are going to ban it, then ban it already, because after they ban it, they can no longer interfere with the Bitcoin price. We will survive all bans in the world.

ft73

hero member

Activity: 564

Merit: 508

In the news:

China Internet Finance Association: Bitcoin Exchanges Lack 'Legal Foundation'
https://www.coindesk.com/china-internet-finance-association-bitcoin-exchanges-lack-legal-foundation/

China's internet finance body urges members not to deal in cryptocurrencies
https://www.reuters.com/article/us-china-bitcoin/chinas-internet-finance-body-urges-members-not-to-deal-in-cryptocurrencies-idUSKCN1BO23E

Quote
“We urge all our members to exercise self-regulation and strictly abide by laws by not participating in any centralized trading or provide services for this type of trading,” the National Internet Finance Association of China said in a notice on its website www.nifa.org.cn

So bottom line would be "self regulation" ?

No more than a (unofficial) slap in the face, so far.

Topic: China Internet Finance Association: self-regulation, no crypto trading services (Read 436 times)