So if one users posts some bad news about bitcoin he gets the bulling of his lifetime , ignores and other crap
If a troll posts some photoshoped bitcoin taxi in kenya he is praised as a god.
No offense but , we have a problem controlling zealots here.
Topic: China just made Bitcoin pretty useless within China - page 6. (Read 12562 times)
This is what an extended media hype will do. Read twice about Bitcoin on mainstream media just today.
ahhh geez, here we go. Banks fight back.(Maybe).
Don't worry, they'll fail. We may be in for a rough year though, then again, maybe not. The only thing I can say with bitcoin is I don't know! lol
Don't worry, they'll fail. We may be in for a rough year though, then again, maybe not. The only thing I can say with bitcoin is I don't know! lol
Not only China...
"French central bank warns against using bitcoin"
http://www.telegraph.co.uk/finance/currency/10497427/French-central-bank-warns-against-using-bitcoin.html
"French central bank warns against using bitcoin"
http://www.telegraph.co.uk/finance/currency/10497427/French-central-bank-warns-against-using-bitcoin.html
The article reads that it is not allowed to price goods in China in Bitcoins, hence Vendors will not do it, otherwise they face charges. Given this, Bitcoins are purely for trading and speculation. I do see this as a major problem for Bitcoin going forward, especially as the rally was sparked by the chinese...
The translation of the actual notice says no such thing that I can see. The limitations issued are very specifically directed at financial institutions and payment organizations, plus the AML, KYC requirements etc. for Chinese exchanges.
If they think that Bitcoin is not a currency/money/legal tender - it would make sense to not allow vendors to sell things priced in Bitcoin. You can't just sell things based on arbitrary units, how would that even be taxed.
Well, this is the first negative news we've had in a while. There will be an effect. How bad this turns out to be remains to be seen.
It's important to note that China had not banned individuals from using/buying/trading bitcoin, but it sounds like they've prohibited banks from doing such, and may require AML/KYC requirements on bitcoin businesses - is that exchanges? Sellers/Buyers? Anyone that accepts BTC? We shall see.
It's important to note that China had not banned individuals from using/buying/trading bitcoin, but it sounds like they've prohibited banks from doing such, and may require AML/KYC requirements on bitcoin businesses - is that exchanges? Sellers/Buyers? Anyone that accepts BTC? We shall see.
So you can't buy stuff with it, you can't use it anonymously, you can't use it for 'illegal things' like gambling, you can't even purchase it from any financial institution in the shape of an ETF or retirement fund. As I said, it's being limited to serving as a digital commodity - whatever that means (I guess something like WoW gold).
Go read the translation. Nowhere does it say you can't buy things with it.
By the way can someone explain to me how any Chinese vendor will accept Bitcoin. Payment processors like Bitpay, under this regulation, can't accept Bitcoin. Meaning even if vendors can accept Bitcoin - there is no easy way for them to cash it out.
The article reads that it is not allowed to price goods in China in Bitcoins, hence Vendors will not do it, otherwise they face charges. Given this, Bitcoins are purely for trading and speculation. I do see this as a major problem for Bitcoin going forward, especially as the rally was sparked by the chinese...
So you can't buy stuff with it, you can't use it anonymously, you can't use it for 'illegal things' like gambling, you can't even purchase it from any financial institution in the shape of an ETF or retirement fund. As I said, it's being limited to serving as a digital commodity - whatever that means (I guess something like WoW gold).
The article reads that it is not allowed to price goods in China in Bitcoins, hence Vendors will not do it, otherwise they face charges. Given this, Bitcoins are purely for trading and speculation. I do see this as a major problem for Bitcoin going forward, especially as the rally was sparked by the chinese...
The translation of the actual notice says no such thing that I can see. The limitations issued are very specifically directed at financial institutions and payment organizations, plus the AML, KYC requirements etc. for Chinese exchanges.
Just try opening a bank account without ID. Outside China will do. Be sure to wear the same tinfoil hat you're wearing in your passport photo. 
No, I think the Chinese Central Bank means what the Chinese Central Bank just said.
http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
i.e. KYC/AML as is totally normal in both the West and the East.
http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
i.e. KYC/AML as is totally normal in both the West and the East.
The statement says "comply with the legally required anti-money laundering procedures like KYC and suspicious transaction reporting" - note the word like there. We don't know the extent to which they will follow up on this. However its clear that China has an obsession with tracking their citizens behaviour - anything from what they post on social media accounts to wanting to place a tracking software by default on every PC - suggests to me they're not just going to be sitting idly by.
There's nothing about vendors in that statement, surely not until more explanation is added.
They clearly mentioned only financial and payment institutions.
They clearly mentioned only financial and payment institutions.
Bitpay would fit under a payment institution.
There's nothing about vendors in that statement, surely not until more explanation is added.
They clearly mentioned only financial and payment institutions.
They clearly mentioned only financial and payment institutions.
By the way can someone explain to me how any Chinese vendor will accept Bitcoin. Payment processors like Bitpay, under this regulation, can't accept Bitcoin. Meaning even if vendors can accept Bitcoin - there is no easy way for them to cash it out.
Finally you said something that might even have a grain of truth to it. Then again, what's to prevent a Chinese exchange from letting vendors open trading accounts set to immediately liquidate any BTC sent into them?
The article mentions that the exchanges have to REPORT the identities to the regulators. Exchanges around the world don't just report your private info to the government by default!
No it does not. Correct translation of the piece:
"Bitcoin websites should earnestly implement their anti-money laundering duty, confirm the identities of their users, register their real names, register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police."
read the source: http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
By the way can someone explain to me how any Chinese vendor will accept Bitcoin. Payment processors like Bitpay, under this regulation, can't accept Bitcoin. Meaning even if vendors can accept Bitcoin - there is no easy way for them to cash it out.
Why wouldn't they be able to accept Bitpay?
Because Chinese banks can't deal with BTC? Well, they don't need to, Bitpay sends them fiat
By the way can someone explain to me how any Chinese vendor will accept Bitcoin. Payment processors like Bitpay, under this regulation, can't accept Bitcoin. Meaning even if vendors can accept Bitcoin - there is no easy way for them to cash it out.
No, I think the Chinese Central Bank means what the Chinese Central Bank just said.
http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
i.e. KYC/AML as is totally normal in both the West and the East.
http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
i.e. KYC/AML as is totally normal in both the West and the East.
The article mentions that the exchanges have to REPORT the identities to the regulators. Exchanges around the world don't just report your private info to the government by default!
Hmmm... not sure if you're just trolling.
Google KYC and AML.
I had friends in Shanghai who were arrested for just having a friendly poker party. If you think the rules and regulations of the west apply directly to the east, you're mistaken.
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have fun trying to do anything remotely illegal with the gov watching your every step.
Nothing bad in that. Soon the people who are doing illegal stuff fuck off from Bitcoin it's better
Legalizations could only take crypto currencies to the moon
Well illegal stuff doesn't necessarily mean bad. Chinese people could be using it to transfer money abroad, gamble, pay someone for something 'under the table' - all those uses that made it attractive are essentially being taken away because they are illegal and its highly stupid to fuck with the gov when they're breathing down your neck.
If you needed official statement to realize that China's or any other government needed a statement to watch out on such activities than you're certainly deluded
BTW, Chinese can send bitcoins abroad, sell and buy it, gamble (if gambling generally is allowed there) without problems after this... all this statement does is banning financial institutions to use bitcoin as currency. Or you expected they'll abandon CNY and make BTC as official China currency, lol?
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