Topic: China just made Bitcoin pretty useless within China - page 7. (Read 12562 times)

Hmmm... not sure if you're just trolling.

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.

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!

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 

If you really think china is 'out' and bitcoins gonna crash you're pretty stupid. Here in Belgium our banks are positive on it. Europe is not in to it as much as the rest of the world. But as many other things Europe is just smarter . And will keep bit coin 'legal' and banks will make profit on it in some way. They always find a way to make money .

Google KYC and AML.

Any exchange anywhere in the world has to take steps to prohibit money laundering and know their client. If you ever traded anywhere, you would know. There is no information about some follow list though, because you made it up.

"websites in China that provide trading services are required to report investors' identities to regulators and take steps to prohibit money laundering."

Source: http://money.cnn.com/2013/12/05/investing/china-bitcoin/

I'll buy it.

OP, you're a clown and nobody takes you serious. There are smart bulls that are well respected, there are smart bears that at least some people respect (like electric mucus), and then there are neckbeards like you. We gently smile at your retardation. Does that help?

Thankfully I found another thread with the information, which just says:

1. Chinese banks are not allowed to speculate with bitcoin (individuals are)
2. Bitcoin cannot be used as a currency in China (that's kind of big)
3. Sites that deal in bitcoin have to register with the government and be prepared to follow money laundering rules to be determined (same as pretty much everywhere else in the world)

Transaltion of the PR from http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
I've highlighted the points relating to my arguments below:


In order to protect the public's property rights, to protect RMB's official currency status, to prevent money laundering risk and to protect financial stability, the People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission jointly issued "The People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission Notice on preventing Bitcoin risk" (2013 no.289, "Notice" hereinafter)

The Notice clarify the status of Bitcoin. Bitcoin is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of money, it is not money in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with money, and it cannot and should not be used as money on the market. But, the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk.

The Notice requires, at this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly supply other Bitcoin related services, including registering,trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.

The Notice requires, the Bitcoin websites that act as the main trading platform, should follow the Telecommunications Act and the Regulation on Internet Information Service, and register according to law. Also, because Bitcoin has a higher money laundering risk and the risk of being used by criminals, the Notice requires the relevant organizations to comply with the Anti-Money Laundering Act and fully comply with the legally required anti-money laundering procedures like KYC and suspicious transaction reporting, to prevent Bitocin related money laundering risks.

To prevent virtual goods like Bitcoin using the name of "virtual money" to over-promote, damaging the public interest and the RMB's position as legal tender, the Notice requires financial organizations and payment organizations in their daily tasks to use the correct concept of money, to emphasize on public education about money, and to add to public financial knowledge education the contents of correct knowledge of money, correct views of virtual goods and virtual currency, rational investment, control of investment risk and defending one's financial safety, in order the public have correct views on money and investing.
In the future, the People's Bank will do its duty and continue to closely monitor the Bitcoin trend and related risks.

People usually get mad when you pull facts right from your ass. Is not that where the info about "super special follow list" of bitcoin holders is coming from?

Wow people getting mad and going all spastic when someone mentions facts. Have fun folks.

Welcome to my ignore list OP.

I should try to market my ignore list to newbies...maybe a CMMPro's ignore list subscription...just .01 btc per month to relieve all the forum stupidity with one button press.

 

This doesn't even deserve being called speculation.
When do we get a random babbling sub-forum?

Link?

Read your shit again and understand that you are talking crap right now.

Chinese government just put any holder of Bitcoin in a super special 'follow' list - have fun trying to do anything remotely illegal with the gov watching your every step. They have also said Bitcoin can't be a currency and products/services can't be priced in Bitcoin (financial/payment industries at least, dont know if it applies to everyone).

So what does that leave behind? It's a 'digital commodity' with no intrinsic value. How useful!

Oh and this is just the beginning, China said it will keep a close eye on it and take further actions if necessary. If history is any indication with QQ coins, then its not looking good.

Bash away, I'm sure some will try to spin this as bullish for Bitcoin (oh wait, everyone already has).