China leading the way for a regulated bitcoin

Red-Apple

hero member

Activity: 1470

Merit: 655

what you don't understand now is that the news about China is a very great and positive news. if they regulate bitcoin trading that means a huge step forward for them and anyone else involved with bitcoin and that will increase the adoption easily.

right now a lot of news users are staying out because government has not yet regulated bitcoin and they are afraid because of it. and when they regulate it they will all rush in and buy bitcoin with a big fear of missing out on bitcoin rise and we see moon

machinek20

hero member

Activity: 840

Merit: 501

I dont see any good thing if goverment try to mixed up into bitcoin business, china government really try to control the bitcoin user, we will see the dropping number of bitcoin user from china if this regulation being implemented, I prefer all of the people in the world can used bitcoin without being interfere by government

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

haha, again bitcoin price went up and some people missed the chance to buy cheap coins and news like this from China and the old drama of "China wants to control bitcoin" bullshit is starting.
this is old news dude, from day one when PBoC started investigating the Chinese exchanges everything has been clear and as Franky and others mentioned it is the fiat part of the business that is being regulated.

danherbias07

legendary

Activity: 3318

Merit: 1133

Leading Crypto Sports Betting & Casino Platform

Looks like they are narrowing the illrgal transactiion.
This is more like a prevention not a regulation. There is too much requirements to be able to use it. Although I do admire that they are taking a bigger step.
But, it is like only those who are residents can use it. There will be holes in this strict rules that they are implementing. It is like telling people not to use bitcoin with that hard tasks.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: asuryan180 on April 11, 2017, 01:17:56 AM

Lol,I'm always fascinated by such claims-how can you exactly regulate BTC-like how exactly will you find a way to regulate it because in my mind it's really hard to find a way to do it-BTC isn't something you can control-or at least not to a such big level.All these claims for me are just attempts to somehow bring BTC down.

Once again China have demonstrated its Communist tendencies, but it is unfortunate Bitcoin is not subject to the territorial integrity of China. This is how they unwittingly undo thenselves and relinguish the little grasp they maneuvred and held on Bitcoin. In recent times, Japanese exchanges have been recording increase in volume of transaction and I see it getting huge from now on. Bitcoin is like air, don't bother to control it, because it goes wherever it would.

timerland

hero member

Activity: 1526

Merit: 596

Quote from: Amandier on April 11, 2017, 03:18:39 AM

This will only concern Chinese exchanges. And in case this affect all the exchanges, some day or another, a decentralised exchange will pop-up and will end all this debate.

Im sure that China won't let their citizens to exchange and use bitcoin without any kind of regulations and control.
They might want to create centralized bitcoin in China, just by using law that affects crypto exchanges.
If they would suffer because lack of any exchanges, how it is possible to convert them into fiat?
The only possibility would be to do it on street, personally- face to face.

The thing is that the exchange needs to be somehow connected with the banking system, to transfer the money to their customers right?
I doubt there are buildings where you can personally send btc to the company and recieve cash.

Amandier

newbie

Activity: 29

Merit: 0

This will only concern Chinese exchanges. And in case this affect all the exchanges, some day or another, a decentralised exchange will pop-up and will end all this debate.

franky1

legendary

Activity: 4410

Merit: 4766

this topic seems more like a racial attack and mis-information than a real bitcoin information topic, for these reasons.

1. any exchange in any country that touches FIAT needs to follow fiat regulations of that country
2. just because half the business relates to bitcoin does not make the fiat side magically not require fiat regulations
3. if an exchange doesnt want to follow fiat regulations then just fo bitcoin-alt exchanging without any fiat involvement
4. its not just china its near on every country.

OliynyK

full member

Activity: 149

Merit: 100

I would consider this news as an internal issue and it has nothing to do with the rest of the world and if they are regulating bitcoin to avoid the bad apples then it is their choice to counter illegal transaction of currency and i do think more countries will start regulating bitcoin and starts taking tax for every transaction because every government do like money.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

another rubbish news about regulating bitcoin exchanges here and no surprise that it is again coming from China and is written by a well known click-bait news site.
Chinese may be a tad bit more strict about regulations but the same thing is going on in any other place in the world that is working under the law and is using fiat and goes through banks.

bitstamp (Luxemburg): https://www.bitstamp.net/privacy-policy/
https://www.bitstamp.net/aml-policy/

Coinbase (San Francisco/US): https://support.coinbase.com/customer/en/portal/articles/1220621-identity-verification
https://www.coinbase.com/legal/privacy

Cex.io (UK): https://support.cex.io/hc/en-us/articles/215744957-Identity-Verification-Guide
https://blog.cex.io/news/kycaml-policy-and-identity-verification-at-cex-io-14576

Kraken (San Francisco/US): https://support.kraken.com/hc/en-us/articles/201352206-What-are-the-Verification-Tiers-

QuadrigaCX (Canada): https://www.quadrigacx.com/faq (Ctrl+f: "How does your verification process work?")

here is Forex exchange same process: https://www.trulioo.com/blog/foreign-exchange-need-know-anti-money-laundering-compliance/

asuryan180

hero member

Activity: 868

Merit: 1000

Lol,I'm always fascinated by such claims-how can you exactly regulate BTC-like how exactly will you find a way to regulate it because in my mind it's really hard to find a way to do it-BTC isn't something you can control-or at least not to a such big level.All these claims for me are just attempts to somehow bring BTC down.

Xester

hero member

Activity: 994

Merit: 544

Quote from: Dorky on April 10, 2017, 10:24:49 AM

What's your comment?

https://www.cryptocoinsnews.com/bitcoin-exchange-okcoin-publishes-heightened-aml-guidelines/

This is expected.
I expect bitcoin future will be strictly regulated and centralized.

From the article...

Quote

‘Level 2 verification will require a copy of your passport, a copy of your ID /driving license, and additionally, a copy of your proof of residential address (e.g. bank statement, utility bill) issued within 3 months when needed,’ reads an excerpt from the new KYC procedures, asking customers to be prepared with the above-mentioned paperwork in front of a camera.

‘Video verification will require a device that has video recording function and access to the internet (e.g. cellphone, laptop, tablet). You will be required to show your legal documents in front of the camera,’ the notice added.

The other notable guideline informs users that single-signature wallet addresses created before today, starting with “1” and “L” for Bitcoin and Litecoin respectively, will stop functioning on April 23, 2017. Multi-signature addresses will not be affected.

Bitcoin will not be centralized though there are some efforts to make it centralized but it has not succeeded and it will never be. Bitcoin will not be regulated but the regulation will be place on exchanges and not on bitcoin itself. The purpose simply is that the Central Banks wanted everything to be transparent to avoid money laundering and of course to track down people using bitcoins in illicit activities.

Money Maker Shaker

member

Activity: 74

Merit: 10

you are trying too hard!

this has nothing to do with what you said.

when you want to use FIAT you have to obey the laws of FIAT WORLD.
sometimes you use that fiat to buy regular goods, groceries, a house,... and follow the fiat rules and sometimes you buy bitcoin with that fiat and follow the fiat rules.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

the western exchange site, such as the coinbase has been applied earlier. It's quite silly to see the exchange site will make bitcoin get close to the centralized which the coin must still have a decentralized aspect to be the main feature of the coin. Looks like the government will steer the market to his own way. We know the market is a key while that thing was connecting the buyers and sellers which it becomes central of the bitcoin ecosystem.
The government tries to erase that privacy aspect

cryp24x

sr. member

Activity: 1190

Merit: 253

Only the exchanges can be controlled by the government. They will never control the direct transaction of two person. So I guess China is not trying to regulate Bitcoin but rather implementing their law towards AML and KYC when it hits an exchange platform. Beyond that, China government cannot regulate.

P4ndoraBox

sr. member

Activity: 711

Merit: 250

Nobody can control Bitcoin.

If the day would happen that Bitcoin can be regulated, then it will goes against the main objective of Bitcoin and people will go away to another cryptocurrency that is not regulated.

Hydrogen

legendary

Activity: 2562

Merit: 1441

It sounds like they're trying to turn OKCOIN into a corrupt financial transfer service like paypal that is known to freeze funds and rob people for no reason.

Regulation carries no benefits for end users of exchanges.

Regulation was not needed before and isn't needed now.

Regulation is the reason the united states is $20 trillion in debt.

Regulation does nothing as we all know banks have been laundering money for terrorists, drug cartels and other illegal groups for years & continue to launder money for them til this day.

Quote

HSBC Helped Terrorists, Iran, Mexican Drug Cartels Launder Money, Senate Report Says

A Senate report released ahead of the embargo time revealed that HSBC’s lax anti-money laundering policies allowed Mexican drug money, Iranian terrorist money, and even suspicious Russian money to enter the U.S. and gain access to U.S. dollar liquidity over the last couple of year

https://www.forbes.com/sites/afontevecchia/2012/07/16/hsbc-helped-terrorists-iran-mexican-drug-cartels-launder-money-senate-report-says/#7bd8185e5712

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: Yakamoto on April 10, 2017, 12:40:05 PM

I thought something like Bitcoin would be mostly innocuous for a country that big, but apparently not.

Everything starts off innocuous. This was always going to happen at some point. It's rather amazing how little of a shit the rest of the market gave about all of this when it spent years cowering in the face of Chinese bots.

I wonder where it would be now if China had gone all the way in 2013.

Now all they need to do is cut the Chinese mining cancer out and we might actually get somewhere.

erikalui

legendary

Activity: 2632

Merit: 1094

The video review features has been introduced by coinbase and few other exchange websites too.

I did not get the multi-sig address part. Will the addresses starting with "1" be considered invalid? What will happen to the funds in those wallets too? Or is this applicable only for Chinese exchanges?

Yakamoto

legendary

Activity: 1218

Merit: 1007

This doesn't surprise me at all, and in fact it shouldn't really be surprising for anyone since China always loves to be incredibly restrictive of their citizens, and chances are they wouldn't want to have it any other way from what they have right now.

Seems like they're going a bit overboard with everything they're looking to require users to provide, but chances are the Chinese gov't want to know everything about people who aren't using the native currency exclusively.

It's a shame to be honest, I never really expected for China to want to keep their citizens this poor. I thought something like Bitcoin would be mostly innocuous for a country that big, but apparently not.

Topic: China leading the way for a regulated bitcoin (Read 1270 times)