China leading the way for a regulated bitcoin - page 2.

xIIImaL

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Quote from: gentlemand on April 10, 2017, 12:01:44 PM

Same as pretty much everywhere else then.

What's the story with the wallets stopping functioning? Will all accounts be new from scratch? I hope they made a careful note of whose coin is whose.

If bitcoin become legal one, then it regulated and take control over the bitcoin by the government. Personally, I don't wish bitcoin take over by any financial institution. I read the this news link and bank tries to control on bitcoin exchanges right. Finally, see they put taxes on our head for using bitcoins also once its been legal to use.

avikz

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It is really a good news for the bitcoin users as we needed a regulatory framework to increase the acceptability of the bitcoin among the masses. Otherwise, biotin will remain an underground currency forever.

However, these stringent rules will only benefit the Chinese users as of now. But if this model become successful to curb the money laundering activities, I hope all other countries will follow this model and bring parity between the bitcoin users. Without this king of regulatory framework, bitcoin will never become a mainstream currency.

LoyceV

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

From the article...

Quote

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.

This is just a local exchange making rules like that. Bitcoin as it is just keeps functioning.
It sounds to me like they want to gain complete access to all private keys, ensuring the consumer can't access his coins without them. This goes exactly against everything Bitcoin stands for.

While they may try to regulate exchanges, that only works as long as you need exchanges. When you buy something from someone and you pay in Bitcoins, you skip the exchange.
And if you still do need to exchange Bitcoins for cash or cash to Bitcoin, you can always do it with another person. Until they ban cash.

Dorky

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Quote from: harizen on April 10, 2017, 11:57:09 AM

And those people want a mass bitcoin adoption without thinking that for bitcoin to be massively, it must be regulated and centralized.

You're the 1st person that shares my understanding.

gentlemand

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Welt Am Draht

Same as pretty much everywhere else then.

What's the story with the wallets stopping functioning? Will all accounts be new from scratch? Will you have to crawl through the mud to get those frozen coins back? I hope they made a careful note of whose coin is whose.

harizen

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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.

That was already implemented in some of the bitcoin exchanges today including the web wallets.

Really expect that kind of measures since for bitcoin exchange to be legally operated, they need to comply with the country's rule about Anti Money Laundering and any associated law with their own financial system. No such thing as bitcoin anonymity once people use exchanges that's why I don't get other people why they are whining about the system like that. And those people want a mass bitcoin adoption without thinking that for bitcoin to be massively, it must be regulated and centralized.

Dorky

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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.

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