Hi, I am in China at this moment and I can tell you that banks and bankers are buying bitcoins at lower price at this moment!
Any proof or pic you can share please?
Topic: Did China BAN bitcoin (Read 3980 times)
Any proof or pic you can share please?
- It is illegal for banks to deal with bitcoin but not for private persons.
- Bitcoin is considered commodity and not currency.
http://www.reddit.com/r/Bitcoin/comments/1sbefw/chinese_investment_banker_says_what_nobody_in_the/
- Bitcoin is considered commodity and not currency.
http://www.reddit.com/r/Bitcoin/comments/1sbefw/chinese_investment_banker_says_what_nobody_in_the/
Of course they banned it.
You will risk imprisonment if you use it, but they can't let the Westerners know that. They need to be careful about what they state in their public releases. I would expect the chinese exchanges to slowly be closed down or at least have to go through a more vigorous "bribes (red envelope)" process.
In the crackdown on QQcoins, lots of people went to jail. Yet QQcoins are still traded today.
You will risk imprisonment if you use it, but they can't let the Westerners know that. They need to be careful about what they state in their public releases. I would expect the chinese exchanges to slowly be closed down or at least have to go through a more vigorous "bribes (red envelope)" process.
In the crackdown on QQcoins, lots of people went to jail. Yet QQcoins are still traded today.
The notice explicitly states that online exchanges may continue to work normally although with strict anti money laundering rules.
Of course they banned it.
You will risk imprisonment if you use it, but they can't let the Westerners know that. They need to be careful about what they state in their public releases. I would expect the chinese exchanges to slowly be closed down or at least have to go through a more vigorous "bribes (red envelope)" process.
In the crackdown on QQcoins, lots of people went to jail. Yet QQcoins are still traded today.
You will risk imprisonment if you use it, but they can't let the Westerners know that. They need to be careful about what they state in their public releases. I would expect the chinese exchanges to slowly be closed down or at least have to go through a more vigorous "bribes (red envelope)" process.
In the crackdown on QQcoins, lots of people went to jail. Yet QQcoins are still traded today.
There isn't any problem with Bitcoin in china, it's in the process of being regulated as a virtual commodity rather than a currency which is a good thing, baidu and china telecom have temporerily suspended Bitcoin acceptance while digesting this new regulation.
The west and media in general have been practically throffing at the mouth about a bubble pop,folks here selling who have no idea what in the world their doing, Bitcoin is truly shaping up to be the people currency pity at this point people are still in love with the devaluing dollar.
Bitcoin - a few weeks of recovery then new highs.
The west and media in general have been practically throffing at the mouth about a bubble pop,folks here selling who have no idea what in the world their doing, Bitcoin is truly shaping up to be the people currency pity at this point people are still in love with the devaluing dollar.
Bitcoin - a few weeks of recovery then new highs.
Essentially yes! You can no longer fund your trading account with a bank, you no longer withdrawal your Bitcoin in your bank! All of the web sites in China that accepted Bitcoin no longer accept it. China says there citizens can still trade it but they made it impossible for them to do so! Essentially it's technically illegal to use Bitcoin in China!
How were you even able to withdraw BTC to your bank? Did they have BTC accounts along yuan and usd?
I never heard of a bank running it's own wallet.
Hi, I am in China at this moment and I can tell you that banks and bankers are buying bitcoins at lower price at this moment!
Although i want to believe you it looks like a desperate attempt to mitigate all that fud that it's going on around in the forum.
Can we still buy and sell Chinese using BTC, that's the real question.
Yes they can.
My father is a former West Coast division head attorney for Exxon. I appear to have inherited some of his high IQ ability to interpret the law.
I bet if you strapped law books to your head with duct tape, or better yet gaffers tape, you would absorb even more!
I'm sure him studying and practicing for years didn't really affect any of that.
Can we still buy and sell Chinese using BTC, that's the real question.
Yes they can.
However, general public may trade bitcoin on the internet by taking their own risk.
How is that not uber-bullish?Because if merchants aren't allowed to accept it as currency then that is a major blow for bitcoin adoption in China. However it's not clear to me if that is the case.
From the 'human translation' on reddit: http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
"Bitcoin is a specified virtual commodity, it does not have equal legal status with
Note the important correction.
That could be interpreted to mean that any Chinese business should not treat bitcoin as money currency i.e. not accept it as payment like they would if it were a currency.
My father is a former West Coast division head attorney for Exxon. I appear to have inherited some of his high IQ ability to interpret the law.
I can't find anything in this document that specifically bans the bolded assumption.
This document is merely stating that Bitcoin will not be allowed to circulate widely as a currency to compete with RMB, because all volatility risk will remain outside the financial sector in the private parties and exchanges. It is very free market way of saying Bitcoin will not be backed by the government's system. There is nothing stopping businesses from accepting it, and converting it to RMB via a registered exchange.
The government will not likely clamp down on small scale acceptance, as it presents no credible threat to RMB. As we all see now, businesses are forced to convert to fiat immediately if they have significant expenses in fiat, i.e. Bitcoin presents no threat to fiat at the moment because of its volatility and the need for businesses to have fiat to pay their employees and operating expenses, etc..
Note small scale in China is big scale relative to current Bitcoin market size given the large population. Bitcoin is only in the tens of $billion range of market cap. Fiat finance is in the hundreds of $trillions. Bitcoin can grow immensely while still being small scale relative to fiat finance market size.
Whereas, (small) businesses could keep their profits in BTC, as easydns did (PenAndPaper username). Of course big businesses can't because the Bitcoin market cap is too small any way, besides big businesses are not into such risk.
The document is saying that non-financial entities must accept risk of holding BTC.
So this does not to stop the trajectory of Bitcoin in China. Exchanges can still operate and are not prevented from having a bank account to operate with. The document only bans financial institutions (and payment providers) from being market makers, underwriting, insurance, etc. In other words, all the risk and market making must be done by individuals and exchanges.
What they have done is simply kept Bitcoin in the free market-- the wild west.
This is an extremely bullish outcome. They have clarified that Bitcoin is legal for its small scale free market functions.
The Baidu thing is very suspicious. They accepted for a very small portion of their business which was misunderstood and caused a euphoria, then they dump when people misunderstand the ruling above, in order to create panic. Looks like some manipulators are getting rich on BTC pump & dump & rebuy on the dump.
Can we still buy and sell Chinese using BTC, that's the real question.
Can anyone confirm whether everyone in BTC China won't be able to cash out? That seems to be a ludicrous assertion. How could the central bank say that they allow exchanges but then no one can buy or sell for CNY. That doesn't make any sense to me.
Rather I am thinking they only banned the financial institutions from trading in Bitcoin.
What would all the current BTC China holders do if they can't cash out in CNY? Cash out in another currency abroad?
http://www.coindesk.com/baidu-stops-bitcoin-price-slumps-again/
Did China really make it illegal for merchants to accept Bitcoin? Thus they killed any chance for it to be used a currency?
Rather I am thinking they only banned the financial institutions from trading in Bitcoin.
What would all the current BTC China holders do if they can't cash out in CNY? Cash out in another currency abroad?
http://www.coindesk.com/baidu-stops-bitcoin-price-slumps-again/
And we can cash in/out freely .
Did China really make it illegal for merchants to accept Bitcoin? Thus they killed any chance for it to be used a currency?
The rules state that 1) financial companies are not allowed to exchange BTC into Yuan anymore (which means BTC China is gonna be screwed real soon), and there are also rules that BTC cannot be treated as a real currency-you cannot price anything in Bitcoins.
Okay that is pretty bad. That blows the bubble of "China is coming".
Without use as a currency, Bitcoin is dead in China.
Are you sure of your interpretation? Why didn't Mike Lee say this, seemed I read he had positive things to say about the ruling?
Hi, I am in China at this moment and I can tell you that banks and bankers are buying bitcoins at lower price at this moment!
Bankers might be buying it on their individual risk. But banks are not allowed to do that. Things are quite clear after they issued the letter yesterday.
Essentially yes! You can no longer fund your trading account with a bank, you no longer withdrawal your Bitcoin in your bank! All of the web sites in China that accepted Bitcoin no longer accept it. China says there citizens can still trade it but they made it impossible for them to do so! Essentially it's technically illegal to use Bitcoin in China!
+1
That's the best explanation thus far.
Hi, I am in China at this moment and I can tell you that banks and bankers are buying bitcoins at lower price at this moment!
Essentially yes! You can no longer fund your trading account with a bank, you no longer withdrawal your Bitcoin in your bank! All of the web sites in China that accepted Bitcoin no longer accept it. China says there citizens can still trade it but they made it impossible for them to do so! Essentially it's technically illegal to use Bitcoin in China!
Sorry to disappoint ya, but We still can buy and sell BTC using exchanges like btcc and okcoin in China . besides baidu they are still many merchants accept BTC here.
Essentially yes! You can no longer fund your trading account with a bank, you no longer withdrawal your Bitcoin in your bank! All of the web sites in China that accepted Bitcoin no longer accept it. China says there citizens can still trade it but they made it impossible for them to do so! Essentially it's technically illegal to use Bitcoin in China!
China has banned using bitcoin for what its intrinsic values are. Its like banning gold for use in jewlery, exchange and semiconductors and only allowing speculation. It is bad for bitcoin.
I think they restricted Bitcoin's use in China - not an outright ban.
Just financial institutions, not the people.
Wich means selling and buying bitcoins in china suddenly is almost impossible. China is not a free nation.
Do you live here using BTCC and OKcoin ?
1. You cannot sell any item for btc
2. You can trade btc but you need to have you govt id on record
3. You can speculate on btc.
Hence the 'crash'
It would mean Bitcoin is useless in China. If the only thing I could do with something is to speculate, I could also start to speculate with tulps. Correct me if I'm wrong. 2. You can trade btc but you need to have you govt id on record
3. You can speculate on btc.
Hence the 'crash'
Jump to: