Topic: If Bitcoin is banned in China how come you can trade it on localbitcoins.com? (Read 582 times)
December 31, 2013, 08:28:57 PM
It's the same bullshit that was tossed around when that blog post was made about the Thailand Central Bank, they haven't actually banned it outright, at most they've just restricted its' use in financial companies etc. individuals can still quite happily trade it as far as I'm aware but you have that usual problem where hysterical news organisations have taken the story and run with it as if it's real.
December 31, 2013, 08:00:57 PM
As others have mentioned, Bitcoin was NEVER banned in China.
December 31, 2013, 04:49:16 PM
never banned i think..in china just has many seller take profit with bitcoin
December 31, 2013, 02:29:28 PM
It was never banned. The Chinese government has just prevented exchanges from operating with bitcoin payouts or buys ins. Localbitcoins is NOT an exchange, it's a decentralized trading platform. You can't ban people from meeting and trading digital currency, how would that be even physically possible? Even if that was made illegal, I'm sure the Chinese wealthy looking to move their riches out of the country would find other trading site to obtain btc and move out of the country and then cash out.
global moderator
Activity: 3850
Merit: 2643
Join the world-leading crypto sportsbook NOW!
December 31, 2013, 01:12:16 PM
And this is the power of FUD.
December 31, 2013, 01:10:34 PM
Yeah, it wasn't banned. It's not like you can go to prison from owning them or something. Google some more
December 31, 2013, 01:08:19 PM
China have only stopped Chinese banks and other companies from sending or receiving fiat currency to and from Exchanges. People can still send money to each other in trade for BTC and other currencies legally.
December 31, 2013, 01:05:40 PM
It's not banned as far as I know. last I heard it was cautioned against by china's main bank... could be wrong there. but hey... best answer I can give with just what I remember. 
December 31, 2013, 12:53:00 PM
because if you type in Beijing there are several sellers..
Jump to: