Topic: Starting tomorrow onwards expect more Bitcoin users from China - UPDATED - page 2. (Read 1504 times)
June 30, 2016, 06:15:10 AM
people starting to use it for what it's supposed to be used for is what caused the government to come down like a ton of bricks last time. as far as i can tell they're still only able to collect them 'like stamps'.
June 30, 2016, 05:45:25 AM
Quote
Gone are the days using Alipay/Wechat-Pay with no fee in China. Central Bank new policy to be effective tomorrow.
Mid/large payment must through bank account. Cannot use 3rd party like Alipay/Wechat to do free transfer above ￥5000($750)
Non-verified users can only transfer ￥1000($150) for the whole lifetime.
Bank UKey or Bank Apps are mandatory for any online payment above ￥200($30)
Mid/large payment must through bank account. Cannot use 3rd party like Alipay/Wechat to do free transfer above ￥5000($750)
Non-verified users can only transfer ￥1000($150) for the whole lifetime.
Bank UKey or Bank Apps are mandatory for any online payment above ￥200($30)
source:https://twitter.com/cnLedger/status/748445824137342976
Bullish if you ask me
UPDATE
Quote
CnLedger here. The policy was drafted last year and will officially become effective starting tomorrow.
To help you guys understand it, here I link a wsj article which explained some contents of the policy:
http://www.wsj.com/articles/china-proposes-to-keep-online-payments-in-check-1438593958
This Central Bank's policy itself is not meant to promote bitcoin (of course). But it will push lots of people to start looking for better ways -- convenient, censor-less, and efficient ways to transfer money.
Bank transfer is known to be slow, expensive and cumbersome. That's why Alipay and Wechat Payment (Tenpay), the two convenient and (almost) fee-less tools are extremely popular. But now they're strictly limited by the policy.
It is clear that with this policy in effect, banks want to force people go back and use their already heavily criticized systems. But history never goes backwards. Without Alipay/Wechat-pay, Bitcoin is one of the only few promising choices left to the public. That's why I tweeted it.
To help you guys understand it, here I link a wsj article which explained some contents of the policy:
http://www.wsj.com/articles/china-proposes-to-keep-online-payments-in-check-1438593958
This Central Bank's policy itself is not meant to promote bitcoin (of course). But it will push lots of people to start looking for better ways -- convenient, censor-less, and efficient ways to transfer money.
Bank transfer is known to be slow, expensive and cumbersome. That's why Alipay and Wechat Payment (Tenpay), the two convenient and (almost) fee-less tools are extremely popular. But now they're strictly limited by the policy.
It is clear that with this policy in effect, banks want to force people go back and use their already heavily criticized systems. But history never goes backwards. Without Alipay/Wechat-pay, Bitcoin is one of the only few promising choices left to the public. That's why I tweeted it.
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