Topic: Two Chinese bitcoin trading platforms announced to close for the policy (Read 1645 times)

That is just the reality of modern finance, and I would imagine is true of most developed countries.

I must admit I wasn't aware they were completely gov owned. I thought they created a separate company that held shares for heads of state and other such bodies.
This company was then part of the official secrets act?

Plus theres this "However even though the Bank of England is now state owned its important to note that up to 97% of the UK’s money supply is privately controlled being in the form of interest bearing loans created by the big commercial banks."

yawnnnnnnn

central banks have deeper ties and partnerships with government even if not owned by government.

commercial banks are independent and have more freedom. yes they still have to be regulated, but they have more freedoms then central banks.

and sorry for the word personal, it was meant as a way of saying they are independent, (whisky makes me mix words up youll learn that when you finish school)

If your basic economics class was held after 1945/6,  you would have learnt that the UK Government nationalised the Bank of England then, and hold all the shares.
http://hansard.millbanksystems.com/commons/1945/oct/29/bank-of-england-bill
http://www.bankofengland.co.uk/about/Documents/legislation/1946act.pdf

They are Chinese exchanges for mainly Chinese people (who make up about 1/7th of the world population) moving out of China doesnt solve the problem with no Chinese banks working with BTC, there are already plenty of exchanges for outside of China.

No, for many months Bitcoin was "under the radar" of governments so to speak, it didn't really come to negative attention until it started being worth 500 times more than the US dollar.

Temporary. Just like the Copywrong War, the War on Drugs, the War on Terror, and everything else in this life and the next.

All things come to pass in time.

Couldn't they just move out on China, and set up the exchange on a VM ?

Not quiet all correct, in a basic economics class you would have learnt that the Bank of England is also privately owned in much the same way as the US Fed Reserve

A country has one central bank. Except for the US, all countries' central banks are government owned. The central bank is the financial regulator for the entire country and its job is to be the government's banker.

All commercial banks in a country have to answer to the central bank. The central bank does not deal with individuals. It is not a commercial bank or a personal bank.

China's central bank is called the People's Bank of China or PBoC.

All of the above is stuff you learn in a basic economics class.

OMGIDC

(I don't care)

China crud has gotten quite old by now.

Just ban it and be done.

Quite frankly, I am tired of hearing about it.

Sell all your coins china folk, drive the price low, and I will buy every gd one of them on the cheap.

Macau & Hong Kong are the two Special Administrative Regions of the People's Republic of China. That is why the rules are curbed at these 2 places.

But as long as the thread is concerned about China ban ...watch out this => https://imgur.com/a/KDwtE

There's a place for everything in China.
Gambling is in Macao (open a casino in China and you will be in trouble, open one in Macao and you'll be their best friend).
Off-shore banking is in Hong Kong. Open an exchange there and you'll be fine. They sure don't want you to go to Singapore

https://anxbtc.com/

I don't understand china. So many other virtual currencies legal but not bitcoin.

it appears that last month i "thought" they moved over to a commercial bank. but it appears they are using bank of china (central bank). so i guess they have to now get a commercial bank account like i thought they already had.. my mistake

guess the news last month was fud, or that bobby lee swapped one central bank for another..

lets hope atleast he follows regulation and gets a proper business account away from central banks, that the business is registered with the telecommunications regulators and all the other red tape or all of this stuff will just roll on forever.

all this chinese stuff is starting to confuse even me, as you rip one layer of fud off, another layer appears.

either way bobby lee's exchange is still online, so atleast they are trying to push forward instead of giving up

Didnt BTC China get their account closed hours ago?

well your impression is from reading reddit and forum opinions. but if you read the actual announcements from the chinese authority and look at which banks they have talked to (central not commercial). then read on further to the bits where the government asks bitcoin exchanges to register in regards to the telecommunications regulations. you will see that government is not say bitcoin exchanges F**k off, they are saying that bitcoin exchanges should not be using central banks(personal accounts) and should be registering.

as for OKCoin. if you compare their closing down statement with amirs statement in regards to intersango.. you'll get my point.
some basement dwellers and antigovernment types like to think they are bitcoin businesses. but from a banks point of view, they are using FIAT, thus thy need to conform to fiat regulations. i am more suprised that OKcoin didnt just turn themselves into a bitcoin-alt exchange and just remove the fiat aspect. but oh well atleast thats one less unprofessional hobbyshop out of the ecosystem

alot of people think that exchanges are run by professional adults that want to be transparent. well intersango proves otherwise. the previous owners of cryptorush (who were teenagers) have proven otherwise. these type of people do not want to get government registered and be fully legit, so it is expectant that things wont go their way, especially in intersango and OKCoins cases where they were touching and handling a government owned product(FIAT)

Bobby Lee's exchange is fine, why? . because he is an adult, that has registered his business and is now using a commercial bank account.. hense why he is not having an problems.

This isn't really the impression that I or most people are getting.

They want to / have stopped all payment processors working with exchanges and that includes the banks. Nowhere does it say its due to using a personal account could you provide a source for this? Yes they are not banning Bitcoin itself but all ways of it interacting with the traditional fiat system unless it is in person cash transactions. Why would OKcoin be talking about moving off shore if all they have to do is register with the government? 

You make it sound like the Chinese are cool with exchanges and Bitcoin trading you just need to register which isn't really the case is it?

the strong, savvy, and smart will survive.  China reminds me of Gox.  I have taken all my money off of Chinese exchanges.

some exchanges are closing due to the fact that they are not using BUSINESS bank accounts, instead they were using personal accounts.

chinese central banks are not commercial banks. they are personal banks. and if a exchange cant handle or be bothered to get a business account, which requires registering a business name with the government, getting tax registration numbers and showing the bank a business plan.. then do you really want to be trading with it, as that is normally a big neon sign that they dont want to be official. and that glows as "risky".

take intersango.. not chinese, but shutdown due to using an account not aimed for business purposes (you truely think amir taaki went through all the proper red tape??? come on!! think about it)

the problem with banks is not actually bitcoin, its lack of transparancy. this is why bobby Lee's chinese exchange is still running, and all the other basement dwelling exchange operators had to close shop.

so the basic point is, if you want to do business with bitcoin, do not use personal accounts.

it is even written by the chinese government themselves in their guidelines that bitcoin exchanges need to get government registered and to do it right. the same goes for any country. china is a no big news event. its the same story as intersango and the other exchanges across the world, in the past.