Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31382. (Read 26608317 times)

here is the full translated statement (google) which is 2 day old (from before yesterday), It is interesting how they brough up this only today and how they understood it (or changed its means)


http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html


To protect the property rights and interests of the public, to protect the legal status of the yuan currency to prevent money laundering risks and maintain financial stability, the People's Bank of China, the Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission have jointly issued the "People's Bank of China Ministry of Industry and Information Technology of China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission on the Prevention of Bitcoin risk notification" (Yin Fa [2013] No. 289, hereinafter referred to as "" Notice "").

"Notice" clearly the nature of Bitcoin that Bitcoin is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not the true meaning of money. From the nature point of view, Bitcoin is a specific virtual goods, does not have legal status and monetary equivalent, can not and should not be used as currency in circulation in the market. However, Bitcoin transaction as a commodity trading behavior on the Internet, ordinary people have the freedom to participate in the premise own risk.

"Notice" requirement, at this stage, financial institutions and payment institutions are not allowed to Bitcoin price for the product or service, may not be sold or traded bitcoins as a central counterparty shall not be covered with bitcoin-related insurance business or insurance will be included bitcoin range not indirectly provide customers with bitcoins other services, including direct or: to provide customers with Bitcoin registration, trading, clearing and settlement services; accepts bitcoins or bitcoins as payment and settlement tools; carry with bitcoins RMB and foreign currency exchange services; conduct Bitcoin storage, hosting, mortgages and other services; issue with bitcoin-related financial products; would bitcoins as trusts, investment funds and other investment targets.

"Notice" requirement, as the main trading platform Bitcoin Bitcoin Internet sites, should be based on the "PRC Telecommunications Regulations" and "Internet Information Services", shall be filed in the telecommunications regulatory agencies. Meanwhile, for the Bitcoin has a high risk of money laundering risk and used by criminals, the "notice" requirement in accordance with the requirements of the relevant authorities, "the PRC Anti-Money Laundering Law" and earnestly fulfill customer identification, suspicious transaction reports and other statutory anti-money laundering obligations, effectively preventing money laundering associated with Bitcoin risk.

To avoid Bitcoin and other virtual goods by a "virtual currency" in the name of excessive speculation, harm the public interest and the Renminbi, the lawful currency status, "notice" requirement of financial institutions, payment institutions in their daily work should be the proper use of money concept, focused on strengthening the Education of the public currency of knowledge, the correct understanding of the currency, a correct view of virtual goods and currencies, rational investment, the reasonable control of investment risk and safeguard their property and other concepts included in the content of financial literacy activities, and guide the public to establish a correct concept of money and investment philosophy.

In the future, the People's Bank will be based on their responsibilities and continue to pay close attention to the movements of Bitcoin and associated risks. (End)

Accessories:

People's Bank of China Ministry of Information Industry and the China Banking Regulatory Commission

China Securities Regulatory Commission, China Insurance Regulatory Commission

Notice on guard against the risk of bitcoin

Recently, a calculated through a specific computer program called "Bitcoin" (Bitcoin) caused widespread concern in the international community, the country also has a number of agencies and individuals with the opportunity to hype Bitcoin Bitcoin and related products. To protect the property rights and interests of the public, to protect the legal status of the yuan currency to prevent money laundering risks and maintain financial stability, according to "People's Republic of China People's Bank Law", "PRC Anti-Money Laundering Law," "Law on Commercial Banks "" relevant laws and regulations of the PRC Telecommunications Regulations "and other relevant matters are hereby notified as follows:

A correct understanding of the properties of bitcoin

Bitcoin has no central issuer, limited amount, using four main features without geographical restrictions and anonymity. While Bitcoin is called "money", but because it is not issued by the monetary authorities, such as not having sex with mandatory legal tender currency property, not the true meaning of money. From the nature point of view, should be a particular Bitcoin virtual goods, does not have legal status and monetary equivalent, can not and should not be used as currency in circulation in the market.

Second, financial institutions and payment institutions may not conduct business associated with bitcoins

At this stage, the financial institutions and payment institutions are not allowed to Bitcoin price for the product or service, may not be sold or traded as a central counterparty bitcoin not associated with underwriting insurance business or Bitcoin Bitcoin into the insurance coverage shall not directly or indirectly, to provide customers with bitcoins other related services, including: providing customers with Bitcoin registration, trading, clearing and settlement services; accepts bitcoins or bitcoins as payment and settlement tools; conduct Bitcoin exchange with RMB and foreign currencies services; conduct Bitcoin storage, hosting, mortgage and other services; issue with bitcoin related financial products; would bitcoins as trusts, investment funds and other investment targets and so on.

Third, strengthen the management of Internet sites bitcoin

The "PRC Telecommunications Regulations" and "Internet Information Services", provides Bitcoin registration, transaction services such as Internet sites should be filed in the telecommunications regulatory agencies.

Telecommunications regulatory agencies to identify and punish according to the views of relevant administrative departments, shall be closed down on illegal Internet sites bitcoin.

Fourth, the prevention of money laundering risks that may arise bitcoin

People's Bank of China should pay close attention to the various branches of Bitcoin and other similar anonymous, cross-border flow of convenient features such as virtual goods movements and posture, carefully judged the risk of money laundering, research to develop targeted preventive measures. Agencies should be set up branches and offer Bitcoin registration, trade and other services in the area of ​​anti-money laundering regulation into law, and urge them to strengthen anti-money laundering monitoring.

Registration provides Bitcoin transaction services such as Internet sites should earnestly fulfill anti-money laundering obligations, the user identity identification, registration requires users to use their real names, registered name, identity card number and other information. All financial institutions, payment institutions and to provide bitcoin registration transaction services such as Internet sites, such as suspicious transactions with Bitcoin and other virtual goods related, shall immediately report to the China Anti-Money Laundering Monitoring and Analysis Center, and with the People's Bank of China's anti- money laundering investigations; found using bitcoins for fraud, gambling, money laundering and other criminal activities clues, should be promptly reported to the police.

Fifth, strengthen the education and knowledge of the investment risk of the public money tips

Departments and financial institutions, payment institutions in their daily work should be the proper use of money concept, focused on strengthening the education of the public currency of knowledge, the correct understanding of the currency, a correct view of virtual goods and currencies, rational investment, reasonable control investment risk, maintenance own property and other concepts included in the content of financial literacy activities, and guide the public to establish a correct concept of money and investment philosophy.

The financial regulatory agencies can develop relevant implementation rules in accordance with this notice.

Please People's Bank of China Shanghai headquarters, branches, business management department, the provincial capital (capital) city center branch of this notice will be forwarded to each of the local financial institutions and payment institutions within the jurisdiction. The new case was found during the execution of this notice, the new problem, promptly report to the People's Bank of China.

Contact: Zhang obsessed, Tel 010 -66194489

People's Bank of China

Ministry of Industry and Information Technology

CBRC

SFC

CIRC

December 3, 2013

I think Pokerman definitely doesn't regret panic selling and definitely isn't trying to buy back in 

Yup, it's super laggy on every chart.

They must be having an accidental DoS due to excessive traffic on BTCChina's chart.

Even charts for BTC-e are lagging and I have my trading engine open with 0 lag; so it's pretty much BitcoinWisdom having the problem.

Nobody takes this as bad news. Speculators are just selling to buy back lower.

You'd better short ASAP.

The only thing sustaining this bubble is the media attention, once it plateaus, which I believe it has now, there will be a huge crash. This may be it...

yeah, keep crashing, my funds are still on their way to bitstamp hope it goes further down until they arrive
didn't sell, put my coins into cold storage to prevent me from panicing in exactly these situations. just take it as it is: a possibility to increase my coinstack for smaller money

Warning - while you were typing 12 new replies have been posted. You may wish to review your post.  

LOL!
Nice dive btw...

Ok, you first.

People see the words "ban" and "China" in one news article and they are freaking out, lol. Read the whole article not as bearish as you think it is. Beartrap.

Way to exaggerate ...

We're now just going to have a little bounce down again to form a double bottom and then we're going to go up again.
Pretty sure we'll be back on track by tomorrow.

Exactly, china accounts for over 50% of BTC volume, this will deal a huge blow to long term potential of bitcoin. Get out while you still can

Fixed that for you.

At least try to be a little less transparent, Mr Bear

bitcoinwisdom is acting weird for me.

lol ok

Does this mean that Chinese will have a hard time buying bitcoins since there banks may not want to allow transfers to bitcoin exchanges?

I'm a bit confused over this statement since just a few weeks ago a representative from the central bank of China came out with positive signals on bitcoin.

I dont think its over yet, there are a lot of reasons to be afraid, this is just a bull trap, we are back on our way to double digits.

People who didn't have their coins in the exchanges can still panic. Waiting for press release T+1h

Right now, I wish I was a Chinese with lots of money on BTCChina.