Bitcoin Forum

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

what is the source of this? is it a guess or is it actually a news?


nothing really. that means bitcoin exchange platforms would finally be regulated.
and in the end bitcoin exchanges would be like stock exchanges or Forex exchanges or .... nothing big really!

in fact i even say that is a great news because it simply means a lot of other people can trust these platforms and start trading bitcoin. and that means price going much higher because of all this new adoption.

No problem because the comunity of bitcoin are not criminal it is good for growing bitcoin,
if the users wanna be anonymous they can buy bitcoin on localbitcoin​.com paxpul.com
and they can use bitcoin mixing service are like bitmixer, cryptomixer and other bitcoin mixing service.

Here is the [Suspicious link removed]j.com/articles/china-bitcoin-rules-would-require-exchanges-to-verify-clients-identity-1489721593?mod=e2tw
It's from THE WALL STREE JOURNAL

thanks for the link. apparently forum removes wsj.com as a suspicious link ;D and because your rank is low
here is the correct link link though:
https://www.wsj.com/articles/china-bitcoin-rules-would-require-exchanges-to-verify-clients-identity-1489721593

and it seems like regulation is not yet "enacted".

Actually yes.

i think in this way china want to find satoshi lol :)

Sorry to made a mistake ;D   
Bitcoin needs to be regulated so that it's good for it grouping up.Then people can make more money from bitcoin :D

You know what you could do? you could find a non Chinese based exchanging crypto service and use them instead, but any where in the world you go if you try to deposit or withdraw fiat you will have to get verified so why the panic about this news?

What does satoshi mean?

NO panic, it's a good news for Chinese investor.The government relulates the exchanges,then bitcoin become more safe.

should expect a new wave of FUD if this is activated by the Chinese government!

I don't get why people are so afraid of regulations though. it is actually a good thing for bitcoin exchanges to become regulated. they become a little bit safer and because of that they can attract more invertors/traders to bitcoin.

and besides whoever that is concerned about privacy and stuff like that have already been OTG trading and doing it p2p without a trace. the rest have already been giving their information to exchanges when they link bank accounts. so not much is going to change in the end ;)

reasons that will eliminate the habit of being the anonymous user in bitcoin, I think it does not look appealing but if it is the decision of the government of china I think it is ridiculous but whatever it was I never trade on the trading site of china :)

Thats not a big news really, here in the Philippines it was implemented long ago and bitcoin industry is still booming. Theres nothing wrong providing the exchanges with your identity since that would fall into their records and it will be submitted only to the Central Bank. If the central bank is monitoring then it is much better since it will serve as a security for the users when big problems arises within the exchange.

Can't agree any more.

Other countries are more flexible to bitcoin,China is strict to that,but it's a good thing,can offer a security way to invest bicoin.
Does bicoin can widely used in Philippines? Can you pay with Bitcoin?

I think require exchanges to verify the identity of clients aim to avoid criminal activities such as money laundering and to clarify the identity of their clients. I think it would be excellent for use bitcoin there because crime with bitcoin can be minimized. Bitcoin exchanges will be wholly compliant with legislation this country. I do not know if it will negative impact on use of bitcoin in other countries, but I do not think there is a serious negative impact.

Satoshi is the one who created Bitcoins and no China government is not doing this to find satoshi. To some extent I like the idea if it's implemented, it will make sure the exchanges are kept in check, that will help the popularity of Bitcoins and will get more Bitcoins users in the system. Then it could pave the way, for China market to accept, Bitcoin as a payment. But my concern here is will people be happy to disclose themselves identity. The whole point of Bitcoins is about mainthing annomonity. I think this may just scare the users away, I think this point most of people are not understanding, as people would be at risk to having their incomes exposed.

Well it can be helped, bitcoin are not accepted in some stores, we still need to convert them to real money. Here in the Philippines we are required to give them informations and some papers to prove our identity, it also helps avoiding other crimes.

I hold the idea that long-run develoment is based on the strict supervision.

I see.Thank you for your answer.

China is clear in its stand. It needs to be working perfectly without making complications or acting as a threat to the economy of the country. It's been said China never opposes digital growth, but we need to have our economy move in the right way without making any collapse. So KYC is a must for exchange activities.

It's all the better, so that money launderers, drug dealers and Bitcoin deviants wouldn't use it to perpetuate illegalities around the world. Verification can scare off potential bad people and minors from using Bitcoin for what it shouldn't be used for.

all those people are using fiat and will continue to do so because it is much more convenient for them and their purposes. and even if someone wants to do any of these things with bitcoin they will continue to do so without exchanges like before.
this seems more like taxes to me.

I think it will not affect your earnings on bitcoin even if you give your identification I think it is just for security measurements that they required something like this I think that they are giving importance more on bitcoin that they would need to trust first the users for transaction to be confirm and I think it would be OK if it would be applicable with other countries.

Long-term development is based on strict supervision? Like what it is, I do not understand? To my knowledge the Chinese government do like that because to oversee the circulation of bitcoin in China to avoid money laundering or other abuse. Because China is very firm on things like that. Maybe, this corresponds to which you say "strict control" but "long-term development" I still do not understand ???

This is quite expected. As long as the one dealing with Bitcoin are people and not robots...somewhere somehow the government has to come in and require some regulations to avoid human nature to go berserk. The only debate here is that Bitcoin was born precisely to battle regulations and centralization...will it mean that Bitcoin has failed or is it us humans who failed Bitcoin? Personally, I sometimes hate regulations but in some cases we need regulations because of greed and manipulative self-interest but when regulators are questionable it would be a big problem then.

It was already implemented in various bitcoin currency exchanger in China. In their trading site such as okcoin and btcc, they would required your number, passport number and other informations. Also, some of their trading sites aren't open for other country but only their country. However, you can see their market as spectator you still need to give some of your identity information to make trade on some of their trading sites.

localbitcoin  ??? anonymous, i don't know a single btc trader on local bitcoins that doesn't ask for full Verified ID to trade any decent amount of bitcoin.

add to that the crazy level premiers buyer and sellers charge kinda makes bitcoin pointless to average joes.

i really hope they do it!
not only because it will eliminate illegal actions through their exchanges and can potentially bring in more people but also because once and for all we can see an end to all the weird nonsense that we hear about China and them wanting to control bitcoin and "ban" it!

The premiums on local bitcoins is definitely a killer. In some cases, selling it on an exchange, paying the fees and the taxes involved would give you a better deal than trying to sell it on local bitcoins and evading taxes.

How is this news? All large countries uphold AML/KYC laws.

This is no news.  Every exchanges that is under the government noses requires us to submit our personal documents and identification.  Be surprise if China do otherwise.  This is for Anti money laundering and know your customer procedure so it is obvious that not only China will do this kind of stuff.  Even in my country we need to submit our Identification documents in order to process our transaction.

or just choosing fee free fiat banking that's readily available in my country  :-X

I agree with China bitcoin rules, it will makes nice image for bitcoin, so bitcoin will not be considered as place for money laundering everything will be clear how much people who use bitcoin on China also the users of bitcoin from out of China and this rules is nice for us I guess.

Well so you buy bitcoin use payment gateway, why you don't looking for the sellers of bitcoin from one country with you,
and you meet them on local area and pay with cash money or bank transfer, it will not needs ask for full verified your identity. I don't know what is mean localbitcoin in your mind, in my mind localbitcoin​ we buy bitcoin from the sellers in one area.