Bitcoin Forum

Since the beginning of 2017 bitcoin traders have been focused on the ongoing developments between China’s central bank and bitcoin exchanges residing within the country.

Over the past two months, withdrawals have been suspended across nearly every major Chinese bitcoin trading platform with no word on when suspensions will be lifted.

For now, over-the-counter markets and Localbitcoins trades are the only options for big cryptocurrency traders in China, while the entire world wonders when Chinese exchanges
will resume withdrawals.

When do you think chinese exchanges will resume withdrawals?

This is the forgotten issue. I believe the People's Bank of China will drag it on for years until the exchanges realize that they do not have any control on the matter. Some of the Chinese exchanges will close especially the smaller ones because of the shrinking volume. The exchanges left will have no choice but to wait and be under the boots of the PBOC.

if china exchanger normal withdraw again, i think bitcoin price in china can incraese again
maybe same before problem with PBOC can leading market, bitcoin price higher in china exchanger, and volume transaction can higher too

Quite uncertain but i am concerned more on the market move after all this suspension will be lifted. What chinese traders are thinking to do when they will get their bitcoins in their hands from trading platforms.  ::)

It should be soon.

After all it can't take that long if you have the correct paperwork done, because the government is involved in this one I don't think you need to worry about BTCChina pulling a runner here. They are all very legitimate companies anyway as they have operated for a long time in the bitcoin sphere.

The main issue is that proving that your funds are obtained legally.

I know a lot of Chinese bitcoin whales that obviously have touched the grey areas with bitcoin, like investing in these MMM schemes with their bitcoin, opened their own altcoin ICO just for the money, etc. etc.

If you just wanna get bitcoin in China, doing so via Localbitcoins using Wechat Pay or Alipay is the quickest and easiest way to do it.

Following Japan's regulation on bitcoin usage and acceptance China too might make the regulations less complicated supporting the traders to withdraw all the bitcoin in the hands of the exchanges and continue trading with real trade volumes.

China have lots of restriction including financial restriction and i don't think china will follow Japan in case of bitcoin. PBOC have already cleared that they will continue investigation till they get convinced and i think this means till they verify all chinese traders and their source of income.

And for this to complete i think they need another few months.

The people bank of china guidelines to major exchangers in china has to be adherents to, before resumption of withdrawal. The suspension has create the current market price of bitcoin we are seeing today. Immediately the withdrawal resume I expect the price to have a free drive to £1500.

But the problem is withdrawals will not be back for another year or more, I believe. As I said, the People's Bank of China will try to drag this on for the purpose of controlling the transactions of cryptocurrencies in these exchanges. They cannot allow their people to freely move value around on the internet.

they have had their bitcoin from those platforms it is their money that is tied inside of these exchanges and that is because it is tied to the banks. in other words a bank is required to deposit or withdraw your fiat to and from an exchange but bitcoin doesn't need it and you can do it on your own.

and i thought they have resumed the process by now! it is strange because i can see their volume already picked up.

It just shows what the majority of the Chinese think about Bitcoin. Just something to buy and sell so they can make some CNY.

What are you talking about? You do not make too much sense! It would be the right time for them to dump now because the Bitcoins they have in the exchange is now useless. They cannot move them out and send them to their wallets. Dumping now and withdrawing their CNY is the better move. They cannot risk all their money trapped in those exchanges.

Maybe you do not understand the situation.

This situation still remain unclear, yiu maybe right due to Okcoin exchange has normal exchange rate but Huobi and BTCChina show the price under normal price around $1000. After PBoC investigators discovered irregularities in the operations of the three biggest exchanges in there, those exchanges has announced to halt withdrawal for bitcoin and litecoin for a month to improve their anti-money laundering capabilities and prevent illegal transactions,  but it's already two months and there's no any information about it.

The People's Bank of China will not allow those exchanges to operate like they did before. They will only allow fiat deposits and withdrawals but not the deposit and withdrawals of cryptocurrencies. The risk for the PBOC is too much. They cannot allow their citizens to move value in and out without any control, and we know cryptocurrencies are very hard to control and track.

I am thinking that China have got stuck by its own rules as they thought that if they implement this rules then the market will free fall and their short position will gain them but the opposite happened and now they are stuck with their short position. Until the market dont fall their wont be any other improvement.

The withdrawals will have delayed until there will be an official announcement from the government.

But if the Chinese exchange will have applied webcam verification in the future and it will be restricting a lot of Reviews their users. With the trading fees, there will be no manipulation from the chinese community.

I do not worry about the continuation of the chinese exchange site withdrawals.

I don't think the video webcam verification will work on the long run, maybe some people will do it to be able to get their fund out of the exchange but this will create another parallel market as we have seen with the increase trade volume on Localbitcoin.

I think Chinese exchangers will resume withdrawals depend on decision of government
we don't know when is happen because still there are not announcement
but if it happen becoming good news for bitcoin at China
so gives them time to make desicion and discussion about it.

I do not believe so. The People's Bank of China will keep extending the ban on withdrawals until the exchanges themselves will voluntary close because of the lack of users and profit.

Check the prices of Bitcoin in the top Chinese exchanges. They are among the lowest now. Before the ban they were the ones pumping the price.

Interesting position Wind_FURY. We will see how this develops for China.

There is no reason for Chinese government to release those funds which they sees as nothing more than a channel to funnel ill-gotten money away.
Not to mention a way to launder money or for officials to move their bribes to avoid detection.
My guess is release will only occur when all the money are identified and the owners came forward with documents to support it.
Otherwise legislation will be imposed to absorb those unclaimed to national coffers.
Just my 2 cents...

Could this be holding the Bitcoin price down? If so, the question is what happens when those customers can get there Bitcoins. Will the price rise because everyone has more trust in Bitcoin, or will those customers just cash out and we'll see a price drop?

So you are saying they will just confiscate the assets?
I have bitcoin on bitvc locked in there and I'm not from china.. It clearly stated they catered towards global business and I liked their platform. So now I will be victimized by the government of china?

Are they allowing Bitcoin deposits?

They are not going to do that, bitcoin is too big in China and they won't want to give dominance in the bitcoin market to other countries. Remember the vast majority of mining operations and ASIC manufacturing is done in China. They are just being overly cautious about things as they always are.

This all might just be pressing for bitcoin bitcoin increase and decrease because many factors so that when you want to get an advantage then it should be fine in the thought of something. But you don't have to worry if the bitcoin precipitously, because it was just a usual strategy carried out by the existing system. You need to know, if more and more enthusiasts and users bitcoin then there will always give a high price
 

Any idea just how many coins are tied up in these exchanges?