Bitcoin Forum

So BTCC and ViaBTC https://twitter.com/ViaBTC/status/908576610059776000 (https://twitter.com/ViaBTC/status/908576610059776000) are officially closing.  All the others will too in the next week.  But guess what?! Bitcoin is not banned in China!!!  Not at all.  We will soon learn about NEW bitcoin exchanges in China.  In about 1 or two weeks, the major banks and maybe even the PBOC will open their own 'licensed' bitcoin exchanges.  This is just how the Chinese government fucks the original guy who made exchanges profitable and takes over.  First, make their life miserable until they quit, then make the laws more friendly for the new banks (who are owned by the cousins of the govmt officials).  Bye, bye Bobbie Lee!  Time to get out of China and let the governor's cousin take over for you. 

Corrupt as fuck!!!

I honestly wouldn't be surprised if they'd just continue operating after all: "Oh we've talked with PBOC again and it's cool now. Sorry we crashed your markets."

If they really do close shop (and other exchanges follow suit) I don't think that "licensed" BTC exchanges will pop up. I think that in that case China will officially have left the BTC markets for good and only act as a BTC exporter. Keep in mind that they want to avoid an outflow of money (as enabled by BTC), but are very happy to see an inflow (as in BTC being sold outside of China).

If that's the case, good riddance. We'll have a long bear market ahead but at least we'd be done with the China FUD.

wtf?  PBOC and Shee PingPong makes those 1.5B people bow no matter what they want.  I don't know what you are talking about. 

Wow. I got a message from someone who lives in China and he claimed that China never banned ICO completely, that it was just temporary. I never believed him, cause lots of siteswere already carrying the news all over the web. Now here’s an all different info I’m getting. Well, we shall see.

Trust me, there will be new and wonderful exchanges ready to replace those kicked out 'without licenses'.  The new ones will have this 'license' given by the state in the name of 'safety and regulation' and these will be owned by friends of the state rather than entrepreneurs like Bobby Lee who built the system in the first place.  It is simple theft.  Chinese are very good a stealing shit from the original creator.

I think you got some valid point here, China is not fully a communist country and there is lots of corruption just like here in Nepal.
We might see new licensed bitcoin trading platform but the one who will be holding those license will be relatives of government officials or politicians just like how stock and commodities market here in Nepal is fully dominated by politicians and their guys.

I think you will pretty much find it universally accepted around here that RawDog always has a point. Usually it is a good point. 

One of my recent thoughts about China's stance about bitcoin trading and exchanges. They've done it before (2015) to test the waters and see what sort of reaction would they be getting. Right now, they've decided to fuck the exchanges and start being strict about it to "regulate" what seems to be a normal market on their country. Bobby Lee has been sending some signs prior to the recent announcement, but no one actually bothered to listen since it's China handling these rules and are notorious for taking back what they said (lol).

Also a nice thought: most exchanges in China don't ask for trading fees. Maybe this time they would be seeing a 1-2% fee per trade when the 'regulations' are completely implemented and new exchanges appear.

The government just want to regulate exchanges in China, every government wants to have control over. In theory is to protect the people from each other or from foreign threats but we all know that this is a excuse to own you and your assets.

I dont see as a bad thing the licenses in exchanges if this is a measure done correctly to protect the people form being robbed. i guess a lawyer can explain this better to all of us