Bitcoin Forum

Looks like the Chinese are not against cryptos after all; they just want their share of all the money being made. I think this is the first of many countries to start regulating cryptocurrencies. I also believe this is a good thing. This will help get rid of the scams, and the regulation legitimizes cryptocurrencies which will help it to become mainstream. This will also help accelerate the price of Bitcoin along with the legitimate alt-coins.

https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

Any country would not give crypto currency a free hand without having some element of control in place. The regulation that they are talking about for me, didn't come as a magic it must have been borne out of series of meetings and consultations with stakeholders in the industry because they are money bags and have the ears of government, they all came to a compromise of regulation. What I want to see is them sustaining it and not come tomorrow to shout ban where there would be another round of crash.

More news about China. i think china is so much a reason for crypto. china plays politics here, looking for ways to drop bitcoin. it is based on the first prohibition and many of its growing rumors. i am not too sure with china.

I think china will publish another fud soon that can cause massive dump, still daily trading volume is low.
Hope I can buy back some cheap bitcoins on next possible sell off from newbie traders  ;D

Regulation is better than simply ban on the use of crypto or virtual currencies. Is this the real reason behind current price recovery/pump? I don't think so, we might be still in bull trap.

It make no sense to have all exchanges closed (or they will be soon) and then decide to regulate crypto currencies so I'm really curious to see what decision the CEOs of the exchanges will make at this point. I can find no other sites speaking about this news though (except for the one linked as source) so this may be fake news, It's better to wait until tomorrow and see.

I am still not convinced with china, they make a ban but there are still other obstacles. this becomes very mazy, news of various media is not consistent. I think china will actually prohibit her involvement in bitcoin. but they still consider it, what happens next? too much intrigue that china do.

It's actually not a bad idea. It's also for the convenience of every citizen there. It is also accessible for people who prefer to stay at home rather than going outside to do certain shopping or activities.

It originally appeared here (http://m.jinse.com/bitcoin/74534.html) according to the article, and I can only read a few lines but I cannot connect it to the claims about China rolling out friendly regulations towards cryptocurrencies. Also, I'm wondering why do they need to order a closure for all China-based exchanges if they are only studying what their next move will be? They can suspend the operations for a week or so until they come up with a decision but they went batshit crazy to order a complete closure for exchanges.

Also, it's kinda weird that all of these 'reconsideration' news appeared after the price has recovered. Hmmm.

Well they all just want to have a taste of bitcoin success.  Seeing bitcoin as a good way for government to add revenue to them.  They want to have a grip or control on everything.  Merely because bitcoin is a guaranteed success and that it can really give true income.

They are CLOSING DOWN THE EXCHANGES with effect from today.

That's not "regulation". That's a plain ban.

FYI regulation would be them simply saying, exchanges can stay open as long as they follow KYC rules.

I agree, once they dont get all heavy handed and cripple the concept entirely. There were many people getting ripped off with pure scams of ICO and it really was about time somebody stepped in to protect them. Thieves are criminals, whether they pick your pocket or scam you in an ICO, and should be dealt with accordingly.

Could be just a rumor. I guess we'll find out Oct 1st. The market seems to think it's real for now, but if it proves false, then another drop may be in store.

How can ? does not china have banned and will never be caught again? I am more confused at the policy of china. What really happened

Maybe if you are in the US or EU. China is a totally different government, and they want to have full control over all crypto transactions, not only avoid some money laundering. But I wouldn't even be surprised if they ban all the exchanges and only allow one controlled by them to operate.

China never banned Bitcoin. They only asked all the China exchanges to stop all the CNY tradings. They are planning to regulate those exchanges, or maybe even close them while they create one fully controlled by the government.

Cryptocurrency don't need government regulation because there is no such thing as "government regulated Cryptocurrency". If they can regulate it then it isn't a cryotocurrency..
The good thing about the so called "government regulation" is that it will help flush out ICOs and Cryotocurrencies that fail the decentralization principles. "If government can regulate you then you are not worthy to be called a crypto currency and do not deserve to exist." .  Only Bitcoin and maybe few Altcoin can pass a decentralization test.


Well, Chinese politicians can do whatever they like as long as they do not destabilize the Bitcoin market.