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I can't see any actual official document or reference unlike the last one that was signed by several Chinese gov agencies.

Can anyone else find an official reference, rather than my friend's cousin knows this guy who works in the bank or china and had a meeting with some other high up person who said....this is really really going to happen


Also the real money *I* think is going to come from the City of London when they get exchanges going. There's  about 1.8T a day in forex trade there.

What's the latest China announcement?

BTC38 put up a notice basically saying no credibility to the rumor.

http://www.btc38.com/btc/btc_market/476.html

Google Translate:

December 16, 2013 afternoon news: Today, a number of central banks pm news began to spread about to stop third-party payment provider payment and clearing services for Bitcoin market, news disseminators say enthusiastically arrange things. In the beginning, most do not believe this rumor, however, due to the large domestic market, the second largest trading okcoin stopped a few days ago, "money paid through" withdrawals feature the afternoon, microblogging issued the following message to authenticate the user as follows: microblogging certification Users "Li Wenbo" posted microblogging, has been deleted thereafter, another QQ members of the central bank had posted a fake PS notice as follows: QQ group members who posted sham notice Xiaobian deliberately opened the central bank "to pay liquidated Division "page ( http://www.pbc.gov.cn/publish/zhifujiesuansi/394/index.html ), did not this news. Rumor has no visible acting in order to do their utmost.

Because in all kinds of superposition, the market began to panic, and some players began selling virtual currency, eventually causing an avalanche effect. Not famous market-bit era (which is where I Xiaobian this company) era coins, and instantly fell from two dollars and 0.9 yuan, directly sliced. Although the recovery, but also began malaise, currently stable at 1.5 yuan. Screenshot below: Again, Xiao Bian prime moment I buy coins from 22 yuan fell to 16.51 yuan, 25 yuan to start to let Xiaobian deeply pinched profusely. However, I am, after all, is the day Xiao Bian (nao) Fu (can) iso (wu) intrinsic (yao), not only did the whole cast flesh, but also took the opportunity to copy the one end, at the end of 19.5 and bought a copy of the 3000 yuan, When 20 yuan to sell, but also earned a snack money. The following is the prime currency plummeted when the screenshot: it is not clear that the "rumor central bank to stop payment" event is called the dealer waves. But according to Xiao Bian friend preaching, the dealer does have the opportunity to take advantage of significant Xihuo. Virtual currency investment risk is huge, not only from its own ups and downs in these currencies, but also from the QQ group rumors swirling. Xiao Bian bit era you please customers keep their eyes open, be careful to avoid cross-check again and causing huge losses to be deceived by similar rumors.
 

Its 5:23 am in China. It could last some hours till there is an official statement.

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

And of course, there is no credibility to the rumor, other than someone who initially posted "a friend of a friend of a friend with GREAT knowledge" said so...

Looks like a trap.

I'd say it was a scam to drop the price low so some whales could get some cheap coins!

Isn't there one single chinese speaking individual in the whole western world who's able to translate these rumours etc. into understandable English  ;D

Sure feels that way.

I usually enjoy reading Coinbase, but these latest stunt left me with a sour taste all day. I don't think it is responsibly journalism, by any means, to post such a price-moving story from a "credible source" without absolute confirmation that the piece is pure fact.

The problem isn't with the translation, it's with the source. Some are referencing a post that went up, then was promptly deleted, while Coindesk is referencing their "sources"... add to that translation nuances and it's anybody's guess.

Oh well... stay calm and keep hashing.

I think you mean Coindesk...

Coindesk has 2 China related articles today.

The first (http://www.coindesk.com/bitcoin-china-statement-interpretation/) is a comprehensive, balanced article, with lots of facts and sources.

The second (http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/) is short sensationalist FUD based on mystery 'sources'. 

Yes I realise that, however it would have been interesting to know what btc-38 said above anyhow I'll hold out for further news disseminators say enthusiastically arrange things, I'm pretty sure did not this news. Rumor has no visible acting in order to do their utmost, I suspect Not famous market-bit era - as its says not only did the whole cast flesh, but also took the opportunity to copy the one end, at the end of 19.5 and bought a copy of the 3000 yuan, When 20 yuan to sell, but also earned a snack money. My takeaway from this is be careful to avoid cross-check again and causing huge losses to be deceived by similar rumors. 

This isnt the first story from coindesk that has questionable "facts", one of which I was going to look into more before saying anything but honestly, this just proves its amature hour over there. Glad someone beat me to starting this thread though :)

By "questionable facts" i mean their story has no basis in truth, only rumor. Normal news agencies report the "news" meaning they get it from another site that they believe to be accurate or truthful(risking their own reputation if wrong) or they get more then 1 reputable source, meaning they must do all in their power to verify the information is fact and based on some piece of evidence such as a voice recording, a official announcement from an official website. Seeing as his source is a random buddy he met on the internet and there is no official announcement of any kind, STRESSING the fact that previous information regarding this came from *multiple* official sources in china.

There is no doubt that the article and rumor are 100% false. created only to cause a reaction in the market. for a amature mistake(if you can even call it that) of this magnitude, the person who wrote it needs to be 'fired' from coindesk. Their article is unacceptable.

It's been around 12 hours since I woke up to something happening and some information about how the Chinese government is treating bitcoin from some sources, and I still have no clue what's going on.  LOL

Sad to see how easy it is to cause panic. Imagine somebody saying on TV the country went bankrupt and their property is seized. The mob would hit the streets in seconds fighting and stealing from each other. Damn, I invested all my spare fiat in the first crash wave and couldn't buy anything today :(

As much as techology is a blessing, it's also a bitch.

Just like the news media. Everyone wants to be first to break a story, so rather than gain credible information, they just blindly throwing it up as fact, and as soon as that happens, it's all over twitter, facebook, whatever. And people, rather than thinking for themselves and verifying information, believe that because a website posted it, it HAS to be true so they turn around and keep spreading mis-information.

As great as there is no centralization or "rule book", it also sucks because one small baseless rumor can spread like wildfire and panic ensues.

Was kinda hoping Asia would have woken up this morning and seen the results of the fire sales and started buying up quickly. But who knows. Probably half of the people over there woke up, saw the huge dip and immediately went and started selling as well.
 
Oh the vicious cycle.

Either way, glad I was able to scoop up a few other ALT coins at a low price today to add to my portfolio. Maybe now these wannabe get-rich-quick folks will stay out of the damn game and let the true believers take back control.

In my opinion it's a good thing that a small baseless rumor can cause panic amongst all the uninformed people for a short while... gives us the chance to buy up some cheap bitcoins. I'll wait maybe another day or two to make sure the price doesn't drop anymore, then I'll pick up some coins for a 20-30% discount. Since the rumor probably won't follow through, the price will hopefully climb back up to 1000USD before long  ;D

People on here still think it's just a rumour? lol denial

You have any proof? Other than 2 deleted messages and a bunch of blogs referring to those 2 deleted messages and "friends" as sources?

Aside from that article on coindesk and their "sources" what proof is there that anything has actually happened?

Its been hours now. Either those sources are being very tightlipped or its all fabricated.

If the rumours are untrue, then this almost qualifies as the biggest panic since the broadcast of "War of the Worlds" in U.S. 1938 :)

http://www.reddit.com/r/Bitcoin/comments/1s61x1/what_the_actual_chinese_notice_not_summary_says/

I sense a buying opportunity.   :o

In Las Vegas last week, the CEO of BTC China - BOBBY LEE - was talking to everyone and explained that the Chinese Government has determined that the financial banking institutions in China will not get involved in Bitcoin. Banking institutions in China will stick to banking local currency, period.
Banks will not get involved in Bitcoin transactions.

OK! But what does it REALLY mean?

China recognizes Bitcoin as a "virtual asset" (which it is), not a currency (which it really isn't), and is allowing this new virtual asset economy to grow with new and upcoming companies, like BTC CHINA.
It is not banning Bitcoin.
SO what Bobby Lee was explaining, was how great this is because it will allow new types of companies to fill this void and business space, that the banking institutions cannot get involved with.

YES, this makes it a little bit more challenging to become involved with Bitcoin in China, RIGHT NOW-TODAY, but not forever, and not for very long...
This is the real opportunity in China, because new companies and technologies will be developed and created to fulfill these needs and new services.

If the financial institutions control the Bitcoin economy in any country, this whole thing has failed....so THIS IS REALLY A GOOD THING.

People are just panicking because there is so much disinformation being generated by these blogs that have zero credibility. Furthermore, Bitcoin is bigger than China, and this whole fiasco is only temporary...

I totally agree that it could be a noob trap to get panic selling going. This is what has been happening for centuries in the traditional financial markets so as long as Bitcoin is primarily another speculation coin it is going to happen here so the Rich can hoard even more coin and fleece the inexperienced panic sellers yet again.

I think what we all need to remember is that WE practically run this thing. Obviously this is an exaggeration, but Bitcoin is STILL so new, and the people here on this forum are at the forefront of it all, AND the miners. Mass media will be mass media, but I guarantee that we the people will not let this thing fail...

Looks like someone noticed the immense information gap between China and the rest of the world, based on how much confusion the PBOC announcement caused, and is exploiting it to manipulate the market during this slow holiday season. Yet another round of cheap coins for those astute enough not to fall for it. Enjoy!

Deep pockets are buying all the coins on GOX.

I'm actually surprised where all the fiat came from..... it must be from US exposure and real investors come it.

Ppl will find who those big players are.... just like how they're shocked to hear Richard Branson has millions worth of BTC.

It isn't FUD.  :D ;D :D ;D :D

It's real, alipay and the other payment providers and financial institutions are not allowed to deal with the bitcoin exchanges anymore.

I told you guys the legal document was open for interpretation.

https://bitcointalk.org/index.php?topic=358368.0;all

Financial institutions deal with currency, and the Chinese government wants to keep it that way.

Bitcoin Exchanges and related companies deal with Bitcoin, and the Chinese government wants to proceed this way.


It's only clarification of separation between THESE businesses, not Bitcoin in general.

Agreed. A big part of the motivation is probably to stem potential capital flight out of China via bitcoin. Not there was likely much of that going on, but the gov probably wants to get out ahead of matters. Which means eliminating layers of financial intermediaries that could obscure identity (hence why "payment processors" might not be allowed to interact with bitcoin exchanges, but banks are ok).

All in all, it will probably indeed dampen the mania to some degree, but it's by no means as hostile as many are making it out to be.

For the record, we can fully expect governments everywhere to demand the equivalent of AML/KYC, which is more or less what this China action likely amounts to (though more rigidly). That AML/KYC status-quo permeates the global financial system; not just the US.

http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12

If the rumor is false why all those chinese people over at btcchina are selling like crazy? And why btcchina haven't made a statement already saying that this is FUD?

Bingo!

Good to see you all are starting to understand finally.


Yes and they will collect capital gains and/or VAT taxes on Bitcoin appreciation as an investment even if you are trying to use it as a currency (medium-of-exchange), thus it can not be a currency (https://bitcointalk.org/index.php?topic=351712.msg3979502#msg3979502).

But developers of altcoins will rise to the opportunity and create truly anonymous coins. Anoncoin isn't it. Bitcoin isn't it. I will soon publish a whitepaper to explain why.

In short, you need to understand that Chaum mix-nets (e.g. Tor) are vulnerable to timing attacks, and even honeypotting given only 3 hops. They NSA and spy agencies in each country are likely still able to track your identity much of the time. And VPNs are likely all controlled/backdoored/hacked/rooted by the NSA. And exchanging through mixers and altcoins does not obscure your IP address no matter how many times you do it. Also even across these proxies, your identity is tracked in other ways such as browser plugins trojans, cookies, patterns of internet uses such as favored search terms, facbook et al tracking the way you type (https://bitcointalk.org/index.php?topic=363852.msg3889591#msg3889591), etc..

Even if you are one of the lucky few who manages to keep your anonymity assured by careful mix of the above methods, the point is the majority will not. And thus it is very simple for the government to make your anonymous coins practically unspendable and useless (https://bitcointalk.org/index.php?topic=360763.msg3872909#msg3872909). The government simply sends a tax bill and put criminal liability for all activity on a coin since mining until present, until those non-anonymous coins holders (or former holders) can provide the identity of whom they bought from and sold to.

Thus all users will become afraid and only accept coins and sell coins from those who provide their complete identity. Thus only a coin with widespread assured anonymity would be able to become a currency and remain immune to government control.

So clearly you can see that you never will have anonymity with Bitcoin nor any current altcoins. Thus Bitcoin and the current altcoins can never be currencies (https://bitcointalk.org/index.php?topic=351712.msg3979502#msg3979502) (unless the governments take them over somehow and make them legal tender), and the government will essentially control them.

Note one means anonymity I proposed thus far are a new way to do physical crypto-coins (https://bitcointalk.org/index.php?topic=310859.msg3972962#msg3972962).

emunie solves the anonymity problem

Just going to ask the obvious here.  So if 3rd party financial institutions are banned from working with bitcoin exchanges, and so are banks, then how do people move fiat into and out of the exchanges?

I feel like something was lost in translation here.  Either the chinese exchanges are going to basically die, or a there's a bit of a misunderstanding and they can still be used by another route.  

Another problem is that many here have a very vested emotional interest in a biased interpretation of the news.  Cold hard facts would be nice.

http://www.coindesk.com/bitcoin-china-statement-interpretation/

I think this article is what your looking for.(china isnt banning bitcon)

There is a need to spread some FUD, just like Sun Tsu said some 2500 years ago to disorient the enemy, and that's exactly what they are doing. Make no mistake, crypto currencies are an enemy of any central bank, they can't ban it right away, because that'd look very suspicious and make people ask too many questions, but they will be spreading FUD about them all the time, it's a war. If you can't stand the heat, get out of the kitchen, it's simple as that :)

They are going to basically die or move to new jurisdictions, like Hong Kong. It's not FUD, it's true, you can read it in any of the Chinese news sources. The market has already reacted to it, especially in China where it plunged. Now people are thinking what comes next.

I'm basically looking for any other chinese news source that doesn't reference this:

http://www.yicai.com/news/2013/12/3234984.html  

The original article authored by Yan Xiangjun

okcoin statment for today

https://www.okcoin.com/t-1005042.html

and reddit news:
http://www.reddit.com/r/Bitcoin/comments/1t2iay/okcoincom_present_situation_in_china_to_clear/

----------------------

Funding account with RMB using your bank card through paygate Yeepay is for free without any fees and works fine. Until today they were using paygate Tenpay, today they switched to same as BTCChina.

Withdrawing RMB is possible only to your chinese bank account where you must enter your name and your bank account (no anonymous withdrawals), withdrawal fee is 1% of transfered amount, minimum 2RMB and minimum amount to withdraw is 100RMB.

OKCoin today followed BTCChina and introduced 0.3% transaction fee for your buy/sell orders and it's charging 0.0001BTC to withdraw BTC to different BTC address. At 1PM local time there is no lag on the market.

EDIT: Only official statement from OKcoin today:

https://www.okcoin.com/t-1005042.html

3rd party processors should be really forbidden to manipulate with money related to bitcoin (which would explain why BTCChina switched today from Alipay processor (by far almost monopoly in China like Paypal in US) to Yeepay and why OKcoin switched from Tenpay (2nd biggest owned by Tencent, owner of biggest IM ntwork in world QQ) processor to Yeepay), but you can still fund/withdraw directly with your Chinese bank account which works fine even today both ways and it's instant when funding (when withdrawing it always took longer like 1-3 days). Nothing else about end of this in Spring festival (end of January 2014). Most of the announcement tell people to be reasonable, use common sense and explain why they had to introduce 0.3% transaction fee after zero fees until now. Most of the responding Chinese don't care at all to ask about those rumors and just discuss fees.

---------------------

So Btcchina and okcoin changed of payment processor to Yeepay because is better and added fees. But nothing is banned.

Theres nothing banned it just some rumors and panic sell

It happened also the last time and I don't understand why!
We have a subforum for chinese speaking  and even some moderators for these. Isn't there at least one person who can speak both chinese and english?

I'm getting tired of those rumors and everyone asking what it really means endlessly.

Why are you guys so slow minded?

The exchanges can still have bank accounts. You send fiat to/from their bank account. The Bitcoin never goes into the bank accounts.

Where is that documented?

I seriously doubt that. I know of only one way to solve it, other than the new way to do physical crypto-coins which I recently proposed.

I dont see any change in the status quo - america wakes up sells goes to bed, china wakes up buys go to sleep - rinse repeat.

Ban not enforced yet, but many banks are starting to pull out.

Therefore, there is still time for the chinese to withdraw CNY.

----

And for those who kept quoting my post and writing other phony things, that's not even part of the discussion in the other thread. The legal document was open for interpretation and it seems it is skewed towards supporting PBOC policies.

This is not aimed at the post I'm quoting.

When are you all going to get a fscking clue!

The powers-that-be in all countries are pulling us towards a Technocracy where they will tax and track everything.

The lack of assured anonymity in current crypto-currencies is how they are able to accomplish this 666 tracking result.

Bitcoin is part of the plan to bring us to this tracking result. It is not our savior rather it was planted to suck us in.

It is up to us if we want to grab the moment, and make an anonymous crypto-currency that will defeat the global plan.

Even more evidence of my argument...

http://www.businessweek.com/news/2013-12-18/btc-china-says-it-can-t-accept-new-deposits-for-bitcoin-trading

Everyone needs to understand how the governments operate...

Crypto is a great addition to the fiat, gold, economic model, central banks are in no way an enemy.

Its not as bad as your making it sound really.

It transitions so slowly that frogs boil in the pot and never jump out.

Please clarify in what way anything that I wrote above is incorrect?

Just because you in the west are still enjoying the $150 trillion debt bubble (and the $quadrillion in derivatives and another $quadrillion in unfunded social liabilities), and thus you feel good for the moment, doesn't change the reality of what is happening and coming.

By the time you realize it will be far too late for you. One ABSOLUTE truth of the markets is the masses MUST always be wrong.

By 2024, the world is going to be Fucked Up Beyond All Recognition, i.e. F.U.B.A.R.. That is a military term.