Bitcoin Forum

I have been scouring over the internet trying to get hard facts on the PBOC's ban on Bitcoin transactions.

So far the story ranges from only third party payment processors are forbidden from doing transactions with Bitcoin exchanges (as plenty money changers in the West don't allow transactions onto Bitcoin exchanges), to the PBOC outright banning all banks from processing any transactions onto Bitcoin exchanges by the end of January 2014.

One set of circumstances means Bitcoin will live on in China, the other means the practical death of Bitcoin in China.

WTF is going on over there?

i dunno, but i'm boycotting all products made in china now and i encourage everyone else to do the same.

In Europe that means mass nude starvation.

More skinny European supermodels?

I have a lot of links, but I don't really know what it means :D

http://jingji.cntv.cn/2013/12/17/VIDE1387284661392595.shtml (http://jingji.cntv.cn/2013/12/17/VIDE1387284661392595.shtml)
http://tieba.baidu.com/p/2765634649 (http://tieba.baidu.com/p/2765634649)
http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190 (http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190)
http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/ (http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/)
http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/ (http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/)

Reddit is downvoting every kind of confirmation, so it's difficult to obtain this...

This one is scary, but not true. For this to happen, there would have to be an official statement; and there is none, and bank transactions work fine.

Only 3rd party payment processors are banned. The rest is speculation and fear mongering. Bitcoin will live on in China, but with tightened regulations.

What the Chinese really need is some kind of payment system that isn't dependent on 3rd party payment processors and is outside the auspices of Government control. Something like that could change the world.

Ref: http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/

Reading things like the above is making me think more and more that the Chinese government intends on bringing the guillotine down on Bitcoin in their country.

If this turn out to be the case, then we are in for previously unthinkable lows in the coming weeks/months. Even if there were big queues of investors waiting to get into Bitcoin, they aint gonna jump in whilst a 46% share of the global market dissolves its interest in Bitcoin, combined with the undoubted panic selling that will occur in the USD denominated markets.

Interesting, as it shows how established powers can so easily allow or even encourage an Alt-Coin to grow massive, before dealing it a swift blow to the head, knocking it out cold. Whatever happens, if Bitcoin lives on in China, it will only be because the Chinese government allows it to do so. Bitcoin can only live and grow with tolerance, if not outright approval of established political and financial powers. An interesting intellectual exercise for any of those who still equate Bitcoin with freedom from big governance and the bankers who control big governance.

Yeah, it should be decentralized and perhaps use crypto techniques to secure it. Sounds pretty good, no?

Here are some images from the link highlighted above:

BTC China Funding Options Still Available:

http://media.coindesk.com/2013/12/zKapron2ed.png

BTC China Withdrawing Options Still Available:

http://media.coindesk.com/2013/12/zKapron1ed.png

I conclude gentlemen, that things are looking very bad for BTC in the near term and it looks like a forgone conclusion that Alt-Coins are going to be officially killed off in China. Whilst an underground Chinese Bitcoin market may live, this is hardly gonna drive Bitcoin '2 da moon'. Nothing that any government can do could ever absolutely kill Bitcoin (save for making sure the internet goes off), but they can take actions that drive its value down from four figures to just two. As two figures is what Bitcoin would probably be worth should all speculators be forced out of their positions and Bitcoin be left to people using it for real world economic transactions.

they literally wiped out most of the deposit options  :o

BTC killed off. are you serious, you've got to be the lamest excuse for FUD

I am typing this in bold to stress that I made a mistake in my screenshot post which I have now corrected.

In both screenshots, all the 3rd party payment companies have disappeared from Funding Options with the exception of Yeepay.

For the Withdrawal Options, only 5 options remain. all of them banks.

Both screenshots are from today. It is also mentioned in article that some guy attempted to fund an BTC China account via a Merchants Bank of China account, and was met with 'transaction errors'. i.e. it was not possible to deposit funds through this bank today, whereas it was possible a couple of days ago.

Whatever, this shit is bad news for anyone financially involved with Bitcoin.


Calm down dear! Bitcoin was alive and well at sub $5 per coin. I should know. I spent fkn loads of the little cheap bastards on Silk Road.

Nobody is saying Bitcoin is going to die. Of course, whether Bitcoin lives or dies is not really your concern. Nor is it mine. The point where Bitcoin could be viewed as representing some kind of 'cause' has come and gone quite some time ago. What we are both interested in is how these developments may affect our investment decisions and ultimately our level of wealth.

I have therefore been trying to ascertain what the fuck is going on in China and what it might mean for BTC price in near future.

All I see is that China banned third party payment processors. Chinese can still buy and sell bitcoin from the exchange using a bank only and ID needs to be provided. This is supposed to kill bitcoin in China?

Read the coindesk articles posted by Pera m8.

If any of it rings true, its much worse than that.

They banned the banks from doing business with bitcoin on the 5th. now 3rd parties are banned. Its very difficult for the Chinese to buy bitcoin with Yuan now, without going to Hong Kong or using the black market.

In The Glorious United States of America it means back to the stone age since every tech product has a 99% chance of having a chinese chip :D

On that note will bitcoin ASICs be affected by the China-Bitcoin debacle?

Bitcoin is the currency of true freedom. We have the mental freedom to pay what we believe it is worth, and the freedom to buy for what we think it is worth. Only countries who support freedom will support bitcoin.

Thank you for the information

Oh the sky is falling! The sky is falling! Get a hold of yourself.

A few weeks ago China's government labeled Bitcoin a commodity like Gold and Silver. Well guess WHAT?  In China you can not use a 3rd party processor to invest money into gold and silver. You can only do it through banks.

So what happened yesterday should have been fully expected. Bitcoin is being treated like an investment commodity.

The truth is, nobody knows for sure.  I heard precisely the same sort of arguments made last week when everyone thought they had wrapped their mind around the new Chinese regulations.  The truth is, these regulators can do whatever they please at any time and yank the price around, with no accountability to the public.  I believe this one of the many reasons the Chinese investors will (generally), just cut bait and take whatever profits/losses they can, while they can.  It may not be a coincidence that BTC China ended free trading.  They'd like to gather some coin before closing up shop.  In any event, the Bitcoin rocket will have to find propulsion from a country other than China now.

Those who know what is going on is taken advantage of this confusion to increase their btc holdings before everyone else gets a clue.

I only got to see windjc's 'denialist' post cos you quoted from it. Windjc is one of the many pillocks added to my ignore list quite some time ago.

I concur however with what you say. I too believed the measures taken by the Chinese government were fairly innocuous but the market action and further 'rumours' are suggesting otherwise. I am glad I started this thread and I am pleased with some of the info I got, particularly the links I got from Pera. Everything seems much more precarious now than it did just 24 hours ago, in that it looks like the Chinese do indeed intend to abolish open trading of Bitcoin in their country.

With Bitcoin, nobody can afford to be resting on any laurels or allow themselves to grow complacent. Everyone must be ready to expect that anything can and will happen.

It makes most sence, unless different announcement is made

So, the question with payment processors is related to the only one statement published by China central Bank:
http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
Not more statements published for the moment...

And in this same statement, this central bank, wrote some questions  about trading and regulating exchanges, with telecommunitions regulation
authorities. Why they would be interested in regulatory issues, if they will going to ban all diposit options??


here some quotes:

3 Strengthening regulation of Bitcoin websites
According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities.
The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law.

4 Prevent possible Bitcoin money laundering risk
Branches of the People's Bank should closely monitor the trends and activities Bitcoin and other similar virtual commodities with the characteristics of anonymity and easy cross-border access, seriously consider its money laundering risk, research and implement targeted preventative measures. The branches should include lawfully established organizations that provide Bitcoin registration or exchange services in its area into its anti-money laundering monitoring, and supervise them to strengthen their anti-money laundering monitoring.
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, they should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police.

 “But, the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk”

“The Notice requires, that Bitcoin websites that act as the main trading platform, should follow the Telecommunications Act and the Regulation on Internet Information Service, and register according to law. Also, because Bitcoin has a higher risk of money laundering and being used by criminals, the Notice requires the relevant organizations to follow the requirements of the Anti-Money Laundering Act and fully comply with the legally required anti-money laundering procedures like KYC and suspicious transaction reporting, to prevent Bitcoin related money laundering risks”

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Nothing has been officially published that make sense, about banning exchanges instead of regulate them

banks are banned.
You cant deposit to BtcChina & OkCoin through banks now.

This could be a bunch of BS, but this isn't looking good.  I remember the other Chinese rumors started just like this .. "no way, no way" .. "well it's bad but it's not that bad" .. "ok, this is going to hurt".

https://bitcointalk.org/index.php?topic=375376.0;all

Hey windjc!?

What was this?

WHAT WAS THIS???


Go on then,

Tell us how much ya lost ya chump?

Or did you play the markets like a boss,  buying in at $380 no doubt, and selling 10 minutes ago at $580?

Communist party killed bitcoin in china is more then obvious now, on other hand we can increase our positions cheaply, there will be no such opportunity for long time.

Those two statements are not synonymous. I don't think we know for a fact that banks have been banned, since we haven't seen any official statement to that effect. I do think we have to count with that possibility, both right now and in the future.