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Title: Can the chinese ban of bitcoin be bypassed? Post by: Inmydomain on April 10, 2014, 05:17:31 PM I'm not currently in China but I was wondering whether it would be possible to bypass the ban which could maybe negate some of the negative effects the ban would have on the currency
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: odolvlobo on April 10, 2014, 05:25:27 PM I'm not currently in China but I was wondering whether it would be possible to bypass the ban which could maybe negate some of the negative effects the ban would have on the currency Bitcoins are not banned in China. Whoever told you that is wrong. There are restrictions on financial institutions and those restrictions have a major impact on exchanges in China, but bitcoins are not banned. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Nagato4 on April 10, 2014, 05:32:00 PM I'm not currently in China but I was wondering whether it would be possible to bypass the ban which could maybe negate some of the negative effects the ban would have on the currency Bitcoins are not banned in China. Whoever told you that is wrong. There are restrictions on financial institutions and those restrictions have a major impact on exchanges in China, but bitcoins are not banned. +1. Indeed people started spreading the "China banned bitcoin news" back in Dec 2013. :) Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: K3nn3th on April 10, 2014, 05:33:58 PM I believe they aren't banned. Check your info again. Good luck.
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Flashman on April 10, 2014, 05:41:49 PM Possibly there is a new loophole opening...
http://www.forexminute.com/stock-market-news/china-shares-surge-sharply-on-shanghai-hong-kong-investment-rule-28544 Trading through Hong Kong may be possible. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: zolace on April 10, 2014, 06:41:00 PM yeah alot of false info going around, I think this is what the government is trying to do is cause mass confusion and false news.
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Nagato4 on April 10, 2014, 06:42:47 PM yeah alot of false info going around, I think this is what the government is trying to do is cause mass confusion and false news. Or maybe someone wants to buy some cheap bitcoin ;)Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: crypto era on April 10, 2014, 06:42:55 PM The ban that you might be thinking of is that theyer are large china based companies that will not deal with bitcoin as a currency. Nothing was mentioned as a commodity.
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Inmydomain on April 10, 2014, 06:59:55 PM So the individual user wouldn't be banned from possession or trading it is just effecting financial institutions?
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: cookiemonsterwhat on April 10, 2014, 07:50:17 PM The answer is yes. Theres a couple a weeks ago that they did this similar stunt, this is just old news in my eyes. Its gonna shoot back up, once they buy it at the price they want it at.
Just like the person above mentioned, bitcoin ban 2013 news lol. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: jollyriffic on April 10, 2014, 11:32:14 PM banks are refusing to transfer funds is the problem. but where opportunity opens people will fill those markets.
all those banks are doing is shooting themselves in the foot. i understand their concern, crypto makes them useless for the most part Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: barkermn01 on April 13, 2014, 07:31:15 PM The answer is yes. Theres a couple a weeks ago that they did this similar stunt, this is just old news in my eyes. Its gonna shoot back up, once they buy it at the price they want it at. would not banJust like the person above mentioned, bitcoin ban 2013 news lol. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Kiki112 on April 13, 2014, 07:32:58 PM So the individual user wouldn't be banned from possession or trading it is just effecting financial institutions? actually it's affecting the price and affecting the individual too on that way, but if you're asking about usage of coins no, it does not affect the individual ;) Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: MUFC on April 13, 2014, 08:36:32 PM So the individual user wouldn't be banned from possession or trading it is just effecting financial institutions? Yes, they're not ilegal or against the law. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Kiki112 on April 13, 2014, 08:37:29 PM So the individual user wouldn't be banned from possession or trading it is just effecting financial institutions? Yes, they're not ilegal or against the law. even if they were, I can't think of a way how they could prohibit the use of bitcoins.. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Propulsion on April 13, 2014, 11:04:53 PM They haven't banned bitcoin. Even if they did though, how would they ban something that they don't control?
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Mobius7 on April 14, 2014, 09:07:52 AM People keep saying "China banned bitcoin", again and again lol. ;D
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: counter on April 14, 2014, 09:46:44 PM yea it's not banned but to answer your questions. I'd say yes if you really wanted to get around a possible banning you would be able to. It's might not be worth the risk, I really can't say but I have no doubt you could get around it.
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: razorfishsl on April 15, 2014, 08:53:31 AM The government introduced some rules that prevents banks or financial institutions providing bank accounts/currency exchange for Bitcoin Exchanges or businesses, and has instructed such organs to remove all such facilities that were acquired in the past.
This is an extension to them blocking some of the big name sales websites from taking BTC ( ali.. etc), which was off the backs of some of these big names deciding they were going to start their OWN crypto-currencies/ token systems. ( I pointed this out in Jan, that changes were coming) There are two main reasons: 1. Some big players saw BTC/Crypto as a way to leverage cash from users to fund their business model, thereby bypassing market rules and money laundering laws. 2. China is aiming to float the RMB sometime in the next year, the last thing they need is some massive banking fraud related to RMB & BTC or indeed anything liable to cast any sort of negative image on their state run banks prior to the flotation. They would rather 3 Billion people speculate with cross rate exchange with RMB Vrs US$ than BTC, at least with RMB it gets the cash directly into the banks. I would expect at sometime in the future, the China government continues to squeeze the life out of BTC in China, mainly because their current action is following the path of how they normally deal with such matters… press leaks….gentle talking… gentle taps… exit strategy… Iron fist. That said…. a number of businesses have been sneaking over the border into HK , where the rules are WAY more flexible, and where BTC is freely exchangeable as long as you follow the rules related to due diligence and anti-money laundering. RF Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Lamber on April 15, 2014, 12:16:40 PM The government introduced some rules that prevents banks or financial institutions providing bank accounts/currency exchange for Bitcoin Exchanges or businesses, and has instructed such organs to remove all such facilities that were acquired in the past. This is an extension to them blocking some of the big name sales websites from taking BTC ( ali.. etc), which was off the backs of some of these big names deciding they were going to start their OWN crypto-currencies/ token systems. ( I pointed this out in Jan, that changes were coming) There are two main reasons: 1. Some big players saw BTC/Crypto as a way to leverage cash from users to fund their business model, thereby bypassing market rules and money laundering laws. 2. China is aiming to float the RMB sometime in the next year, the last thing they need is some massive banking fraud related to RMB & BTC or indeed anything liable to cast any sort of negative image on their state run banks prior to the flotation. They would rather 3 Billion people speculate with cross rate exchange with RMB Vrs US$ than BTC, at least with RMB it gets the cash directly into the banks. I would expect at sometime in the future, the China government continues to squeeze the life out of BTC in China, mainly because their current action is following the path of how they normally deal with such matters… press leaks….gentle talking… gentle taps… exit strategy… Iron fist. That said…. a number of businesses have been sneaking over the border into HK , where the rules are WAY more flexible, and where BTC is freely exchangeable as long as you follow the rules related to due diligence and anti-money laundering. RF Thanks for clearing this up. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Flashman on April 15, 2014, 01:25:14 PM BTC China reportedly unaffected so far...
http://www.coindesk.com/pboc-deadline-day-business-usual-btc-china/ Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Lamber on April 15, 2014, 01:36:11 PM BTC China reportedly unaffected so far... http://www.coindesk.com/pboc-deadline-day-business-usual-btc-china/ That is great, that they are unaffected. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Soappa on April 15, 2014, 03:13:52 PM BTC China reportedly unaffected so far... http://www.coindesk.com/pboc-deadline-day-business-usual-btc-china/ Not a surprise lol. Let's guess when will we see those "China banned bitcoin news" again. :P Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: DodoB on April 15, 2014, 03:44:25 PM Yes,but you might get to court for this thing,it is considerd a crime.
Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: Kiki112 on April 15, 2014, 08:42:12 PM Yes,but you might get to court for this thing,it is considerd a crime. for what? BITCOINS AREN'T BANNED IN CHINA only banks are not allowed to trade with them Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: razorfishsl on April 16, 2014, 03:10:39 AM BTC China reportedly unaffected so far... http://www.coindesk.com/pboc-deadline-day-business-usual-btc-china/ That is great, that they are unaffected. Best Idea is to get an account setup with 'Ken" over at https://anxbtc.com (https://anxbtc.com) He runs a clean government registered exchange in Hong Kong and complies with all the applicable business registration rules. I would expect that when they cannot change the BTC back to US/RMB in China (yep I know you can do deals on the 'street' the problem is validating the RMB bills are not fake) they will go to the first applicable exchange available where they can physically draw the cash out within a day or so. (it's an Ideal day trip) It may be worth looking at some purchases when the lows start to come out. RF Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: giantblckdld on April 16, 2014, 09:02:04 AM Trade with cash, problem solved. 8) Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: apsvinet on April 16, 2014, 12:45:04 PM Yes,but you might get to court for this thing,it is considerd a crime. for what? BITCOINS AREN'T BANNED IN CHINA only banks are not allowed to trade with them Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: gagalady on April 16, 2014, 02:27:20 PM I'm not currently in China but I was wondering whether it would be possible to bypass the ban which could maybe negate some of the negative effects the ban would have on the currency All expected that bitcoin will be banned in china on 15 april but it wasnt? SO IT ISNT BANNED ATLEAST FOR NOW.. Title: Re: Can the chinese ban of bitcoin be bypassed? Post by: apsvinet on April 16, 2014, 03:00:55 PM I'm not currently in China but I was wondering whether it would be possible to bypass the ban which could maybe negate some of the negative effects the ban would have on the currency All expected that bitcoin will be banned in china on 15 april but it wasnt? SO IT ISNT BANNED ATLEAST FOR NOW.. |