Bitcoin Forum

http://money.cnn.com/2014/01/09/news/bitcoin-alibaba/

HONG KONG (CNNMoney)

"China's top Internet retailer has prohibited the use of Bitcoin on its shopping platforms amid a regulatory crackdown targeting the digital currency.

The decision will make practical use of bitcoin even more difficult in China, despite massive interest from investors in the alternative currency.

Alibaba said in a post on its website that the regulation will take effect on January 19, and would extend to other digital currencies including Litecoins.

John Spelich, a company spokesman, confirmed the policy in an email saying the ban was implemented "in the interest of consumer protection."

Demand for bitcoin has been particularly strong in China, where investors have eagerly embraced the currency and helped drive its price to dramatic highs above $1,000 in recent weeks.

But regulators have taken a dim view of Bitcoin, and the central bank last month issued rules that prohibit financial institutions from dealing in the digital currency.

 While the central bank did not outlaw or prohibit individuals from owning bitcoin, the guidelines specify that it is not to be considered a currency. The new rules prohibit financial institutions in China from trading, underwriting or offering insurance in bitcoin.

Chinese regulators have also directed third-party payment services to stop working with bitcoin exchanges.

This is not the first time that Beijing has moved to place restrictions on an alternative currency. The central bank also took a dim view of the QQ coin, a popular virtual currency created by tech pioneer Tencent. The government restricted its use to virtual products in 2009.

Related: What is Bitcoin?

In the United States, lawmakers have been examining potential regulations for Bitcoin, which is the currency of choice on certain online markets for drugs and other illicit goods.

Bitcoin has received a measure of support from officials at the Federal Reserve, including chairman Ben Bernanke, who said the currency "may hold long-term promise" as part of the international payment system.

Some supporters say government regulation would be a positive for Bitcoin, since it could lead to wider adoption of the currency. But others argue that Bitcoin is decentralized by design and the government should leave well alone."

Keep an eye on me.

I am working on a solution.

My $.02.

;)

china going to war on BTC it seems

Nothing new, dictatorship being dictatorship.

Here is the discussion thread: https://bitcointalk.org/index.php?topic=403499.0 (https://bitcointalk.org/index.php?topic=403499.0)  ;)

I've never been fond of others making safety-freedom trade-off decisions on my behalf.

Come on, we know what's best for you! Watch tv, eat your veggies, pray and pay taxes.

and dont eat salt

They have their own payment system Alipay, no surprise. Plus they already do escrow in banks they own for huge money.
Alibaba sucks, horrible design and full of scams. Create a competitor in Singapore that can take bitcoins

What do you expect, China never support anything  they are not involved in creating, now alibaba with alipay feeling Bitcoin will kill their business..
Anyways USA alone can make a great impact on bitcoin, the type of impact that can give bitcoin a status in the economy all over the world, but we at the stage where our finger is still crossed lets keep pushing forward...

And don't walk through mud puddles!

;)

I clicked the link to the thread in the Service Discussion area.  I don't know what any of this means, but I did see some Chinese text and something about news and sources, so I just sold everything because I'm in the US and I'm using foreign exchanges and want to make sure I have to pay short term capital gains and possibly be subject to some foreign accounts tax or some such.  Just playing it safe, you know.

News from China doesn't affect the market price anymore.

Ya huh!  Look, the price was above $1000 a while ago, now it's in the $800s and likely will be falling more as more Chinese text and links are posted to the forum and reddit.

It was below $600 a while ago, now it's above $900 and it likely will be rising more as people don't care about all this Chinese crap and FUD links posted by whiners.

<3

Yeah, it's a good thing we have PayPal instead...  They'd never dream of banning...  Oh wait...

yay