This is terrible news:
source:
http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba01201901. This article is posted on sina. Sina is the top 5 online medai brand in China, equivalent to Yahoo here.
2. The rumor posted on Chinese version of twitter(weibo) is true.
3. People's Bank of China banned all the third party payment company doing business related to bitcoin, including bitcoin exchange platforms.
For those who is currently doing, they are required to completely cut off bitcoin related business by the Chinese new year, which is at the end of Jan 2014.
For the business held by entity outside of China, they haven't decide what to do, but very likely to be negative.
3. Btcchina is operated in the Shanghai's new pilot free trading zone. It is at a awkward spot. They has terminate the partnership with Tenpay(probably second largest third party payment company under Alipay). They are now using Yeepay, which is probably a random small company I have never heard of.
4. You can now only withdraw your fiat fund from btcchina through online banking. You can still deposit via Yeepay and online banking, for now.
5. After Dec 5, small merchants or online shop owner could still accept bitcoin as payment and comfortably convert them to rmb through exchange like btcchina. In the future , this is going to be much harder and completely illegal after the Chinese new year. Basically, bitcoin is dead in China for the most part. People can only use it as speculative investment and store of value, but it is going to very hard for them to realize their potential profit legally in the future.
6. In the future, if bitcoin still managed to success internationally without China market, people in China would still be able to own it and sell it in a similar way how people deposit and withdraw money from Pokerstars. But it probably wouldn't be a hot topic as it was months ago.
7. People ask if btcchina will be shut down. I don't know. Btcchina is the only exchange located in the Shanghai's free pilot trading zone, it could possibly survive. But the best case scenario is that btcchina is going to the only one left.
Since people couldn't read, I just made make some words bold.
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