China`s Central Bank reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges
Well, today China banned exchangers to accept payments from clients who want to buy Bitcoin. BTC China(the biggest exchanger from China) is not accepting deposits anymore.Yes, the clients will still be able to sell in order to not create panic but it is a temporary solution until the end of January.
"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed."
IMO, the banks from worldwide will ban all the Bitcoin exchangers soon(in the following months). I recommend you to sell your Bitcoin now. The rate should go down fast.
It only applies to 3rd party payment service. No policy saids exchanges cannot use bank services. Please stop spreading FUD. What is an exchanger than a 3rd party service?  Any service who receive money in exchange for an "investment" must be licensed. Any service who is operating means of payments must be licensed in China. BTC China avoided this thing because a license is useless for them. Once you have one, you cannot deal with anonymous systems like Bitcoin. Also, the exchangers are dealing with Bitcoin and the banks from China are not allowed to receive payments for Bitcoin anymore. It's a matter of time until the banks will implement the new rule. I assume you are honestly confused rather than spreading FUD. 1) BTC is a virtual commodity, not an asset according to the China government, buying/selling commodity is trading, not an investment. 2) BTCChina is not a payment service provider. Tenpay, Alipay are. 3) Exchangers never give BTC to any bank. Exchangers are using bank services for fiat like any other merchants. If China government want to close BTCChina, they will provide much better excuses than any one you provided here. Please stop saying something you really have no idea here. Thanks. |
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China`s Central Bank reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges
Well, today China banned exchangers to accept payments from clients who want to buy Bitcoin. BTC China(the biggest exchanger from China) is not accepting deposits anymore.Yes, the clients will still be able to sell in order to not create panic but it is a temporary solution until the end of January.
"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed."
IMO, the banks from worldwide will ban all the Bitcoin exchangers soon(in the following months). I recommend you to sell your Bitcoin now. The rate should go down fast.
It only applies to 3rd party payment service. No policy saids exchanges cannot use bank services. Please stop spreading FUD. |
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without deposits coming in and withdraws still going out, BTCChina will become the opposite of gox and always be 2-5% lower?
or btcchina crashes to zero?
this gana be weird.....
they should just halt trading and give everyone their monies back, but they wont do that, so this is gana be weird....
WTF? where did you get this FUD? BTCchina users have already said bank withdraws still work... Only the specified payment networks are no longer available... This is why you should just lock this damn thread. All FUD and BS. the news was saying withdraws will still work but deposits will stop no? No from what i read the "news" (not even a news but rumours), after Chinese New Years all institutions will halt business with btc exchange awaiting for rules and regulations. 3rd Party payment network decide to stop on their own. so we bounce now? we need more info to move, price needs to stop moving on this FUD i'm pretty sure buying the dip was a good idea.... I still dont get why there is no official statements from either CCCP or payment networks or exchanges. Bitcoin is way beyond China anway. I dont expect any future services/features built on BTC coming from China. As for speculative vehicle, btc will be used for anything from tax evasion to capital leaking in China if this the way CCCP choose to handle btc. As much as they want to control Internet content, the best they could do was steal Google and forced Baidu..... well not very effective is it? It's an internal meeting between central bank and 3rd payment service providers. It's not necessary needs to be public, but it has been publicly reported in the media already. Moreover, Tenpay has been removed from all exchanges already. What remains uncertain is only whether bank service will be allowed and how supportive the banks could be. |
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without deposits coming in and withdraws still going out, BTCChina will become the opposite of gox and always be 2-5% lower?
or btcchina crashes to zero?
this gana be weird.....
they should just halt trading and give everyone their monies back, but they wont do that, so this is gana be weird....
It won't crash to zero. For example, the exchange operator could buy up all the cheap coins, and sell at a higher price overseas. And also, theoretically, people could deposit with cash. Deposit is still possible, just the daily limit of the new 3rd part service is small, at least for me. |
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without deposits coming in and withdraws still going out, BTCChina will become the opposite of gox and always be 2-5% lower?
or btcchina crashes to zero?
We still have no proof that BTCChina is shutting down, correct? Here are the possibilities as I see them: 1. All yuan transfers to BTCChina are banned. 2. Only 3rd-party payment processor transfers are banned. That is, you are still permitted to deposit and withdraw to/from BTCChina using your bank account. (This change was made so that China could keep a better track of capital flows for AML purposes.) 3. This is all FUD and nothing has changed. It's most likely 2, but meanwhile bank support will be strictly controlled. |
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Would the damn Chinese just go and not let the door hit them in the ass on the way out?
Yes please, can't wait for that. really? is this how you say "thank you china"? if they hadn't panic bought a few weeks ago the price wouldn't even be above 300 right now ^ this. |
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Well ladies and gents, this flushing is going to tell us A LOT about the state of bitcoin and where the money has come and is coming from.
We won't be able to see the full picture for months or at least weeks, but when we can see it, we will know much better about what kind of investors made up the rally in the East, which ones are long term and where future money can and can't come from there - AND maybe more importantly, we will know how much of the rally really came from the East and how much really came from the West.
And I suspect we will never have to worry about China "leading" the markets again. Which is A - O - K with me.
I was with you up until the last sentence, Honey Badger, why the antipathy towards China? I was never quite confident that China had any real long term future with bitcoin. And I would rather, in an ideal world, have bitcoin be driven by people in countries that have more freedoms, because from a PR standpoint it makes bitcoin appear more solid as well. For BTC price to rise, you need capital. You know where the capital is. |
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Good thing about this is that now we can concentrate on promoting and earning BTC now. Trading becomes more and more difficult. First Mt. Gox and then BTCChina. What's the next?
What's wrong with BTCChina? market has been trading on this all day. https://bitcointalk.org/index.php?topic=373667.0So that's what is going on. Thanks. That thread was out of date. It has been confirmed 3rd party payment services cannot be involved in any BTC exchanges in China. BTCChina has to rely on the banks, and who knows how supportive banks could be. |
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It may be interesting to guess why Chinese exchanges stop 0 trading fee policy.
1) grab some money before closing
2) requirement from the government
if 1, that's really bad sign. If 2, it is not so bad.
I don't think it was 2...far too precise, micro and descriptive a move for the Chinese govt. I think it was introduced to take advantage of the sell-off they knew was coming with the announcement re. money-transfers and to take some heat out of the market. I wouldn't interpret it as a sign of closing. I don't think so. Bobby Lee has promised in public that the 0 trading fee is permanent. I don't think they will eat their words just for some trading fee, especially just after they got VC. It has to be something big happened forced them to change policy without a prior notice. |
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Good thing about this is that now we can concentrate on promoting and earning BTC now. Trading becomes more and more difficult. First Mt. Gox and then BTCChina. What's the next?
What's wrong with BTCChina? Deposit and withdraw fiat will become very difficult without support from large 3rd party payment services. |
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It may be interesting to guess why Chinese exchanges stop 0 trading fee policy.
1) grab some money before closing
2) requirement from the government
if 1, that's really bad sign. If 2, it is not so bad.
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Good thing about this is that now we can concentrate on promoting and earning BTC now. Trading becomes more and more difficult. First Mt. Gox and then BTCChina. What's the next?
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Anyone that can read Chinese, what does the yellow sticky note on OKCoin.com say? That's new I think. Its an image and I can't translate it.
A notice that 0 trading fee policy is stopped. |
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To those who haven't know, it's confirmed third party payment services are forbidden to provide services to BTC/LTC exchanges in China. Whether bank service is allowed or not remains uncertain.
For those who still have fund and coins in China exchanges, please be alert the risk of sudden close of some of them.
Finally, the chance to buy cheap BTC becomes very high now.
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you should also remember mtgox, what will happen when you cant withdraw money from exchange eh? Sounds familiar?
According to that 'fud' news chinese investors will have till spring festival to withdraw their funds from the exchanges, from what i can decrypt on google translate. So it won't be similar panic buy if ever this news is confirmed.. So what would this mean? No more chinese investors? Is that worse case scenario? Because I don't think that's such a horrible thing. Always seemed short lived to me. If this news is true, my understanding is that all current services are stopped and only licensed exchanges will get new services. License will only be given to a few exchanges under regulations. Moreover, if there're licensed exchanges, they will have no direct control of fiat fund and all the deposits will be managed by the third party institutions, most likely a government affiliate. |
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you should also remember mtgox, what will happen when you cant withdraw money from exchange eh? Sounds familiar?
According to that 'fud' news chinese investors will have till spring festival to withdraw their funds from the exchanges, from what i can decrypt on google translate. So it won't be similar panic buy if ever this news is confirmed.. So what would this mean? No more chinese investors? Is that worse case scenario? Because I don't think that's such a horrible thing. Always seemed short lived to me. If this news is true, my understanding is that all current services are stopped and only licensed exchanges will get new services. License will only be given to a few exchanges under regulations. |
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you should also remember mtgox, what will happen when you cant withdraw money from exchange eh? Sounds familiar?
According to that 'fud' news chinese investors will have till spring festival to withdraw their funds from the exchanges, from what i can decrypt on google translate. So it won't be similar panic buy if ever this news is confirmed.. If this news is true, most likely the price will drop back to where it started this August and we could buy some more coins at other exchanges. Anyway, I've withdrawn all cash and BTC from BTCChina and just watch sideway. |
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IMHO, most likely that's a false news.
No bank and payment services for exchanges simply means killing all exchanges, then it makes the previous official announcement (allow people trading BTC as virtual commodity and add more regulation to existing exchanges) a joke.
More likely the original version of the news is just reiterating that banks and payment institutions cannot use BTC in their accounting, and someone spread the false version for their own interest.
Nonetheless, to be honest, BTCChina did remove the TenPay option and now all payment and withdraws are through yeepay, another much smaller 3rd party payment service. Keep an eye on it and to see what will really happen in China. |
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IMHO, most likely that's a false news.
No bank and payment services for exchanges simply means killing all exchanges, then it makes the previous official announcement (allow people trading BTC as virtual commodity and add more regulation to existing exchanges) a joke.
More likely the original version of the news is just reiterating that banks and payment institutions cannot use BTC in their accounting, and someone spread the false version for their own interest.
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If no bank and payment institutions can provide services to BTCChina and other exchanges, how could people freely trade BTC as virtual commodity on the exchanges? That does not make sense to me. Nonetheless, sometimes the Chinese government does do something making no sense.
Anyway, no confirmation up till now and the original post has been deleted and it seems it is a false news (or a leaked news, who knows).
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