Starting tomorrow onwards expect more Bitcoin users from China - UPDATED

[AmazonStuff]

Gone are the days using Alipay/Wechat-Pay with no fee in China. Central Bank new policy to be effective tomorrow.

Mid/large payment must through bank account. Cannot use 3rd party like Alipay/Wechat to do free transfer above ￥5000($750)

Non-verified users can only transfer ￥1000($150) for the whole lifetime.

Bank UKey or Bank Apps are mandatory for any online payment above ￥200($30)

source:https://twitter.com/cnLedger/status/748445824137342976

Bullish if you ask me

UPDATE

CnLedger here. The policy was drafted last year and will officially become effective starting tomorrow.

To help you guys understand it, here I link a wsj article which explained some contents of the policy:

http://www.wsj.com/articles/china-proposes-to-keep-online-payments-in-check-1438593958

This Central Bank's policy itself is not meant to promote bitcoin (of course). But it will push lots of people to start looking for better ways -- convenient, censor-less, and efficient ways to transfer money.

Bank transfer is known to be slow, expensive and cumbersome. That's why Alipay and Wechat Payment (Tenpay), the two convenient and (almost) fee-less tools are extremely popular. But now they're strictly limited by the policy.

It is clear that with this policy in effect, banks want to force people go back and use their already heavily criticized systems. But history never goes backwards. Without Alipay/Wechat-pay, Bitcoin is one of the only few promising choices left to the public. That's why I tweeted it.

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[European Central Bank]

people starting to use it for what it's supposed to be used for is what caused the government to come down like a ton of bricks last time. as far as i can tell they're still only able to collect them 'like stamps'.

[AmazonStuff]

Just think, if you are an average Chinese internet user, would you pay fee's and go through the hustle of verification and transfer with limits or you would use BTC? I think that answer is more than obvious.

[jaredboice]

Just think, if you are an average Chinese internet user, would you pay fee's and go through the hustle of verification and transfer with limits or you would use BTC? I think that answer is more than obvious.

To get around Capitol controls: yes

[AmazonStuff]

Just think, if you are an average Chinese internet user, would you pay fee's and go through the hustle of verification and transfer with limits or you would use BTC? I think that answer is more than obvious.

To get around Capitol controls: yes

You explained it much better than I did, thank you

[Pab]

it will not drive more chinise to bitcoin,there are also fee if thay want exchange btcoin to yuan,verification it is norm in modern world]
Better are news about chnise big bitcoin start ups,you can read on coin desk

[Ketariz]

Just think, if you are an average Chinese internet user, would you pay fee's and go through the hustle of verification and transfer with limits or you would use BTC? I think that answer is more than obvious.

To get around Capitol controls: yes

I think the bitcoin is not used in the capital control evasion. If 1% of the capital is representative, that will make bitcoin a few hundred thousands dollar each.

[PigUsher]

Just think, if you are an average Chinese internet user, would you pay fee's and go through the hustle of verification and transfer with limits or you would use BTC? I think that answer is more than obvious.

To get around Capitol controls: yes

You explained it much better than I did, thank you

*Capital
Why is it that bitcoin enthusiasts are always illiterate?

[AmazonStuff]

it will not drive more chinise to bitcoin,there are also fee if thay want exchange btcoin to yuan,verification it is norm in modern world]
Better are news about chnise big bitcoin start ups,you can read on coin desk

This is 2016, no need to exchange BTC for Yuan to buy something online or to send someone money. You would be surprised how many unbanked are in the world. BTC is international, not only the part of the modern world, just think China and India and Indonesia, they have 780 million people without bank accounts.

[LFC_Bitcoin]

Just think, if you are an average Chinese internet user, would you pay fee's and go through the hustle of verification and transfer with limits or you would use BTC? I think that answer is more than obvious.

I don't think any more has to be said, you're spot on & I agree with you. Lets hope we see more users from China.

[trickshot22]

Just think, if you are an average Chinese internet user, would you pay fee's and go through the hustle of verification and transfer with limits or you would use BTC? I think that answer is more than obvious.

I don't think any more has to be said, you're spot on & I agree with you. Lets hope we see more users from China.

well i guess that wouldnt be a bad thing, i think that if more chinese users will use bitcoin way more than they do right now, lets hope this will make bitcoin even more popular

though then most probably there will be more users from around the world as people will hurry to do all the transactions before the halving event in order to avoid big fees

[AmazonStuff]

UPDATE:

CnLedger here. The policy was drafted last year and will officially become effective starting tomorrow.

To help you guys understand it, here I link a wsj article which explained some contents of the policy:

http://www.wsj.com/articles/china-proposes-to-keep-online-payments-in-check-1438593958

This Central Bank's policy itself is not meant to promote bitcoin (of course). But it will push lots of people to start looking for better ways -- convenient, censor-less, and efficient ways to transfer money.

Bank transfer is known to be slow, expensive and cumbersome. That's why Alipay and Wechat Payment (Tenpay), the two convenient and (almost) fee-less tools are extremely popular. But now they're strictly limited by the policy.

It is clear that with this policy in effect, banks want to force people go back and use their already heavily criticized systems. But history never goes backwards. Without Alipay/Wechat-pay, Bitcoin is one of the only few promising choices left to the public. That's why I tweeted it.

[amacar2]

it will not drive more chinise to bitcoin,there are also fee if thay want exchange btcoin to yuan,verification it is norm in modern world]
Better are news about chnise big bitcoin start ups,you can read on coin desk

I see both this policy update and new start ups in china will drive the price up. Chinese love bitcoins and we all bitcoin holder love chinese. 

[Bitcotalk]

Tomorrow is the day of buy more and more bitcoins as much as possible so the price of bitcoin will rocket up tomorrow and will once again start to increase and sooner we will see that the price of bitcoin reached to $1000, which everyone love to see.

[Raimonn]

I think that limiting this services and adding fees will make chinese users search other payment system, and i expect that some of this users will find on bitcoin a good solution for its money, some for sending and others will use it as a saving account. 

[techgeek]

Its good to see the obvious choice being there.

But I see it more of a over time thing, then a quick mass of buy orders for btc for their business or daily money transfers.

Just like how the US there is people aware of bitcoin, but its not everyone who knows about it.

[w00t]

I don't mean to be party pooper but as far as I know transactions between Chinese banks are near instant so this is not that bullish. Maybe somebody who is atm in China can confirm/deny this?

However what I do find bullish is that their establishment is afraid that Alipay/wechat pay might overtake role of bank so since they decided to be stuck with the old dinosaurs which will go bankrupt, do bail-ins or establishment will inflate the currency to oblivion to repay the holes they have in balance sheets - all doom scenarios so this is bullish.

[helloeverybody]

I sometimes wonder if things like this actually even affect bitcoin at all.  I've never actually noticed the price changing after  a  random announcement from some bank or aanythin.   Maybe if there is  any change its just someone manipulating the price  because of the news.   

[krumblez]

This is why the banks and financial institutions are trying desperately to get a grasp on blockchain technology, with all the economic and cross border problems occurring, they need a backup plan, but us, as Bitcoin and Altcoin users - need to beat them at their own game, as they have treated us badly for so long. Rise up ppl!

[uki]

That may be, potentially, good news for the price of Bitcoin. But let it some time to brew.
I don't expect to see the effect immediately, but in the next 2-3 months. That could set a new floor for Bitcoin.