Chinese Capital Controls on Bitcoin

[Enjorlas]

Zerohedge published an article today stating that China plans to impose capital controls on Bitcoin. They cite "Bloomberg sources" as the source of information. Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

[Kprawn]

We expected this to happen at one stage.. { if this is true } .... China cannot just sit back and watch unlimited capital going to other

countries. The problem with this is that it's easier said than done... How do you stop someone from sending bitcoin from one address to

another? The regulation will only apply to services that adhere to these controls..... It will be interesting to see how they would be approaching

this.... Remember there are loads of other Alt coins that are more suited for this, because they are more anonymous. 

[European Central Bank]

It will be interesting to see how they would be approaching this. 

simple. strangle their exchanges completely. what's in it for the government to allow them to stay open anyway? hardly anyone uses it there, it doesn't generate much or any tax, it's just a giant future pain in the ass.

[Milkduds]

Bloomburg has been writing some real cookie cutter stories on bitcoin that show they have no understanding of it and just steal a story from another writer or pay for a identical story. Really lost a lot of faith in them with the pro Hilary stories they kept running and hard to not see them being biased in other areas as well. Now China tightening grips is always a issue and sometimes its not all as tight as they make it look from the outside. Sometimes the people have more sway than China would like to let on.

[RocketSingh]

@OP China banning bitcoin is an old trick to make coins cheaper...

[jak3]

i do not know why chaina is always chassing to conquer at btc but its completly impossible i dont have any idea about how strong they are but at a normal person view its competly impossible to control the whole bitcoin network or the world all they cN do is regulate their own country

[franky1]

LOL

economics 101:
when someone wants to swap their yuan for bitcoin... someone else is swapping their bitcoin for yuan..
nothing changes for the yuan. nothing changes for the bitcoin. all that changes is who is holding it.
no yuan is burned/lost forever when someone converts it to bitcoin.

yuan says in circulation, bitcoin stays in circulation.

the destruction of the yuan is not, nor ever has or ever will be due to bitcoin.. but instead suitcases.

put banknotes into a suitcase and have it get lost, burned thus taking funds out of circulation..
this is why china is starting its own blockchain as part of the hyperledger, to become part of the digital revolution where funds dont go missing. and slowly let bank notes die out.

the article the OP is linking has misconceived many things and made assumptions based on badly researched opinion..

[Juggy777]

Zerohedge published an article today stating that China plans to impose capital controls on Bitcoin. They cite "Bloomberg sources" as the source of information. Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

Don't really think Bloomberg got it right. I don't think China alone can control btc. Their own economic conditions are faltering and they want to conquer Bitcoin.

[1Referee]

If it's really going to happen, then it doesn't come by suprise for a lot people here. China is just looking to eliminate every method and tool that will allow people to transfer their money/wealth elswehere. Bitcoin fits in that category nicely. This is of course assuming it will really happen, because as it is, these are only rumors.

But then again, rumors are enough to get the entire Bitcoin market to shake up with a lot panic selling as result. I won't be surprised when all this turns out to be FUD in order to get the price to come down. For me as a trader it's a more than welcome happening as I love this kind of volatility, but for the non traders and rookie people, it's of course not helping as they already have a poor level of confidence in Bitcoin.

[Itty Bitty]

Just means cheaper coin for Venezuelans, Argentinians, India-ans, etc. to buy.....

[David Walters]

China is just profiting off the pump and dumps from the nonsense news.

[European Central Bank]

that could be a good news for the bitcoin. It means the Chinese government will recognise the bitcoin as a currency.

nope. its use as a currency was expressly forbidden in 2013/14 by the chinese government. they stated that it could be traded and collected and nothing else.

their thinking is that people will use it to surpass capital controls. that don't make it a currency but it does make it more likely to be subjected to another crackdown.

[prabowo96]

that could be a good news for the bitcoin. It means the Chinese government will recognise the bitcoin as a currency.

nope. its use as a currency was expressly forbidden in 2013/14 by the chinese government. they stated that it could be traded and collected and nothing else.

their thinking is that people will use it to surpass capital controls. that don't make it a currency but it does make it more likely to be subjected to another crackdown.

How dumb is it? If people can trade, they can buy and hold it to hide illegal earnings.

Any country do one thing, some 'legalize' it, some ban the exchanges, some ban any other thing and well, this is a mess...

[smho_16]

that could be a good news for the bitcoin. It means the Chinese government will recognise the bitcoin as a currency.

nope. its use as a currency was expressly forbidden in 2013/14 by the chinese government. they stated that it could be traded and collected and nothing else.

their thinking is that people will use it to surpass capital controls. that don't make it a currency but it does make it more likely to be subjected to another crackdown.

How dumb is it? If people can trade, they can buy and hold it to hide illegal earnings.

Any country do one thing, some 'legalize' it, some ban the exchanges, some ban any other thing and well, this is a mess...

This is a mess but not a problem for bitcoin. I think the price falling since about 2-3 hours is from this stupid news article, if it is so I am not worried at all. I know bitcoin price cannot be manipulated as easy as these guys are saying.

 Bitcoin will be great until the end of time, this is as sure as death.

Be calm people and for a joke I bring you one of the top comments of the article.

[btvGainer]

We expected this to happen at one stage.. { if this is true } .... China cannot just sit back and watch unlimited capital going to other

countries. The problem with this is that it's easier said than done... How do you stop someone from sending bitcoin from one address to

another? The regulation will only apply to services that adhere to these controls..... It will be interesting to see how they would be approaching

this.... Remember there are loads of other Alt coins that are more suited for this, because they are more anonymous. 

I don't think it is China that is behind this price hike.I think it is halving effect which is taking place after a long time.I also think that lots of ICO have gathered thousands of bitcoins in previous months which are still locked in escrow.Once these bitcoins will be released,bitcoin price will creash

[arcanaaerobics]

We expected this to happen at one stage.. { if this is true } .... China cannot just sit back and watch unlimited capital going to other

countries. The problem with this is that it's easier said than done... How do you stop someone from sending bitcoin from one address to

another? The regulation will only apply to services that adhere to these controls..... It will be interesting to see how they would be approaching

this.... Remember there are loads of other Alt coins that are more suited for this, because they are more anonymous. 

I don't think it is China that is behind this price hike.I think it is halving effect which is taking place after a long time.I also think that lots of ICO have gathered thousands of bitcoins in previous months which are still locked in escrow.Once these bitcoins will be released,bitcoin price will creash

I don't think ICO's have something with it, ICO comes and go.

That's probably some wale or a lot of users selling it for a good price or an exchange think about

[jerowacik]

China does have a strong resource in mining digital coins. but as control I think that China does not have that much power.

[Velkro]

Zerohedge published an article today stating that China plans to impose capital controls on Bitcoin. They cite "Bloomberg sources" as the source of information. Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

Whatever will happen, china is only one country, big one, but only one.
Mines will here to stay, even in china with capital control.
Don't worry, we won.

[jossiel]

China does have a strong resource in mining digital coins. but as control I think that China does not have that much power.

They do have because of most of the miners are living there. And they will not get the most miners if they don't have much power.

So I am not surprised that China is having capital control with bitcoin. Because as long as they have something for profit.

They are going to get their interest to it.

[Yakamoto]

Zerohedge published an article today stating that China plans to impose capital controls on Bitcoin. They cite "Bloomberg sources" as the source of information. Is there any truth to this or is it Zerohedge up to its old games?
http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

I'll believe it when I see it. Right now all I see is zerohedge trying to push something that isn't being reported by any other sources. If more people start talking about this and the Bloomberg source comes out and actually starts to talk about this, then I will be more inclined to believe it. Until then I have to believe that this plan is at most a rumor, and there are very minimal plans for anything to happen beyond this.