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Author Topic: Bitcoin is already illegal in China  (Read 2664 times)
Rothgar
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April 09, 2013, 11:32:34 AM
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I ran across this article from 2009.  It seems that trade of virtual currencies for real goods is already illegal in China. 

China has been leading the way with the recent rise to $200 so I guess that making bitcoin illegal does not kill the price.  Maybe the people that say prohibition raises the price are correct. 

http://www.informationweek.com/internet/ebusiness/china-limits-use-of-virtual-currency/218101859

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April 09, 2013, 11:49:39 AM
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I dont know how they would check that and force people to not do this, and people still can transfer money using bitcoin so it has uses anyway. But to me they are going too far with that regulations. Way too far.

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April 09, 2013, 11:51:57 AM
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"Legality" is pretty fluid in definition in China.... and they have some many dollars to convert!

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April 09, 2013, 12:03:02 PM
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I dont know how they would check that and force people to not do this, and people still can transfer money using bitcoin so it has uses anyway. But to me they are going too far with that regulations. Way too far.

China has a brutal totalitarian régime, whereas the US are just toying with the bounds of having one...

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April 09, 2013, 12:08:40 PM
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China has been leading the way with the recent rise to $200 so I guess that making bitcoin illegal does not kill the price.  

I'd like to agree with you but I'm not sure your reasoning stands. Something being illegal is irrelevant if the said illegality is not actually enforced. And AFAIK, no Chinese resident has ever been punished for using Bitcoin, so I'd say the law you cite is pretty much irrelevant price-wise, for the moment at least.

EDIT: He, the irony is that, if they make it illegal to use any virtual currency, then every fiat currency of this world should be illegal too. Or do they make an explicit exception for fiat currencies?

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April 09, 2013, 12:14:02 PM
 #6

Google is also "illegal" in China. So what? Still the biggest search engine...

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April 09, 2013, 12:44:06 PM
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EDIT: He, the irony is that, if they make it illegal to use any virtual currency, then every fiat currency of this world should be illegal too. Or do they make an explicit exception for fiat currencies?

Yes, a real currency is a currency issued by a government and widely in circulation.  This is according to the recent FINCIN guidance. 

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April 09, 2013, 12:56:48 PM
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"Legality" is pretty fluid in definition in China.... and they have some many dollars to convert!

+1

 "Unlike many other major civilizations where written law was held in honor and often attributed to divine origin, law in early China was viewed in purely secular terms and its initial appearance was greeted with hostility by Confucian thinkers as indicative of a serious moral decline, a violation of human morality, and even a disturbance of the total cosmic order" - this is from Wikipedia - and at least this statement is correct.
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April 09, 2013, 01:49:55 PM
 #9

Law: because you're too stupid to make rational decisions.

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April 09, 2013, 02:11:07 PM
 #10

Virtual currency for real goods were not to target bitcoin

The intention was stop some scammy actions by mmorpg and social game companies, and also solve some game-related violence issues (ie: some mmorpg debacle resulted into one crazy chinese going to another chinese house and loop his head off with a sword...)

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Mike Christ
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April 09, 2013, 05:57:30 PM
 #11

Virtual currency for real goods were not to target bitcoin

The intention was stop some scammy actions by mmorpg and social game companies, and also solve some game-related violence issues (ie: some mmorpg debacle resulted into one crazy chinese going to another chinese house and loop his head off with a sword...)

I remember that.  Good thing the Chinese are so wise, because had they not passed such a law, I imagine there'd be a genocide going on in China right now with angry MMO gamers (redundant, as all MMO gamers are always angry, similar to CoD fans) lobbing off each other's heads willy nilly.  We can't have that, now, can we?  Tongue

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April 09, 2013, 05:59:40 PM
 #12

What is this "illegal" of which you speak? Bitcoin negates legal and non-legal as it cuts enforcement power off at the knees.
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April 09, 2013, 09:51:55 PM
 #13

Why stupid laws must exist?

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April 09, 2013, 09:56:15 PM
 #14

Why stupid laws must exist?
Because stupid people are in charge of making them.

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Severian
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April 09, 2013, 11:00:40 PM
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Why stupid laws must exist?
Because stupid people are in charge of making them.

Stupid people think they're voting the other stupid people into office. It's a lovely self-contained system of stupid.
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April 09, 2013, 11:01:34 PM
 #16

Why stupid laws must exist?
Because stupid people are in charge of making them.

Stupid people think they're voting the other stupid people into office. It's a lovely self-contained system of stupid.

Stupid is as stupid does.  Tongue

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April 09, 2013, 11:27:13 PM
 #17

Fuck China.  Being illegal in China is a plus, not a minus.
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April 11, 2013, 05:40:14 AM
 #18

China has a brutal totalitarian régime, whereas the US are just toying with the bounds of having one...

Looks like somebody has a bit of reading to do...
http://monthlyreview.org/2009/06/01/the-penal-state-in-an-age-of-crisis
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April 11, 2013, 07:18:39 AM
 #19

We would already be living in Utopia if the idiotic bureaucrats in Beijing are smart enough to somehow figure out how Bitcoin works and what's effective against it.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
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April 11, 2013, 08:06:33 AM
 #20

And this is why China should have a robust Tor user base and exchange markets.
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