[2016-12-01]7.8billion Bank Accounts Affected by China’s New Regulation

[hl5460]

Starting from 1st December 2016, 7.8 billion bank accounts will be impacted by China’s new regulation, a great setback for the biggest internet payment processor in China, Alipay.
The regulation policy was distributed by People’s Bank of China as an “urgent” document on 25th November as per Caijing, only one week from being implemented.

http://news.8btc.com/7-8b-bank-accounts-affected-by-chinas-new-regulation-alipay-may-suffer-most

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[aso118]

Starting from 1st December 2016, 7.8 billion bank accounts will be impacted by China’s new regulation, a great setback for the biggest internet payment processor in China, Alipay.
The regulation policy was distributed by People’s Bank of China as an “urgent” document on 25th November as per Caijing, only one week from being implemented.

http://news.8btc.com/7-8b-bank-accounts-affected-by-chinas-new-regulation-alipay-may-suffer-most

7.8 billions accounts for 1.5 billion people? That does sound like a lot! In any case, the government should not have any issues with multiple bank accounts (whether it is Type-I, II or II). Higher competition is good for the market.
It will take some time for the effects of this new policy to become visible. I doubt if restricting the number of bank accounts is good for Bitcoin.

[Kprawn]

I wonder how this will impact people that use separate bank accounts to link to Bitcoin exchanges? It will suck for them if they have to close

these account and to link everything to one account. You just have to hate banks even more, when stuff like this happens.... not that they are

blamed for this, but that they are used as a vehicle to do this.  { Centralization sucks }

[notthematrix]

https://www.youtube.com/watch?v=Bu5Mtvy97-4&t=0s

[snipie]

As stipulated by the new rules, an individual can only have one Type-I account with a particular bank. For those who already have a Type-I account with a bank, they can only open Type-II or Type-III accounts with that bank.

I didn't get what is the problem if you can open a type I account in another bank since it isn't specified in the law? You don't have the right to open a type I in the same bank only, no?
Bitcoin is implemented in this article as a competitor of Alipay... Well if Alibaba adopt bitcoin we will see a huge boost in the price and in the transactions otherwise I don't see a link in this article. Am I wrong?

[hl5460]

As stipulated by the new rules, an individual can only have one Type-I account with a particular bank. For those who already have a Type-I account with a bank, they can only open Type-II or Type-III accounts with that bank.

I didn't get what is the problem if you can open a type I account in another bank since it isn't specified in the law? You don't have the right to open a type I in the same bank only, no?
Bitcoin is implemented in this article as a competitor of Alipay... Well if Alibaba adopt bitcoin we will see a huge boost in the price and in the transactions otherwise I don't see a link in this article. Am I wrong?

Alipay is considered a TYPE-III account.

[hl5460]

I wonder how this will impact people that use separate bank accounts to link to Bitcoin exchanges? It will suck for them if they have to close

these account and to link everything to one account. You just have to hate banks even more, when stuff like this happens.... not that they are

blamed for this, but that they are used as a vehicle to do this.  { Centralization sucks }

Even the bank don't know what to do at the moment, but the new rules will have its way gradually.