ChrisPop (OP)
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Not your Keys, Not your Bitcoins
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January 06, 2017, 09:07:41 PM |
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Officials from the People's Bank of China (PBOC) met with representatives of major bitcoin exchanges this week to urge their compliance with "relevant laws and regulations", according to statements from the central bank.
In total, two press releases were issued today, one by the PBOC's office in Beijing, the other by its Shanghai regional office, in which they revealed the meetings, as well as some information about what was discussed behind closed doors.
Representatives from BTCC, OKCoin and Huobi were all in attendance, according to documents. OKCoin was cited under its Chinese-facing brand name.http://www.coindesk.com/chinas-central-bank-issues-warnings-major-bitcoin-exchanges/
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zby
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January 06, 2017, 10:47:14 PM |
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Buy the news?
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maku
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January 07, 2017, 02:52:39 AM |
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This meeting was nothing official, no resolution of any kind was discussed. It looks like Chinese banking officials heard about bitcoin price surge and tried to react to in some way.
What they said: "Bitcoin is not a currency and shouldn't be viewed as such. Those who invest in bitcoin should accordingly be aware of the risks it poses and protect their investment."
Thanks for reminding us, and now please take care of your business and we take of ours.
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strasboug
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January 07, 2017, 05:51:47 AM |
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Looks like Chinese government wants a tighter control on the bitcoin trading in China. People there buy bitcoin to hide their fortune and to smuggle the money out of China. Stricter rules are coming for sure.
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zby
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January 07, 2017, 07:07:31 AM |
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"PBoc detail: exchanges cant do offline promotion; no fake trade; Devaluation cant be mentioned; mandatory strong KYC " https://twitter.com/cnLedger/status/817550313636798464Looks like the government wants to know the real volumes. |
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Synthian
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January 07, 2017, 07:21:17 AM |
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Officials from the People's Bank of China (PBOC) met with representatives of major bitcoin exchanges this week to urge their compliance with "relevant laws and regulations", according to statements from the central bank.
In total, two press releases were issued today, one by the PBOC's office in Beijing, the other by its Shanghai regional office, in which they revealed the meetings, as well as some information about what was discussed behind closed doors.
Representatives from BTCC, OKCoin and Huobi were all in attendance, according to documents. OKCoin was cited under its Chinese-facing brand name.http://www.coindesk.com/chinas-central-bank-issues-warnings-major-bitcoin-exchanges/ This news is very good for bitcoin. Now it can make bitcoin down but after that price will be rising up higher because chinese people want to protect their money before yuan currency devaluation and They still want to transfer dollars out of their country with only bitcoin for relatives in foreign countries. So bitcoin will grow up higher sooner or later. Being down is only temporary. |
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Karartma1
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January 07, 2017, 09:49:20 AM |
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I would say that is something needed otherwise we will always have too much difference between what we see and analyze in the West and what happens there. If so, yes, let's look at the real volumes |
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cr1776
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January 07, 2017, 01:07:45 PM |
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Yeah, gotta keep the Chinese people in the dark about how the gov is robbing them through devaluation daily. This should only spur more use of bitcoin for people who are paying attention. |
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cpfreeplz
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January 07, 2017, 01:12:37 PM |
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Yeah, gotta keep the Chinese people in the dark about how the gov is robbing them through devaluation daily. This should only spur more use of bitcoin for people who are paying attention. That was my thought. If I was told that rules were tightening or it's going to be a huge hassle to buy bitcoins in the future because the government doesn't approve I'd be buying as much as I can as soon as possible. Lol devaluation can't be mentioned? Devaluation like when they decided one day to devalue their own currency last year? There was a huge panic in the market because they have too much control over something that is typically valued by the market. |
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TraderTimm
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January 07, 2017, 04:25:00 PM |
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Where to begin...
Most of the stories I've read referencing the PBoC's contact with Chinese exchanges insinuate or outright state that these meetings are commonplace, with the end-goal of monitoring compliance with their AML/KYC and other policies. There's no mention of an outright ban, or a policy decision that materially impacts Bitcoin. What DOES impact Bitcoin, however, is the constant war in the currency markets for the Yuan, which increased in strength recently due to the PBoC intervening.
As most students of Forex know, bank interventions are spurious and temporary, and usually don't result in any massive long-term changes. I suspect this will be the case with the Yuan, instead of strengthening to sub-6.74 and beyond, it will weaken and go back to the nearly 7.0 level where it was when the Bitcoin rally was in full swing.
There are new bank capitol controls on money transfer, specifically via UnionPay and other conduits. This was mainly targeted towards those heading to Macau for some gambling and offshore asset transfer during "vacation". There would be shops of dusty merchandise that a customer could "buy" but really what was happening was a POS swipe and cash being handed over with a fake receipt. That kind of laundering is being cracked down upon, so I wouldn't be surprised to see other attempts by the PBoC to put a finger in that particular hole.
In any case, it costs the PBoC reserves to intervene, and they are running out of said reserves. This leaves an uncomfortable option -- liquidating more U.S. Treasury debt to refill the coffers -- which has its own knock-on effects that don't help the Chinese economy any. By the way, they are targeting sub 6.7% GDP and will probably fail even that goal-seeked number, so we haven't seen the last of the weakening Yuan just yet.
The summary is -- the Chinese Central Bank is running out of reserves, the Yuan will weaken again and return to near-7.0 values and beyond, and they'll continue to scramble to prevent outflows of assets ... and fail.
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fortitudinem multis - catenum regit omnia
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just_Alice
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January 07, 2017, 04:25:10 PM |
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Looks like Chinese government wants a tighter control on the bitcoin trading in China. People there buy bitcoin to hide their fortune and to smuggle the money out of China. Stricter rules are coming for sure.
Also it should be taken into account that some people from the Chinese government fore sure are into Bitcoin too, because BTC is a convenient way to transfer the illegally obtained money abroad. So they will think twice before strengthening the rules. |
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Billen
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January 07, 2017, 04:31:11 PM |
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I do not care about this new. I'm only interested in when the price is over 2,000$ before the ban of bitcoin will be done in China.
All investors are cared of this news but it's very good for me and I have bought more cheap bitcoins and now it will climb up hinghly.
Just wait and see now.
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richardsNY
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January 07, 2017, 04:32:00 PM |
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Looks like Chinese government wants a tighter control on the bitcoin trading in China. People there buy bitcoin to hide their fortune and to smuggle the money out of China. Stricter rules are coming for sure.
Also it should be taken into account that some people from the Chinese government fore sure are into Bitcoin too, because BTC is a convenient way to transfer the illegally obtained money abroad. So they will think twice before strengthening the rules. It's convenient for sure, but people from that level don't need Bitcoin to move black money from one country to another. They have other ways of doing so where they leave practically no trails behind. Bitcoin may seem as an anonymous currency tool that comes handy in some cases, but everything is stored in the blockchain for ever. No way to erase these trails. |
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notthematrix
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CryptoTalk.Org - Get Paid for every Post!
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January 08, 2017, 12:02:03 AM |
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It's convenient for sure, but people from that level don't need Bitcoin to move black money from one country to another. They have other ways of doing so where they leave practically no trails behind. Bitcoin may seem as an anonymous currency tool that comes handy in some cases, but everything is stored in the blockchain for ever. No way to erase these trails.
you make 2 mistakes here. 1 gov is not so high level as most people emotionally want them to be. 2 gov is not one entity. please watch this video about currency wars of Andreas Antonopolis.. https://www.youtube.com/watch?v=6ZCVQHtD2l4 |
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