PBOC host closed-door meeting with 9 Beijing-based exchanges

[hl5460]

On 8th Feb 2017, a closed-door meeting was held in Beijing with PBOC officials and heads of 9 Beijing-based bitcoin exchanges. These 9 exchanges are Chbtc, Btctrade, Haobtc, Yunbi, Yuanbao, BTC100, Jubi, Bitbay and Dahonghuo. PBOC reiterated the regulatory requirements


https://www.reddit.com/r/Bitcoin/comments/5sxq9q/pboc_host_closeddoor_meeting_with_9_beijingbased/

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[hl5460]

Update: 8th Feb, BTCC announced closing of CNY deposit/withdrawal on its’ pro exchange. Users may deposit/withdraw their funds via bitcoin.  The policy will be effective on 11th Feb.

[topesis]

I'm not really sure what PBOC actually want to achieve with this new meeting, I read that they want Bitcoin exchanges to comply with Forex exchanges rule and KYC/AML, I just think this is the half truth of what actually went down in the meeting. I'm happy that the price this time did not dump like the first meeting and the space is getting matured and now how to react to thing like this

[ASHLIUSZ]

I'm not really sure what PBOC actually want to achieve with this new meeting, I read that they want Bitcoin exchanges to comply with Forex exchanges rule and KYC/AML, I just think this is the half truth of what actually went down in the meeting. I'm happy that the price this time did not dump like the first meeting and the space is getting matured and now how to react to thing like this

This time the price was not influenced by the meeting arranged by the PBOC along with the nine other bitcoin exchange service providers. This time lesser known trading platforms were also warned as well insisted to operate with tax regulations which were not followed in the past. This might reduce the use of bitcoin in China to some extent.

[vnvizow]

It's another scare, just hope this time it won't force the price down to 700 again

[helloeverybody]

Update: 8th Feb, BTCC announced closing of CNY deposit/withdrawal on its’ pro exchange. Users may deposit/withdraw their funds via bitcoin.  The policy will be effective on 11th Feb.

So does this effectively mean that china can no longer use btcc to tranfer funds from CNY? Is there any reason why other exchanges couldnt pop up and take over in this area? Its good that price hasnt dropped if thats the case since it shows the current strength of the market but a dip wouldnt go a miss for a bit of a top up.

[Xester]

According to the article that I read the PBOC has set rules and regulations that the Chinese exchangers have to comply and failure to comply with these requirements or conditions they will be forced to closed and stop their operations. This is a good news to bitcoin community given that the price of bitcoin did not go down after this news and the market manipulation and fake volumes from CHina has been put to end.

[Mometaskers]

According to the article that I read the PBOC has set rules and regulations that the Chinese exchangers have to comply and failure to comply with these requirements or conditions they will be forced to closed and stop their operations. This is a good news to bitcoin community given that the price of bitcoin did not go down after this news and the market manipulation and fake volumes from CHina has been put to end.

I don't know how they fake volumes to manipulate in their favor but I am really glad that it did not cause a plunge. Maybe these time people did not dump because somehow they understand that the regulations may have a positive effect on the community.

[Red-Apple]

I'm not really sure what PBOC actually want to achieve with this new meeting, I read that they want Bitcoin exchanges to comply with Forex exchanges rule and KYC/AML, I just think this is the half truth of what actually went down in the meeting. I'm happy that the price this time did not dump like the first meeting and the space is getting matured and now how to react to thing like this

why would it be a half truth?
this is the main reason why any regulations happen, to prevent illegal activity such as money laundering. and then on top of that they may want to earn some taxes from these exchanges since they have a pretty large volume, the tax amount would also be a large considerable size. just like forex market does.

[~Bitcoin~]

It's another scare, just hope this time it won't force the price down to 700 again

Only panic traders will short their bitcoin on this type of fuds. There is nothing to worry about, fud is already over and now bitcoin is in strong hand. More regulation means less manipulation by chinese traders, so we will now have better buy support (real one).

[LLec]

It's another scare, just hope this time it won't force the price down to 700 again

It is time for something to happen here right now to cause China not to have this kind of control over how bitcoin's price is influenced.
This has to stop right now and this is the time for someone or some entity to do it.

[QuestionAuthority]

Interesting, wonder if this is why the price in down some?

[Zadicar]

Interesting, wonder if this is why the price in down some?

Im thinking the same thing too because bitcoin price decreased -$100 in a matter of hour and still keeps on decreasing. This should be included on the reason regarding on price drop.I really hate this stuffs when bitcoin is already rallying up to the moon then a sudden new happen.lol

[jaberwock]

According to the article that I read the PBOC has set rules and regulations that the Chinese exchangers have to comply and failure to comply with these requirements or conditions they will be forced to closed and stop their operations. This is a good news to bitcoin community given that the price of bitcoin did not go down after this news and the market manipulation and fake volumes from CHina has been put to end.

what article?

what are exactly the rules?

about the fake volume, it will probably just move somewhere else, because Bitcoins can be transferred all around the world.

I think some Japanese exchanges still offer no trading fee

[QuestionAuthority]

Interesting, wonder if this is why the price in down some?

Im thinking the same thing too because bitcoin price decreased -$100 in a matter of hour and still keeps on decreasing. This should be included on the reason regarding on price drop.I really hate this stuffs when bitcoin is already rallying up to the moon then a sudden new happen.lol

It's ok as long as it doesn't keep free-falling. If it does then China won't be able to bring it back up again.

[Zadicar]

Interesting, wonder if this is why the price in down some?

Im thinking the same thing too because bitcoin price decreased -$100 in a matter of hour and still keeps on decreasing. This should be included on the reason regarding on price drop.I really hate this stuffs when bitcoin is already rallying up to the moon then a sudden new happen.lol

It's ok as long as it doesn't keep free-falling. If it does then China won't be able to bring it back up again.

If that thing will happen then for sure bitcoins price would move so very slow compared to previous months where china is still involved on bitcoins price movement but now if they are out on the game then price will be somehow stagnant for sure unless if adoption will increase on other places.

[Gloiri]

Now i am worried about it. does the btc price goes down ? and what about Chinese users does they're able to deposit or withdraw their RMB

[vennali]

I'm not really sure what PBOC actually want to achieve with this new meeting, I read that they want Bitcoin exchanges to comply with Forex exchanges rule and KYC/AML, I just think this is the half truth of what actually went down in the meeting. I'm happy that the price this time did not dump like the first meeting and the space is getting matured and now how to react to thing like this

BTC down by 10% thats big enough. Bitcoin has matured but 10% decline in price is a lot. I think most of the big exchanges already follow KYC/AML rules like any other Forex exchanges. They just dont do that for new accounts with small transactions.

[Wind_FURY]

Update: 8th Feb, BTCC announced closing of CNY deposit/withdrawal on its’ pro exchange. Users may deposit/withdraw their funds via bitcoin.  The policy will be effective on 11th Feb.

There is a Coindesk article saying that users may be able to withdraw and deposit using CNY but they forbid doing the same with Bitcoin and Litecoin. That makes much more sense because it ties their funds to that exchange. Think of what will happen if they allowed Bitcoins to go in and out of their exchange. Those Chinese exchanges would lose a lot of volume.

[hl5460]

Update: 8th Feb, BTCC announced closing of CNY deposit/withdrawal on its’ pro exchange. Users may deposit/withdraw their funds via bitcoin.  The policy will be effective on 11th Feb.

There is a Coinbase article saying that users may be able to withdraw and deposit using CNY but they forbid doing the same with Bitcoin and Litecoin. That makes much more sense because it ties their funds to that exchange. Think of what will happen if they allowed Bitcoins to go in and out of their exchange. Those Chinese exchanges would lose a lot of volume.

We need to wait and see the impact of withdrawal suspension .