Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges

[ebliever]

https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/

I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step.

The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between?

[kiklo]

https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/

I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step.

The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between?

The live in a Country where personal freedom is not even a pretense.

They will do as they are told and Assume the Position.  




 

[QuestionAuthority]

They're used to it. It won't have any effect at all. They're told how many children they can have. Read this sweet loving story of Chinese government kindness.

During lunchtime one day last April, Wei Laojin, 35, was cooking spicy pork for her two young sons at home in southern China when she got a frantic call from her husband. His brother had been arrested, he said. A dozen Chinese officials had beaten down the man's door and dragged him away. "What has he done wrong?" Wei asked in alarm. "Nothing," her husband replied. "He has been jailed because he is related to us."

Wei, a bird-thin woman with bobbed hair, let lunch burn on the stove as she heard more. "My husband said we had broken the law by having two children. The authorities were imprisoning his brother until we were punished," she says. "As soon as I learned it was about birth control, I began to cry and shake." Family-planning officials in the southern county of Puning, in Guangdong province, were going to shocking new extremes to catch and punish violators of the country's infamous one-child policy: They were seizing family members of women who had given birth illegally and were holding them hostage. The aim? To coerce the women into submitting to sterilization. Says Wei, "The officials said there was only one way to get my brother-in-law released: I had to undergo forced sterilization."

According to state-owned media—which proudly reported the news on local channels—a task force of more than 600 officials was deployed to storm homes across 28 Puning townships and seize family members of women who had broken the law. They took grandparents, siblings, teenagers, even infants. The relatives were to be jailed indefinitely until the targeted women showed up at government clinics to undergo "remedial surgery," or sterilization.

The government jails fucking infants and teenagers as hostages, do you honestly think writing a purchase story is a big deal to Chinese people? LOL

[RoommateAgreement]

maybe Chinese government is a little bit extreme but surely the news sites are making it out to be 20 times bigger than it is. and i don't get what is up with the terms like "extreme ...verification"!!

when you want to trade stocks, you write out all your life story and how you got your money to the last cent and hand it over with a smile on your face to the government. but when it comes to bitcoin everyone is so weird about doing practically the same thing! as if the money you buy bitcoin with is different from the money you buy stocks or anything else with!!!

[ebliever]

(snip)
when you want to trade stocks, you write out all your life story and how you got your money to the last cent and hand it over with a smile on your face to the government. (snip)

Uhh, no. I never have done anything the least bit like this for any fiat investment. SSN and date of birth and mother's maiden name and all that, but nothing beyond the necessary details to ID me.

[Wind_FURY]

They're used to it. It won't have any effect at all.

Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government".

If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there.

[RoommateAgreement]

(snip)
when you want to trade stocks, you write out all your life story and how you got your money to the last cent and hand it over with a smile on your face to the government. (snip)

Uhh, no. I never have done anything the least bit like this for any fiat investment. SSN and date of birth and mother's maiden name and all that, but nothing beyond the necessary details to ID me.

then what about all those information that you hand out to IRS (or equivalant in your country) which is in full details.
forr example while trading bitcoin in US, the IRS sees it as a capital gain and you need to report all the transactions with full record whether it was trading or it was spending. they have been calling it "capital asset" since 2014

[user27]

https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/

I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step.

The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between?

That's just pretty sad.

I mean, let's face it, no one is going to be able to provide docs that in depth. Bitcoin is supposed to be anonymous and we all know that people use bitcoin for all sorts of questionable things, and what the People's bank of China did is definitely going to cut into the trading volume huobi and BTC china has established in the past.

But that doesn't stop P2P trades from happening - people are still trading on platforms on localbitcoins, in fact increasingly so.

Wouldn't be surprised if the Chinese desert these exchanges for the P2P marketplace.

[ebliever]

(snip)
when you want to trade stocks, you write out all your life story and how you got your money to the last cent and hand it over with a smile on your face to the government. (snip)

Uhh, no. I never have done anything the least bit like this for any fiat investment. SSN and date of birth and mother's maiden name and all that, but nothing beyond the necessary details to ID me.

then what about all those information that you hand out to IRS (or equivalant in your country) which is in full details.
forr example while trading bitcoin in US, the IRS sees it as a capital gain and you need to report all the transactions with full record whether it was trading or it was spending. they have been calling it "capital asset" since 2014

I've not yet had to report anything taxable in crypto, but for fiat my reporting consists of a single line item on Schedule D or whatever, listing a stock/mutual fund and a number (amount of profit or loss). I don't have to report anything about why I bought/sold it. That's not my life story.

[cengsuwuei]

what is result PBOC about china exchanger
this now china exchanger is ready can withdraw or not, or still suspend, result only about verification ID
can open and normal withdraw again

[QuestionAuthority]

They're used to it. It won't have any effect at all.

Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government".

If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there.

I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt.

I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government.

[audaciousbeing]

https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/

I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step.

The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between?

This is something that should not be new to everyone because whether they like it or not, they just wanted to frustrate bitcoin by all means but I am happy they are doing theirs on that end, something good news are happening on the other side in addition to that I guess every players in bitcoin are no longer taking the news from there serious as bitcoin is enjoying some relative stability in recent times.

[Kakmakr]

Why is everyone so butt hurt over the Chinese? If Bitcoin is banned in China, the rest of the world would gladly buy their worthless coins. This is what everyone wants, or so they have said many times before on this forum. They go on and on about Chinese monopolizing Bitcoin and Bitcoin mining and now they are bitching because Bitcoin is being governed by the Chinese government.

Let them do what they want, these kind of decisions will back fire in the end and the rest of the world will buy cheap coins. ^smile^

[Amph]

i see no point in this really, how they are going to know that someone is not telling the true, it's easy to say the false, for the question "how you obtained your bitcoin"

other question are just destroying their privacy, like why they are withdrawing , which again can be false

https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/
I mean, let's face it, no one is going to be able to provide docs that in depth. Bitcoin is supposed to be anonymous and we all know that people use bitcoin for all sorts of questionable things, and what the People's bank of China did is definitely going to cut into the trading volume huobi and BTC china has established in the past.

bitcoin will never be anonymous, as long as you use an exchange, to be truly anonymous you need to use a decentralized exchange or buy stuff with bitcoin without going through fiat

it's not for a reason that soem people buy coins here, this forum can act as a decentralized exchange

[Dimelord]

PBOC knows that banning bitcoins will not be useful.Thats why they have asked each and every customer's verification depositing and withdrawing bitcoins.They just want to have control on bitcoin trade in china,but indirectly.They dont want any more of their country's money to go outside to other countries.I think the chinese game is almost over in bitcoins.Here after,they cannot manipulate the bitcoin market as they did earlier.

[BrewMaster]

i see no point in this really, how they are going to know that someone is not telling the true, it's easy to say the false, for the question "how you obtained your bitcoin"

other question are just destroying their privacy, like why they are withdrawing , which again can be false

if what we are reading here is the truth not the obfuscated version of it by a click-bait news site then it is just going to push people to OTC trading. and it was discussed before and some people warned the PBoC about this. and eventually you see the volume go much higher and price much higher because they are buying through other channels. and finally may lead to change of rules they put in first place.

[Wind_FURY]

They're used to it. It won't have any effect at all.

Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government".

If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there.

I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt.

I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government.

If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now.

[ASHLIUSZ]

They're used to it. It won't have any effect at all.

Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government".

If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there.

I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt.

I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government.

If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now.

Yes, once after PBOC's inspection over the exchanges and finding the fake volume of transactions several regulations were made. During the same localbitcoins survived to get back a lot of traders and users from China. Even now the same issue is running. Recently too, one of the biggest news paper of China described Bitcoin exchanges once again started to function doing the same. This might enforced PBOC to be more strict.

[QuestionAuthority]

They're used to it. It won't have any effect at all.

Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government".

If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there.

I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt.

I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government.

If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now.

Rattling the cage in China isn't the same as it is in the west.

Rattling the cage in the west:





Rattling the cage in China:

[Wind_FURY]

They're used to it. It won't have any effect at all.

Not all. I would like to think that a portion of the Chinese Bitcoiners are enlightened and know that they should stick it to their government in times that it is truly needed. Being a Bitcoiner could be one of those "sticking it to the government".

If it was possible, I believe foreign exchanges should start getting a good number of those Chinese traders. If Localbitcoin's numbers are up then that means there is a good market for foreign Bitcoin exchanges there.

I think they're all used to being shit on by their government, just like all murricans are used to bending over and letting the IRS rape them every April. No one is exempt.

I doubt any Chinese are trading bitcoin for philosophical reasons. Sure, they are trying to use bitcoin to hide money from the government but they aren't "sticking it to the govt". They're terrified of the government.

If you think about it, Bitcoin is the perfect medium for them to rattle the cage. The strict laws will subsidize BTC because of its disruptive nature. How is the volume of Localbitcoins over there. It must be rising by now.

Rattling the cage in China isn't the same as it is in the west.

Rattling the cage in the west:





Rattling the cage in China:

I believe you still underestimate what Bitcoin is. Bitcoin means they do not need to be on the streets and do a protest. Support for it is enough. Decentralization and censorship resistance through software is the new medium for resistance. We may only be scratching the surface.