PBOC Tougher on Margin Trading?

[Doofus]

Huobi’s BitVC is going to close CNY spot and USD spot trading at 12:00 April 1st (GMT+8) due to company business adjustments. And they ask clients to convert fiat asset into bitcoin or litecoin and return margin before 12:00 April 1st. Does this mark another round of tough policies on margin trading by PBOC?
Here is the news:http://news.8btc.com/huobis-bitvc-going-to-close-cny-spot-and-usd-spot-trading-at-1200-april1st

[NUFCrichard]

Huobi’s BitVC is going to close CNY spot and USD spot trading at 12:00 April 1st (GMT+8) due to company business adjustments. And they ask clients to convert fiat asset into bitcoin or litecoin and return margin before 12:00 April 1st. Does this mark another round of tough policies on margin trading by PBOC?
Here is the news:http://news.8btc.com/huobis-bitvc-going-to-close-cny-spot-and-usd-spot-trading-at-1200-april1st

Could they not just add Tether and do away with Fiat?
Using Fiat on an exchange seems to be troublesome with regulators, it makes they a constant switch point between crypto and fiat, which is the tax point and the normal point of regulation.

There must be a CNY tether available too, if they use that, then they can massively reduce the amount of cash trading they have, the PBOC will be happy and we will be happy!

[Vaskiy]

Such strong regulations came to effect when the yaun fell causing a economic fluctuation. This was just the beginning from which they made regulations to keep yaun in a stable manner. Just because of this PBOC started to regulate bitcoin without opposing bitcoin.

[unamis76]

Most likely PBOC's hand again, otherwise they wouldn't bother (they didn't for years). It's also very suspect that they do this after suspending withdrawals like they did.

[Qartada]

Dealing with fiat can be really troubling for traders due to identity verification, government interference and potential problems with the exchanges. People should really get more into USDT, while less established it works really great on Poloniex since you can exchange them more freely without having to think too much about the conversion.  Hopefully tethers for other currencies will be developed as well.

[unamis76]

Dealing with fiat can be really troubling for traders due to identity verification, government interference and potential problems with the exchanges. People should really get more into USDT, while less established it works really great on Poloniex since you can exchange them more freely without having to think too much about the conversion.  Hopefully tethers for other currencies will be developed as well.

USDT still required verification. It wouldn't solve identity issues, nor would it satisfy the PBOC regarding Margin Trading...

[talkbitcoin]

Huobi’s BitVC is going to close CNY spot and USD spot trading at 12:00 April 1st (GMT+8) due to company business adjustments. And they ask clients to convert fiat asset into bitcoin or litecoin and return margin before 12:00 April 1st. Does this mark another round of tough policies on margin trading by PBOC?
Here is the news:http://news.8btc.com/huobis-bitvc-going-to-close-cny-spot-and-usd-spot-trading-at-1200-april1st

Could they not just add Tether and do away with Fiat?
Using Fiat on an exchange seems to be troublesome with regulators, it makes they a constant switch point between crypto and fiat, which is the tax point and the normal point of regulation.

There must be a CNY tether available too, if they use that, then they can massively reduce the amount of cash trading they have, the PBOC will be happy and we will be happy!

it is still tied to fiat and not even CNY fiat (i think there is a equivalent bitCNY thingy) and that will still need verification. and these regulations aren't because of fiat it is mostly done to prevent illegal activities on exchanges.

and why is it trouble for bitcoin traders but there is no trouble for Forex traders!!

[Doofus]

I guess they are just trying to cut out all loopholes for margin trading and money laundering.