Chinese Bitcoin Exchanges Will Likely Not Be Banned

[Mo9871]

https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

Very positive news. Let's start buying before it's late

[exstasie]

Great news, but let's take it with a grain of salt. This is Joseph Young posting at The Merkle, not any official news source. The story he is citing is this one from Bitcoin.com:

Following the rumors and hearsay, China’s National Internet Finance Association (NIFA) announced that exchanges dealing with cryptocurrency and ICOs had received many warnings in the past. NIFA states that any exchange operating in China currently has “no legal” authority to operate a virtual currency business at the moment.

“So-called “currency” trading platforms in China are not legally established,” reveals NIFA’s statement on September 13.

China’s regional media sources also confirm that exchanges will face stricter regulatory scrutiny, but claim that bitcoin is not banned nationwide. According to the reports, the next step will be strengthening cryptocurrency exchange supervision while also emphasizing that ICOs are still forbidden. One report explains regulators are merely “removing fraudulent projects without actual content.” However, even though some local reports state bitcoin exchanges will face more regulatory challenges they still may have to cease operations in the meantime.

...

An anonymous source told The Wall Street Journal that domestic cryptocurrency trading platforms will soon be closed down. The sources explained that regulatory officials were cryptic detailing the situation and would not reveal when the alleged exchange shut down would happen. “Too much disorder was naturally a basic reason” to stop cryptocurrency operations explained the news outlets’ source.

For now, every major Chinese cryptocurrency exchange is still operating, and the public doesn’t know if they will have to close down. Moreover, if exchanges are asked to close, then the trading platforms may have to get licensed before resuming financial operations.

The NIFA statement does not seem conclusive to me. It seems likely, all taken, that the exchanges will face additional scrutiny and a licensing regime will be developed. The question in that case is, will they be required to shut down in the meantime?

Anyway, now that the market has already dropped so much, I'm no longer sweating this. The damage is done. In "disaster trading" the rule is: sell the rumor, buy the news.

[metalbean]

They will not be banned, traders in China already know that. What they are figuring out is how to put forth new ICOs because Chinese cannot buy them now.

Tokens might still be sold in China post ICO overseas.

[Juggy777]

https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

Very positive news. Let's start buying before it's late

Doesn't surprise me at all, knew that this news was going to come sooner or later. It was a plot to weaken the Bitcoin price and guess what they succeeded, our community is is so weak that it blindly believed it and made a panic sale, how stupid can we be. Though I would say if you got cash now is the time to make some quick money, go for it, cause very soon we shall see prices rising.

[vit05]

This was being said since the begging. They will not ban anything. Just try to adjust making some rules. Especially when using fiat money. But the thing is, they will freeze temporarily all transaction using CNY. Bitcoin, ICO and ALts. So, if people would need money in that time they will have to trade p2p

[CryptoBry]

https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

Very positive news. Let's start buying before it's late

Doesn't surprise me at all, knew that this news was going to come sooner or later. It was a plot to weaken the Bitcoin price and guess what they succeeded, our community is is so weak that it blindly believed it and made a panic sale, how stupid can we be. Though I would say if you got cash now is the time to make some quick money, go for it, cause very soon we shall see prices rising.

We should be learning big lessons from this latest big dip for Bitcoin. From now on we should start to disconnect China from the Bitcoin ecosystem especially its effect on the value. Now, the only problem is that people are so enamored with China that they keep on listening even just rumors reported to be news by the media and many Bitcoin enthusiasts. China is a country that sometimes be hard to understand that is why the Bitcoin community should make a stand that we should not be panicking fro any news coming this great country.

[skyline247]

Turns out this is false. Bitcoin exchanges were just announced to be targeted (Chinese ones, that is), so if you are reading this and have money on them it is advisable you remove it ASAP.

[Cloud27]

China never banned bitcoin, they only wanted to regulate the exchanges. It is difficult and time consuming for both exchanges and clients to update their current data. It is better to close the exchanges and start from zero. China will start again with the new regulated exchanges.

[BayAreaCoins]

I know where I would bet where we were today .

[jerowacik]

China never bitcoin, they only wanted to regulate the exchanges. It is difficult and time consuming for both exchanges and clients to update their current data. It is better to close the exchanges and start from zero. China will start again with the new regulated exchanges.

if they start from scratch then bitcoin prices will likely increase later after september. we know that the Chinese government will do the exchange on September 30th. this will make things clearer and hopefully the Chinese government can support bitcoin in the future.

[lottery248]

China never bitcoin, they only wanted to regulate the exchanges. It is difficult and time consuming for both exchanges and clients to update their current data. It is better to close the exchanges and start from zero. China will start again with the new regulated exchanges.

if they start from scratch then bitcoin prices will likely increase later after september. we know that the Chinese government will do the exchange on September 30th. this will make things clearer and hopefully the Chinese government can support bitcoin in the future.

they are just banning the illegal ICO right? if yes and not affecting bitcoin, i am in the dark that why the people investing bitcoin suddenly selling the bitcoin like in the market or an apocalypse? that rumor is terrifying.

[Lenzie]

https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

Very positive news. Let's start buying before it's late

China problem will soon resolved and bitcoin will exceed the increase it has before the fork issue.

This was being said since the begging. They will not ban anything. Just try to adjust making some rules. Especially when using fiat money. But the thing is, they will freeze temporarily all transaction using CNY. Bitcoin, ICO and ALts. So, if people would need money in that time they will have to trade p2p

Indeed some people are just not into reading news. On the first news launched it already said that it will be stop for a moment. China only targeted those that are illegal. People fear those what they read indirectly from the news.

[bartolo]

I think exchanges will not be banned but they will not be allowed to exchange fiat for crypto and they will be regulated. Some exchanges will preffer to close, other ones will adapt.

[vit05]

I know where I would bet where we were today .

I liked this graphic. Do not know where you would bet, But I will bet that on Saturday "fear" phase will start

[ivrynx]

I think this is one way that thr chinese are trying to regulate bitcoins, the exchanges will now need to apply for license, sincr there were a lot of scam ICOs that sprout in china, the government just needs to protect its people, in any case, i think this will be a breaktrough for bitcoin, if the chinese will no longer let their exchanges change bitcoins to fiat, we might see a new economy, that works well with cryptocurrency, this might be in their plan, if one country will no longer take fiat as currency, sooner or later the world will be open in using digital currency, hopefully, that is what china had in mind in doing such move. Also, i think that having the exchanges regulated, more and more people will believe that bitcoin is not a scam, since that's what we've been hearing from so-called investment gurus that, bitcoin is decentralized, not regulated, then it must be a scam. Also, the chinese will not likely be banning bitcoin, since they have already invested a lot of time and money on their miners, and they probably have a lot of bitcoins being hodl, since they legalized bitcoin, there is a higher chance that bitcoin will not be ban. I also think, why would they ban bitcoin, if they know at first, that it will be the future, and having  a lot bitcoins, will surely shift the power, and as of now, china is already a superpower, along with russia, it is certain that their move, not banning bitcoins, will give more power to the east than to the west.

[Anrewbit]

I agree with everyone says that china wants to put some new regulations for their Crypto-currency exchange market & that’s good for the future of the bitcoin

my advice don’t sale your bitcoin because no anyone has benefits ( from the big countries ) to be out of the Crypto-currency exchange market.
“ bitcoin will continue going up soon “

[iamMhew]

Great news, but let's take it with a grain of salt. This is Joseph Young posting at The Merkle, not any official news source. The story he is citing is this one from Bitcoin.com:

Following the rumors and hearsay, China’s National Internet Finance Association (NIFA) announced that exchanges dealing with cryptocurrency and ICOs had received many warnings in the past. NIFA states that any exchange operating in China currently has “no legal” authority to operate a virtual currency business at the moment.

“So-called “currency” trading platforms in China are not legally established,” reveals NIFA’s statement on September 13.

China’s regional media sources also confirm that exchanges will face stricter regulatory scrutiny, but claim that bitcoin is not banned nationwide. According to the reports, the next step will be strengthening cryptocurrency exchange supervision while also emphasizing that ICOs are still forbidden. One report explains regulators are merely “removing fraudulent projects without actual content.” However, even though some local reports state bitcoin exchanges will face more regulatory challenges they still may have to cease operations in the meantime.

...

An anonymous source told The Wall Street Journal that domestic cryptocurrency trading platforms will soon be closed down. The sources explained that regulatory officials were cryptic detailing the situation and would not reveal when the alleged exchange shut down would happen. “Too much disorder was naturally a basic reason” to stop cryptocurrency operations explained the news outlets’ source.

For now, every major Chinese cryptocurrency exchange is still operating, and the public doesn’t know if they will have to close down. Moreover, if exchanges are asked to close, then the trading platforms may have to get licensed before resuming financial operations.

The NIFA statement does not seem conclusive to me. It seems likely, all taken, that the exchanges will face additional scrutiny and a licensing regime will be developed. The question in that case is, will they be required to shut down in the meantime?

Anyway, now that the market has already dropped so much, I'm no longer sweating this. The damage is done. In "disaster trading" the rule is: sell the rumor, buy the news.

as i thought, chinese government not totally banned crypto on their country but only ICO, and those cryptocurrency exchanger are still operating until now.its a good idea that if some exchanges are ask to close, then to continue their trading platform is just to have a licenses to resume their financial operations to be strongly legalized those operations in their country. so most of the major chinese cryptocurrency exchanges have no worries to being asked to close and continue their platform for long.

[Chyton]

Of course they are not banned, one of the largest bitcoin exchange in China is announced that they are going to close (not banned), this news affect bitcoin price greatly. However I think there's many Chinese whale is making this up and taking in the fact that Chinese government is still unsure about bitcoin, so double FUD. But I'm pretty sure Chinese government won't ban Bitcoin because as of now they have NEO n Qtum.

[setupbounds]

https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

Very positive news. Let's start buying before it's late

Doesn't surprise me at all, knew that this news was going to come sooner or later. It was a plot to weaken the Bitcoin price and guess what they succeeded, our community is is so weak that it blindly believed it and made a panic sale, how stupid can we be. Though I would say if you got cash now is the time to make some quick money, go for it, cause very soon we shall see prices rising.

We should be learning big lessons from this latest big dip for Bitcoin. From now on we should start to disconnect China from the Bitcoin ecosystem especially its effect on the value. Now, the only problem is that people are so enamored with China that they keep on listening even just rumors reported to be news by the media and many Bitcoin enthusiasts. China is a country that sometimes be hard to understand that is why the Bitcoin community should make a stand that we should not be panicking fro any news coming this great country.

Very easy to say this but we all know that China cannot be disconnected from the world of crypto currencies. There is no power that can stop China from mingling in the crypto coins' world. However, we must stop getting panic every time when the great China displays a show.

[thms]

China's official newspaper just released note on the end of bitcoin in China:

http://en.people.cn/n3/2017/0918/c90000-9270302.html

it's a complete ban. People who are saying it's just a temporary ban is spreading fake news.