"Big News From China" is spreading false information, Exchangers are banned !

[gentlemand]

Why is there any doubt about this? Why is there talk of FUD?

We all know you can't play with crypto in China any more via normal routes. This pleases me greatly. The Chinese have been a glistening tumour sucking the life force out of the rest of us. Once the miners are gone then we'll really start to progress.

Goodbye. Please don't come back. Ever.

[1715308234]

1715308234

[1715308234]

1715308234

[1715308234]

1715308234

[1715308234]

1715308234

[talkbitcoin]

In conclusion, exchange of bitcoin or any crypto for fiat or reverse is banned in China. stop spreading false information.

unless you can give us the official Chinese government announcement saying "exchange of cryptocurrences with CNY is banned", you are spreading FUD.

they have closed exchanges. true.
these exchanges were big and were working with CNY. true.
but it doesn't mean they have banned trading of cryptocurrencies. there are still other exchanges and people are trading them easily. you can check out localbitcoins and the huge CNY volume that comes out of there if you want.

Yo fuder. here is the info you asked, you are welcome.


http://www.miit.gov.cn/n1146290/n4388791/c5781140/content.html

"中国人民银行 中央网信办 工业和信息化部 工商总局 银监会 证监会 保监会 关于防范代币发行融资风险的公告 04/09/2017" Announcement issued by "People's of China Central Bank, Internet Information Regulation Office, Office of the Ministry of Industry and Information Technology, Trade and Industry Bureau, Banking Regulatory Commission, Securities Regulatory Commission, Insurance Regulatory Commission 04/09/2017"

"三、加强代币融资交易平台的管理
本公告发布之日起，任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务，不得买卖或作为中央对手方买卖代币或“虚拟货币”，不得为代币或“虚拟货币”提供定价、信息中介等服务。"
Chapiter 3,
Since the day of this announcement, any kind of so called cryptocurrencies exchange
shouldn't provide fiat CNY <--> cryptocurrencies nor cryptocurrencies <-> other cryptocurrencies trading service,
shouldn't sell/buy cryptocurrencies,
shouldn't set/provide price index for cryptocurrencies,
shouldn't act as trading escrow (p2p) neither.
cryptocurrencies = all kinds of cryptocurrencies, bitcoin, altcoins, shitcoins, ico scam coins, myass coin, fud gold, fake money, talkbitcoin fuddermonies or whatever..


Exchangers should be thankful to be given some delay (until the end of this month) to close down and clear the house and refund client's fund.
Now, you cool?

i read the page three times now. all i can conclude is that this article is talking about ICOs and how they are disguised way of illegal fund raising and because of that they are closing exchanges.

and i can still see large trading volume coming from localbitcoins in China and other places with CNY.

[tscen]

In conclusion, exchange of bitcoin or any crypto for fiat or reverse is banned in China. stop spreading false information.

unless you can give us the official Chinese government announcement saying "exchange of cryptocurrences with CNY is banned", you are spreading FUD.

they have closed exchanges. true.
these exchanges were big and were working with CNY. true.
but it doesn't mean they have banned trading of cryptocurrencies. there are still other exchanges and people are trading them easily. you can check out localbitcoins and the huge CNY volume that comes out of there if you want.

Yo fuder. here is the info you asked, you are welcome.


http://www.miit.gov.cn/n1146290/n4388791/c5781140/content.html

"中国人民银行 中央网信办 工业和信息化部 工商总局 银监会 证监会 保监会 关于防范代币发行融资风险的公告 04/09/2017" Announcement issued by "People's of China Central Bank, Internet Information Regulation Office, Office of the Ministry of Industry and Information Technology, Trade and Industry Bureau, Banking Regulatory Commission, Securities Regulatory Commission, Insurance Regulatory Commission 04/09/2017"

"三、加强代币融资交易平台的管理
本公告发布之日起，任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务，不得买卖或作为中央对手方买卖代币或“虚拟货币”，不得为代币或“虚拟货币”提供定价、信息中介等服务。"
Chapiter 3,
Since the day of this announcement, any kind of so called cryptocurrencies exchange
shouldn't provide fiat CNY <--> cryptocurrencies nor cryptocurrencies <-> other cryptocurrencies trading service,
shouldn't sell/buy cryptocurrencies,
shouldn't set/provide price index for cryptocurrencies,
shouldn't act as trading escrow (p2p) neither.
cryptocurrencies = all kinds of cryptocurrencies, bitcoin, altcoins, shitcoins, ico scam coins, myass coin, fud gold, fake money, talkbitcoin fuddermonies or whatever..


Exchangers should be thankful to be given some delay (until the end of this month) to close down and clear the house and refund client's fund.
Now, you cool?

i read the page three times now. all i can conclude is that this article is talking about ICOs and how they are disguised way of illegal fund raising and because of that they are closing exchanges.

and i can still see large trading volume coming from localbitcoins in China and other places with CNY.

I gave you word by word translation and fact up there, but if you don't want to wake up, fine.

[matuson]

I can't understand what's the problem? Even if China banned the exchange of bitcoin into yuan it will not change anything. Exchanges outside of China will exchange crypto currencies for the dollar and the Chinese will get on their Bank account transfers in dollars. It seems to me that such news will not affect the attitude of Chinese people to cryptocurrency. There are issues much more important.

[tscen]

I can't understand what's the problem? Even if China banned the exchange of bitcoin into yuan it will not change anything. Exchanges outside of China will exchange crypto currencies for the dollar and the Chinese will get on their Bank account transfers in dollars. It seems to me that such news will not affect the attitude of Chinese people to cryptocurrency. There are issues much more important.

China is a capital control country you know? if you can't trade for CNY, then it has nothing to do with China anymore.
NO USD/EUR/CAD/GBP/JPY/etc goes in nor comes out from China. Chinese used to buy Bitcoin in China and dump aboard to bypass the control, this is one of the many reasons of the ban.

[Seansky]

Why is there any doubt about this? Why is there talk of FUD?

We all know you can't play with crypto in China any more via normal routes. This pleases me greatly. The Chinese have been a glistening tumour sucking the life force out of the rest of us. Once the miners are gone then we'll really start to progress.

Goodbye. Please don't come back. Ever.

I am sure that his does not please them because they will have to go through great lengths in order to play with crypto, I am going to miss them though they somehow contributes to the volatility of cryptocurrencies, I love to play with their game sometimes and they greatly contribute on the hashing power of the whole cryptoworld. I hope that many others will take over their lost hashing power for mining for it to not affect transactions speed.

[Ludwig Von]

I can't understand what's the problem? Even if China banned the exchange of bitcoin into yuan it will not change anything. Exchanges outside of China will exchange crypto currencies for the dollar and the Chinese will get on their Bank account transfers in dollars. It seems to me that such news will not affect the attitude of Chinese people to cryptocurrency. There are issues much more important.

China is a capital control country you know? if you can't trade for CNY, then it has nothing to do with China anymore.
NO USD/EUR/CAD/GBP/JPY/etc goes in nor comes out from China. Chinese used to buy Bitcoin in China and dump aboard to bypass the control, this is one of the many reasons of the ban.

So the interesting question is : how do the Chinese evade the ban? By smugling gold to Japan and Korea ? And convert it there into USD and BTC ?

[tscen]

I can't understand what's the problem? Even if China banned the exchange of bitcoin into yuan it will not change anything. Exchanges outside of China will exchange crypto currencies for the dollar and the Chinese will get on their Bank account transfers in dollars. It seems to me that such news will not affect the attitude of Chinese people to cryptocurrency. There are issues much more important.

China is a capital control country you know? if you can't trade for CNY, then it has nothing to do with China anymore.
NO USD/EUR/CAD/GBP/JPY/etc goes in nor comes out from China. Chinese used to buy Bitcoin in China and dump aboard to bypass the control, this is one of the many reasons of the ban.

So the interesting question is : how do the Chinese evade the ban? By smugling gold to Japan and Korea ? And convert it there into USD and BTC ?

For now, most Chinese is simply out. the rest is using localbitcoin like websites to do p2p trading.

[Ludwig Von]

I can't understand what's the problem? Even if China banned the exchange of bitcoin into yuan it will not change anything. Exchanges outside of China will exchange crypto currencies for the dollar and the Chinese will get on their Bank account transfers in dollars. It seems to me that such news will not affect the attitude of Chinese people to cryptocurrency. There are issues much more important.

China is a capital control country you know? if you can't trade for CNY, then it has nothing to do with China anymore.
NO USD/EUR/CAD/GBP/JPY/etc goes in nor comes out from China. Chinese used to buy Bitcoin in China and dump aboard to bypass the control, this is one of the many reasons of the ban.

So the interesting question is : how do the Chinese evade the ban? By smugling gold to Japan and Korea ? And convert it there into USD and BTC ?

For now, most Chinese is simply out. the rest is using localbitcoin like websites to do p2p trading.

And that brings the next question : some of the biggest miners are Chinese, so what happens with their proceeds? It is not possible that it stays intra China, so are they "Exporting" their coins in exchange for Euro, USD currencies ?

[tscen]

I can't understand what's the problem? Even if China banned the exchange of bitcoin into yuan it will not change anything. Exchanges outside of China will exchange crypto currencies for the dollar and the Chinese will get on their Bank account transfers in dollars. It seems to me that such news will not affect the attitude of Chinese people to cryptocurrency. There are issues much more important.

China is a capital control country you know? if you can't trade for CNY, then it has nothing to do with China anymore.
NO USD/EUR/CAD/GBP/JPY/etc goes in nor comes out from China. Chinese used to buy Bitcoin in China and dump aboard to bypass the control, this is one of the many reasons of the ban.

So the interesting question is : how do the Chinese evade the ban? By smugling gold to Japan and Korea ? And convert it there into USD and BTC ?

For now, most Chinese is simply out. the rest is using localbitcoin like websites to do p2p trading.

And that brings the next question : some of the biggest miners are Chinese, so what happens with their proceeds? It is not possible that it stays intra China, so are they "Exporting" their coins in exchange for Euro, USD currencies ?

They can sell through p2p trading in China or sell to foreign buyer / exchanger and receive the payment in their offshore bank account.

[Ludwig Von]

I can't understand what's the problem? Even if China banned the exchange of bitcoin into yuan it will not change anything. Exchanges outside of China will exchange crypto currencies for the dollar and the Chinese will get on their Bank account transfers in dollars. It seems to me that such news will not affect the attitude of Chinese people to cryptocurrency. There are issues much more important.

China is a capital control country you know? if you can't trade for CNY, then it has nothing to do with China anymore.
NO USD/EUR/CAD/GBP/JPY/etc goes in nor comes out from China. Chinese used to buy Bitcoin in China and dump aboard to bypass the control, this is one of the many reasons of the ban.

So the interesting question is : how do the Chinese evade the ban? By smugling gold to Japan and Korea ? And convert it there into USD and BTC ?

For now, most Chinese is simply out. the rest is using localbitcoin like websites to do p2p trading.

And that brings the next question : some of the biggest miners are Chinese, so what happens with their proceeds? It is not possible that it stays intra China, so are they "Exporting" their coins in exchange for Euro, USD currencies ?

They can sell through p2p trading in China or sell to foreign buyer / exchanger and receive the payment in their offshore bank account.

If that is how it goes, then it means that Gov. will also crackdown on the miners. What seems unlogical. If they want to avoid capital flight out of the country, they would rather let the miners export their coins for foreign valuta?

[BrewMaster]

who cares? haha!

this is not the first time China bans exchanges and this is not the first time they exaggerate the news. and in the end bitcoin will remain as strong as be fore.

since this is speculation board, you can see that the news is already ignored by the whole market and price is still staying up and rising even more. in other words nobody in this board cares at least

[talkbitcoin]

Huobi, which is one of the biggest cryptocurrency exchanges in China, will resume its operation at 12:00, 26th, October (China Time) and they have also announce that with that resume of operations they will also add USDT to their platform to increase the convenience and compete with other exchanges that already have it.

https://www.huobi.pro/zh-cn/notice_detail/?id=651

[Reatim]

As much as we want them to be back in the ecosystem though, they have damage their reputation already. They have put a significant dent around the market last month. However, it seems that we are doing ok without them, so as the saying goes, don't fix it if ain't broken, so we might as well continue to moved forward without China because we have already proven that we can survived without them.

[Herbert2020]

As much as we want them to be back in the ecosystem though, they have damage their reputation already. They have put a significant dent around the market last month. However, it seems that we are doing ok without them, so as the saying goes, don't fix it if ain't broken, so we might as well continue to moved forward without China because we have already proven that we can survived without them.

i disagree.
in my experience China has always been just an excuse to cause panic in the market and they are an excellent source of FUD because of the language difference and hardness of verifying the news and also because their government is known to do strange stuff like banning exchanges out of nowhere! also the fact that the Chinese volume have been large helped with the panic.
what i am trying to say is that what you call "dent around the market" would have happened even if it weren't for China. they would have used something else for FUD.

[magneto]

Huobi is banned in China. No exchange of BTC / CNY Legal Tender (bank wire, third party payment etc) is allowed to operate in China.

The current running exchanges e.g. okcoin, huobi, btcchina etc are all going to close down this month before the final limit date given by the government.

Those Chinese exchanges can register abroad e.g. in Hongkong, Singapore, Japan, Virgin Islands or whatever low tax lite regulation countries, and running with BTC / NON-CNY currency pair. the case in the post "Big News From China", huobi.com registered abroad with a new domain huobi.pro, running with btc / usd tether to bypass China gov's ban. it has nothing to do with China.

Will it work? may be, may be not. For how long is a question.
usd tether is just like btc-e code or Liberty Reserve waiting to be cracked down by the US Authority.
The whole fake foreign but real Chinese companies like huobi.pro or okcoin.com etc are all operating in China, maybe even by the same group of people in the same office and the same room. China gov surely can raid them over night.

US gov already showed us this with btc-e, which its even worse that they hunted the russian admin down in Greece. compare to this, China has prefect authority.

In conclusion, exchange of bitcoin or any crypto for fiat or reverse is banned in China. stop spreading false information.

Well it is still Huobi coming back which is one of the most popular exchanges there are in China. And them coming back in a foreign country is still good news at least in my opinion, even if it's not based in China anymore.

Though China seems serious about the whole closedown of exchanges and probably won't be changing their mind soon.

Plus, this news has not affected price much.

[Clairvoyance]

Huobi is banned in China. No exchange of BTC / CNY Legal Tender (bank wire, third party payment etc) is allowed to operate in China.

The current running exchanges e.g. okcoin, huobi, btcchina etc are all going to close down this month before the final limit date given by the government.

Those Chinese exchanges can register abroad e.g. in Hongkong, Singapore, Japan, Virgin Islands or whatever low tax lite regulation countries, and running with BTC / NON-CNY currency pair. the case in the post "Big News From China", huobi.com registered abroad with a new domain huobi.pro, running with btc / usd tether to bypass China gov's ban. it has nothing to do with China.

Will it work? may be, may be not. For how long is a question.
usd tether is just like btc-e code or Liberty Reserve waiting to be cracked down by the US Authority.
The whole fake foreign but real Chinese companies like huobi.pro or okcoin.com etc are all operating in China, maybe even by the same group of people in the same office and the same room. China gov surely can raid them over night.

US gov already showed us this with btc-e, which its even worse that they hunted the russian admin down in Greece. compare to this, China has prefect authority.

In conclusion, exchange of bitcoin or any crypto for fiat or reverse is banned in China. stop spreading false information.

Are there any proof to support your claims? What I've read and heard was Huobi is coming back. I strongly believed that they want to hop along the hype before it reach a price where they can't maximize their profit.

[YellowRiver]

Huobi is banned in China. No exchange of BTC / CNY Legal Tender (bank wire, third party payment etc) is allowed to operate in China.

The current running exchanges e.g. okcoin, huobi, btcchina etc are all going to close down this month before the final limit date given by the government.

Those Chinese exchanges can register abroad e.g. in Hongkong, Singapore, Japan, Virgin Islands or whatever low tax lite regulation countries, and running with BTC / NON-CNY currency pair. the case in the post "Big News From China", huobi.com registered abroad with a new domain huobi.pro, running with btc / usd tether to bypass China gov's ban. it has nothing to do with China.

Will it work? may be, may be not. For how long is a question.
usd tether is just like btc-e code or Liberty Reserve waiting to be cracked down by the US Authority.
The whole fake foreign but real Chinese companies like huobi.pro or okcoin.com etc are all operating in China, maybe even by the same group of people in the same office and the same room. China gov surely can raid them over night.

US gov already showed us this with btc-e, which its even worse that they hunted the russian admin down in Greece. compare to this, China has prefect authority.

In conclusion, exchange of bitcoin or any crypto for fiat or reverse is banned in China. stop spreading false information.

Well always we listen different kind of stories from china some are saying bitcoin is banned in china and some are telling different stories but what I know about china market and from the people they are using bitcoins are they are taking a very good advantage from bitcoin china people love bitcoin and in some part of china bitcoin work easily so I don’t know why bad and not true stories are coming.

[Pab]

There was official announcment during China Communist Party Congress about potencial debt crisis.Chinise companys are taking loans to pay loans.POBC will now focus on actions to prevent crash.So bye bye btc in China for a while