[2017-10-29] Chinese Might be Able to Trade Bitcoin Again Soon

[Beef Coin]

19th National Congress of the Communist Party of China, the most important conference in China this year, ended on Oct. 24. With the end of the conference, some temporary regulations and policies are canceled as well. Among the regulations, the shutdown of Bitcoin trading in China might be one.

On Oct. 28 ZB.com, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.

The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The languages of the website are Chinese and English. However, it’s too soon to state that the regulation toward Bitcoin and other cryptocurrencies is invalid. Maybe the platform will be closed by the government soon. Nevertheless, there are also people saying that the Chinese government is behind the platform.

Offline trades become popular after regulation

For now, nobody knows exactly what’s going to happen after Nov. 1. It's good news if Chinese Bitcoin traders may operate more easily. Since the shutdown of Bitcoin trading platforms in China, people have started to trade Bitcoin through Taobao, which is the Chinese version of eBay which belongs to Alibaba Group, Wechat chatting group, and QQ chatting group. Offline trades have become popular between Chinese Bitcoin traders.

Source: https://cointelegraph.com/news/chinese-might-be-able-to-trade-bitcoin-again-soon

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[vit05]

I can't imagine how Bitcoin price will rush when China come back to the game with full force. Will probably explode. I know that there is people trading using p2p. But companies be able to trade again in a safer environment that only exchanges could provide. Anyway, this is the last day to some exchanges.

[1Referee]

I can't imagine how Bitcoin price will rush when China come back to the game with full force. Will probably explode.

I doubt that. It was obvious from the very beginning that this Chinese "ban" was nothing more than a temporary occurrence. You can look at it as being an attempt by the Chinese government to buy time when it comes to getting their regulations ready and sorted out. I am quite sure that these regulations were already planned to happen, but due to the sudden exploding market this year, they were overwhelmed and were seeing no other viable option than to shut down their exchanges. I just hope that the market keeps holding its distance from the Chinese market, especially because of the fact that they are (for quite some time now) no longer the leading factor in crypto terms. The sooner people here realize that, the better it will be.

[pixie85]

Offline trades become popular after regulation

I knew it was going to be like this. You can't simply make people stop trading, just like you can't make people stop drinking alcohol. The Chinese continue to trade the only thing that changed is they are doing it offline or using exchanges located in Hong Kong and Japan and all of this makes the Chinese gov miss out on the taxes from fees.

[rmilly]

Did anyone else knew this was going to happen? The chinese government may be harsh, but they're not stupid lol. I can see the price of bitcoin skyrocketing after they let exchanges happen again.

[rjbtc2017]

I can't imagine how Bitcoin price will rush when China come back to the game with full force. Will probably explode. I know that there is people trading using p2p. But companies be able to trade again in a safer environment that only exchanges could provide. Anyway, this is the last day to some exchanges.

Maybe , but as of now Without China, Bitcoin is still continually moving up.
"Offline trades become popular after regulation"
Like what are they gonna do without online trading surely they will go offline. But i still doubt this whole process. Are they just creating another FUD because of Bitcoin already touched new historical price?

[Snaic]

The news that China is returning to the world market of crypto-currencies and cancels its ill-conceived prohibitions has been waiting for a long time. It was expected that this would happen after the next party conference in China, which, in fact, happened. On the other hand, it was obvious the uselessness of the imposed prohibitions, which citizens began to bypass in various ways, and the state only from this lost considerable profit. Whatever it was, and China, it seems, intends to return to bitcoin mining and trade in crypto currency. The other day the situation on this issue will clear up definitively.

[bubblebit]

The last time I checked my information about China’s popularity to this bitcoin community is almost 25%. Observations makes me conclude that they’re comeback might rise a little bit but not totally skyrocket as other say. It maybe because they can’t trust china for they have this tendency of making false and changeable announcements. This news been 5 different thread I’ve been through and the reaction of most “It’s better that China is not part of bitcoin” because in the first place we survive the 2800$ dip and rises up to 6100$ now without them anyway.

[FrueGreads]

I can't imagine how Bitcoin price will rush when China come back to the game with full force. Will probably explode. I know that there is people trading using p2p. But companies be able to trade again in a safer environment that only exchanges could provide. Anyway, this is the last day to some exchanges.

I'm not sure we will see huge changes in the price when China removes the "ban" on crypto trading. Of course the price should increase because more people will join in, but I think that the big players had ever stopped trading during the suspension, so things won't probably change that much. I do think these are good news though, because if bitcoin can survive China strict government and their regulations, then it can survive everything.

Did anyone else knew this was going to happen? The chinese government may be harsh, but they're not stupid lol. I can see the price of bitcoin skyrocketing after they let exchanges happen again.

I don't think their main reason to remove the suspension will be the fear of staying out of BTC. I think the reason behind this, is that they realized they can't really ban it. All this was done to prevent money from leaving the country, but all they achieved with this, was to push users underground, and their control over their money actually decreased. It will be better for them to allow bitcoin trade, and to get some taxes out of it, since they can't really stop BTC.

[Lucius]

There is news that Huobi is back online few days ago and news is true since their site is working but without BTC/CNY pair so they can trade only between BTC/LTC/BCC/ETH/ETC.There is also huobi pro wich is based in Hong Kong and they allow trading in USDT pairs.

So China is still not allow their citizen to use domestic currency in trading with cryptocurrency,there is a great fear because of the outflow of money from the country.The question is can they find some sort of solution and allow trading with CNY or markets in China will only work in trading between cryptocurrency pairs.

[PalahniuKC]

China is in a complex situation : In one hand they want to keep everything under their control (especialy their money) but in the other hand they know that if they want to be more than a second-class country they need to foster innovation in the technological space (and they have the talented people to do it), but this means giving more freedom to their entrepreneurs.

Anyway, it's good news that china is back in the crypto-world. It is a key player for its development (even if some might say they just here to manipulate the market)

[stfN2128]

oh well! nice to read that, this are very good News. We saw the crypto world is still alive without China, so lets grow bigger together with china

[Marry Finch]

If after so long consideration of the issue of the possibility of prohibiting decentralized crypto currency in the country, the Chinese government is going to make a decision to resume trading with the crypto currency, then it was convinced of the ineffectiveness of introducing such prohibitions. I hope that at last the Chinese government will clearly not only disclose its decision, but will also express its opinion on the motives for their adoption. China's return to the global crypto currency market will have a positive effect on the growth of bitcoin and other crypto currency.

[Darklinkz]

That just only mean one thing. It says that prepare yourself because altcoins are going to reach moon again because Chinese people are back in the game.

[Zicadis]

I hope our friends understand that putting a kill switch on bitcoin just makes it more valuable and people will demand for it...or simply move the market somewhere else with a good business environment. Otherwise traders need to lay low and access the situation with Chinese exchanges