Don't panic, China is NOT banning bitcoin

[Gabi]

No panic? Meh, i wanted to quickly buy single digit coins 

[buffett]

the main concern is if china gov begin to interfere with btcchina. china gov is very concern about money laundry/tax avoidance, and this is what bitcoin is all about in china, they are using bitcoin to move their money outside mainland.

this freaking news means china start to worry about bitcoin and they may take another unpredicted action in next few days/weeks.

panic is very natural now if you know what china gov can do, they do not need much bureaucracy to decide anything.

[polarhei]

It needs to cool down for a while to adjust.

Just need to be cautions if you are not early bird such as not accessing 28nm miners or the first era users.

[PenAndPaper]

China is not banning bitcoin, but they say that it is not a currency and that it shouldn't be used as such.
I don't know if everyone should panic but i wouldn't want to be bitpay today 

[Ford]

So can ordinary businesses (not banks) accept bitcoin as payment in China?  It looks like they can't from the translation.

Just checked with my wife - basically it is not clear from the Chinese (and most likely this is on purpose).

This is what i would like to know too.
So would this mean that individuals and businesses could not list items for sale in bitcoin on sites like the "former bitmit" if the price was to be paid in BTC only?

Any clarification/opinions would be gratefully welcomed!

[sapoleon]

cashing out at Bank of China might experience a transfer delay.
goxed

[Sava]

Will wait 1 week and see what's going to happen Now the price is good

[PenAndPaper]

Exactly right, also why is anyone surprised by a bank not warming to bitcoin, this changes nothing, btc will still rise, maybe slower if the big speculators drop out but still the trend will be upwards, imho.

People's bank of china is not yet another bank. It is china. Also the notice is co signed by ministers, committees etc. and frankly you can't get something more official than that.

[sapoleon]

BTC China when trying CNY cash out at Bank of China:
contact system service when requesting SMS.
goxed
then the value should go up, isnt it?

[CIYAM]

As far as I am aware there is no problem at all cashing out via Tenpay now (Alipay is no longer an option though from what I gather).

[Jcw188]

I totally agree that China is not banning BTC but with China's interference int he economy and banking you can't help but think they disapprove of it and they could possibly take other negative steps for BTC in the future.

[Johnny Bitcoinseed]

Excellent news.  When the government bans or puts the breaks on something that is in great demand by the people, that something tends to go underground - and be valued EVEN MORE highly.

Think booze during the American Prohibition - there were great profits to be made
Think drugs during the modern American durg Prohbition - there are great profits to be made.

What this tells me is the banking industry of that country is nervous about what Bitcoin means to them.  These banksters are putting pressure on governments to curb bitcoin because they see the writing on the wall.

These means bitcoin is onto something.  Something big.  You'd be a fool to cash out now from what could be a once in a lifetime chance to be financially wealthy and free due to the game changer known as bicoin.

Excellent news, indeed!

[sapoleon]

Just did an CNY withdraw to Bank of China from BTCChina, lets see if it arrives on Friday.

[bryant.coleman]

Excellent news.  When the government bans or puts the breaks on something that is in great demand by the people, that something tends to go underground - and be valued EVEN MORE highly.

Think booze during the American Prohibition - there were great profits to be made
Think drugs during the modern American durg Prohbition - there are great profits to be made.

You are very skilfully ignoring the negative points. Yes.... lot of profits were made during the prohibition era. But who gained? It was the criminals who gained from it, while the common people suffered. Same will happen here. Criminals will take over BTC trading. Ordinary people like us will be pushed out.

[Coinbanker]

Just did an CNY withdraw to Bank of China from BTCChina, lets see if it arrives on Friday.

i afraid that you wont see it forever.  because your money directly and indirectly related to bitcoin transaction since banks banned btc.

[mladen00]

they  still not having enough BTC, so they pulled down the price of it, and buying cheaper

[Kazimir]

Not sure if this has been linked here already, but I thought it might be worth it. Things aren't quite so negative als the panic sellers earlier this week seemed to think:

http://www.techinasia.com/panic-chinas-regulation-bitcoin-leaves-room-optimism/

[BelieveTheHype]

Not sure if this has been linked here already, but I thought it might be worth it. Things aren't quite so negative als the panic sellers earlier this week seemed to think:

http://www.techinasia.com/panic-chinas-regulation-bitcoin-leaves-room-optimism/

Def a good read.

Here's one from the other side of the world:
http://www.usatoday.com/story/money/business/2013/12/05/bitcoin-china-pboc/3876727/

Thank you

[PenAndPaper]

Just did an CNY withdraw to Bank of China from BTCChina, lets see if it arrives on Friday.

i afraid that you wont see it forever.  because your money directly and indirectly related to bitcoin transaction since banks banned btc.

China allowed bitcoin exchanges to operate but with strict rules. That means that somehow people must move money in and out.

[Serge]

ok, since official China considers Bitcoin as a virtual commodity at the moment and from looks of it Bitcoin cannot be used as money over there, how does official China treat barter? can one individual or business entity do barter trading with another and declare income and pay taxes off of it like it's required over here in the US?