Question from the other end of the world: Is BTC in China in danger?

[Dr Bloggood]

Hello my fellow bitcoiners from China,

people have been speculating what is going on with BTC in China, so I thought I would come here to ask you guys directly: How hard will government restrictions be in the future - what is your feeling?

Will the government stop right there and only regulate the banks, or is this just the first step to later regulate businesses too?

I feel like if the Chinese government doesn't want BTC to be a currency, they might stop any monetary use of it. What's your gut feeling?

Looking forward to hearing your opinions directly from China!!

PS: Congrats on being smart enough to buy up all the gold! The West will look really stupid there at some day in the future...

[ysws]

单个政府无法阻挡科技进步的潮流！

[kaizuki]

As far as i know,the gov treat bitcoin as commodity instead of currency.banks and investment institutions are forbidden to do bitcoin business,but people can treat bitcoin business as barter.

[Arriemoller]

单个政府无法阻挡科技进步的潮流！

(Google translation: Single government can not stop the tide of technological progress)

That's true, but they can make it difficult for a while.

[Dr Bloggood]

单个政府无法阻挡科技进步的潮流！

I see what you are saying there.

Can you imagine more restrictions coming soon?

[Dr Bloggood]

As far as i know,the gov treat bitcoin as commodity instead of currency.banks and investment institutions are forbidden to do bitcoin business,but people can treat bitcoin business as barter.

They also said they don't want it used as a currency. If that's to be taken seriously, there is restrictions on merchants to come as well, which should have a bigger impact.

[Dr Bloggood]

单个政府无法阻挡科技进步的潮流！

(Google translation: Single government can not stop the tide of technological progress)

That's true, but they can make it difficult for a while.

True. Hopefully.

Your signature just gave me a good laugh!

[ysws]

目前仅仅是限制银行和支付机构(比如:支付宝，财付通等)介入电子币收付业务，个人之间对电子币的买卖和商家接受电子币付款都是明确允许的。
所以这个政策实际上是利好，因为电子币本来就是民间发行并在民间流通的。

百度公司宣布取消BTC付款业务，我觉得主要原因是财务上不好做帐。上市公司的财务制度太严格，BTC兑CNY价格巨幅波动，没法做帐。

[hsquared]

The goverment of China had not forbidden ptivate organizations/companies accept Bitcoin until now, but the banks, financial institutions, and any organizations related to the goverment should not accept bitcoin now.
But in my option, this is not much influence to Bitcoin, In fact, because of the risk of itself, Bitcoin could not be accepted by the banks, financial institutions, and the goverment in short time.
But on the other hand, Bitcoin was stand on the opposite to any goverment when it was born, so we don't know what should happen in the future.

[Dr Bloggood]

目前仅仅是限制银行和支付机构(比如:支付宝，财付通等)介入电子币收付业务，个人之间对电子币的买卖和商家接受电子币付款都是明确允许的。
所以这个政策实际上是利好，因为电子币本来就是民间发行并在民间流通的。

百度公司宣布取消BTC付款业务，我觉得主要原因是财务上不好做帐。上市公司的财务制度太严格，BTC兑CNY价格巨幅波动，没法做帐。

(Google translation: Currently only a restricted banking and payment institutions (for example: Paypal, money paid through, etc.) involved in e-currency payment services between personal electronic currency trading and currency merchants to accept electronic payments are explicitly permitted.
So this policy is actually good, because the electronic currency was originally issued and folk civil society circulation.)

So I guess what you are saying is, the restrictions are good, because they prevent a bubble.

Interesting!

[Dr Bloggood]

The goverment of China had not forbidden ptivate organizations/companies accept Bitcoin until now, but the banks, financial institutions, and any organizations related to the goverment should not accept bitcoin now.
But in my option, this is not much influence to Bitcoin, In fact, because of the risk of itself, Bitcoin could not be accepted by the banks, financial institutions, and the goverment in short time.
But on the other hand, Bitcoin was stand on the opposite to any goverment when it was born, so we don't know what should happen in the future.

We will see how it plays out.

[Dr Bloggood]

百度公司宣布取消BTC付款业务，我觉得主要原因是财务上不好做帐。上市公司的财务制度太严格，BTC兑CNY价格巨幅波动，没法做帐。

(Google Translation: Baidu announced the cancellation BTC payment business, I do not think the main reason is financial accounts. Listed companies whose financial system is too strict, CNY prices fluctuated wildly against BTC, can not do account.)

What I get from this is that Baidu cancelled its BTC usage because BTC is too volatile.

But BTC has been volatile ever since it has been in existance, so why did Baidu start to use it in the first place then?

[ysws]

谷歌翻译害死人啊。。。。

I do not think the main reason is financial accounts --> I think the main reason is financial accounts

[ysws]

百度公司宣布取消BTC付款业务，我觉得主要原因是财务上不好做帐。上市公司的财务制度太严格，BTC兑CNY价格巨幅波动，没法做帐。

(Google Translation: Baidu announced the cancellation BTC payment business, I do not think the main reason is financial accounts. Listed companies whose financial system is too strict, CNY prices fluctuated wildly against BTC, can not do account.)

What I get from this is that Baidu cancelled its BTC usage because BTC is too volatile.

But BTC has been volatile ever since it has been in existance, so why did Baidu start to use it in the first place then?

税务局和会计师不认可把BTC做为资产记入财务报表，只能兑换成CNY或USD等法定货币。