chinese state TV (CCTV) just talked about bitcoin & chinese central bank

[TheoryOfBitcoin]

roughly translated:

* Bitcoin is virtual currency and legality has been classified
* Reports say Bank of China directed payment processors to stop doing business with Bitcoin businesses
* Personal holding and transfers still allowed
* People speculate this may be the end of rise of bitcoin

This was just on CCTV

[wobber]

Chinese want cheap coins I guess.

[viboracecata]

Bitcoin is virtual currency? I think you missed it.

[ElectricMucus]

Bitcoin is virtual currency? I think you missed it.

He did, it's called a virtual commodity and not a currency, which is half the point of the China debate.

[crazy_rabbit]

roughly translated:

* Bitcoin is virtual currency and legality has been classified
* Reports say Bank of China directed payment processors to stop doing business with Bitcoin businesses
* Personal holding and transfers still allowed
* People speculate this may be the end of rise of bitcoin

This was just on CCTV

Yes but did they say people are still allowed to buy it, IE: send money into the exchanges?

[seleme]

roughly translated:

* Bitcoin is virtual currency and legality has been classified
* Reports say Bank of China directed payment processors to stop doing business with Bitcoin businesses
* Personal holding and transfers still allowed
* People speculate this may be the end of rise of bitcoin

This was just on CCTV

Yes but did they say people are still allowed to buy it, IE: send money into the exchanges?

This should be an answer if above is true:

* Reports say Bank of China directed payment processors to stop doing business with Bitcoin businesses

[wobber]

So we're about to see a nice new drop with these news?

[NUFCrichard]

So they are legal, but you aren't allowed to buy them? Is that right?

[Pruden]

No.
The only way you can buy bitcoins is through bank transfers, not through "payment processors".

[windjc]

So we're about to see a nice new drop with these news?

No, this is the news we already knew as of 24 hours ago.  

From now on out Chinese people can invest in BTC through Chinese banks depositing into exchanges directly. It is the same rules as investing in gold and silver. And just like with gold and silver, citizens will not be allowed to send money to exchanges by 3rd party processors.

[viboracecata]

So they are legal, but you aren't allowed to buy them? Is that right?

Not exactly, they let it hard to buy bitcoins. So lots of speculators quited.