[FUD] China prohibits banks providing settlement services to Bitcoin Exchange

[coastermonger]

the head of Chinas people bank Mr. Zhou invited to a meeting where to discus the risks of bitcoin especially regarding money laundering and consumer protection. the central bank also prohibits any bank or financial institution to offer services regarding bitcoin.
i got it translated from a friend from China

I think the one key point they're hinging on is whether the People's Bank of China is going to try to cut off money from moving into and out of the chinese exchanges. 

Part of me fears the worst, but if they do then I suppose good riddance for now.  If it turns out to be no big deal after all, then sheesh people here have some trigger happy sell fingers.

[CIYAM]

Just sounds like the same announcement from before - and as I checked RMB withdrawals (at least) are still working fine from btcchina (and apparently from okcoin also).

I think we have seen some FUD and opportunism but will not know if any change has actually happened until we get a more "official" statement.

[mr_random]

the head of Chinas people bank Mr. Zhou invited to a meeting where to discus the risks of bitcoin especially regarding money laundering and consumer protection. the central bank also prohibits any bank or financial institution to offer services regarding bitcoin.
i got it translated from a friend from China

I think the one key point they're hinging on is whether the People's Bank of China is going to try to cut off money from moving into and out of the chinese exchanges. 

Part of me fears the worst, but if they do then I suppose good riddance for now.  If it turns out to be no big deal after all, then sheesh people here have some trigger happy sell fingers.

Or people with inside information are selling early.

[mmeijeri]

Just sounds like the same announcement from before - and as I checked RMB withdrawals (at least) are still working fine from btcchina (and apparently from okcoin also).

So how do RMB withdrawals work? What effect do China's capital controls have on westerners trying to arbitrage between btcchina and Bitstamp?

[CIYAM]

So how do RMB withdrawals work? What effect do China's capital controls have on westerners trying to arbitrage between btcchina and Bitstamp?

I am not sure about the rules in terms of westerners (I am not personally trading on btcchina but am in close touch with Chinese people that are).

Arbitraging is never as easy as it appears in any case as there are always problems of delays (for a start the 6 confirmations to transfer BTC and then normally daily fiat withdrawal limits).

[otsaku]

It would seem this might have more to do with it:

http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular

[Bitcoinpro]

Just sounds like the same announcement from before - and as I checked RMB withdrawals (at least) are still working fine from btcchina (and apparently from okcoin also).

So how do RMB withdrawals work? What effect do China's capital controls have on westerners trying to arbitrage between btcchina and Bitstamp?

as long as you had enough liquidity it wouldn't do anything, the only problem is if they shut down the exchange and confiscated everything

China has specifically said it ok to trade on the exchange, just not buy sell food

technically that means they should also enforce large speedy capital exchanges to allow you to quickly sell your coin to make large cash purchases

once again if you can't confuse them with brilliance baffle them with ....

 

[EvilPanda]

It would seem this might have more to do with it:

http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular

This seems more probable to me.

[otsaku]

It would seem this might have more to do with it:

http://www.marketwatch.com/story/asia-stocks-lower-as-china-data-disappoint-2013-12-15?link=MW_popular

This seems more probable to me.

Either way it is interesting watching the market, not to mention worrying about my minuscule investment.

[CIYAM]

I think that the [FUD] prefix added to the topic is a good call for now.

[jaminunit]

Dam it! We need to employ Chinese translators this whole episode is so confusing.

we have 3 issues

1: OK coin in some kind of meeting with regulators

2: BTCCHINA now charging .3% is it because there is going to be a run and they finally want to make a profit?

3: BTCCHINA withdrawl issues but this seems to be a browser bug in IE and firefox. google chrome working?


Whats going on?

[CIYAM]

3: BTCCHINA withdrawl issues but this seems to be a browser bug in IE and firefox. google chrome working?

At least in regards to this issue - it does not appear to be a browser bug but instead a bug with their "old website" (an option you can click on).

If you use the "new website" (which is the default for new users) then this problem is not occurring as far as I am aware.

[wjsqsn]

3: BTCCHINA withdrawl issues but this seems to be a browser bug in IE and firefox. google chrome working?

At least in regards to this issue - it does not appear to be a browser bug but instead a bug with their "old website" (an option you can click on).

If you use the "new website" (which is the default for new users) then this problem is not occurring as far as I am aware.

防范比特币风险连出招
央行约谈第三方支付“釜底抽薪”？

http://epaper.yicai.com:81/site1/html/2013-12/17/content_198652.htm

严湘君

　　“央行规定第三方支付机构不得为比特币交易网站提供托管、交易等业务。”昨天下午，央行召集第三方支付公司开会透露出上述消息。

　　《第一财经日报》记者独家获悉，继12月5日发布《关于防范比特币风险的通知》（下称《通知》）后，央行昨日再度“出击”，约谈10余家第三方支付公司相关负责人，明确要求其不得给比特币、莱特币（LTC）等的交易网站提供支付与清算业务。

　　在半个月不到的时间里，央行连出“两招”防范比特币风险，而此次会议所传达的精神更是被不少比特币业内人士解读为“釜底抽薪”。

　　第三方支付“三条线”

　　一家大型第三方支付公司的参会人士对本报记者证实，昨天上午，10余家第三方支付公司受到央行召集，在北京召开了一次闭门会议。上述人士在接受本报记者采访时透露，会议由央行支付结算司副司长周金黄主持，每家公司都派出了1~2名相关人士参会。

　　“周司长在会议开始时就明确指出，此次会议并非是召集各家公司讨论关于比特币的相关业务是否能开展，而是传达央行高层的态度，即首先第三方支付公司不得给比特币、莱特币等交易网站提供支付和清算服务；其次，对于已经发生业务的支付机构应解除合作，存量款最迟在春节前完成提现，不得发生新的支付业务；第三，严格执行12月5日央行发布的《通知》。”上述第三方支付公司人士告诉本报记者。

　　另据本报记者拿到的第三方支付公司一位参会人员所记录的会议纪要，此次会议，除规定不允许境内第三方支付机构从事与比特币相关的业务外，央行也会在会后研究针对在境内接入比特币相关业务的境外支付机构的相关规定。

　　周金黄在传达相关精神后，各家支付公司均作出了将严格执行上述三条要求的表态。但值得注意的是，全球最活跃的交易网站之一BTCC（比特币中国）以及比特币、莱特币交易网站OKCOIN已经将第三方支付机构从原先合作的财付通换成了另一家第三方支付公司，同时，有用户反映，两家网站目前只能用财付通提现，但不能通过其充值。

　　“支付宝一直都没有和任何比特币交易网站有过商业合作，”支付宝相关人士在接受本报记者采访时表示，“如果有投资者发现充值渠道为支付宝，则需要警惕对方是否为个人账户，如果确实是个人账户，请投资者一定要留意风险。”

　　有比特币业内人士认为，从昨日央行会议的内容来看，央行对于比特币可能造成的风险防范力度较大，但他也同时表示出不解，因为此举或许会令原本在线上公开透明的比特币交易平台转移至地下，监管难度更会随之上升。

　　比特币在中国未来堪忧？

　　“《通知》发出来之后，我们就在担心第三方支付这个事情会不会就做不了了，没想到一语成谶了。”一家比特币交易网站负责人在听到上述消息后对本报记者说。

　　与《通知》发出后绝大部分业内人士所认为的“口径较为宽松”，甚至“监管的一次创新”不同，此次央行会议的精神明显给比特币行业造成了一定的打击。不少业内人士都表示，比特币在中国未来的发展形势堪忧，将选择不同程度的“出逃”，或转移至境外交易平台进行比特币交易。

　　此前，央行的《通知》曾明确要求现阶段各金融机构和支付机构不得开展与比特币相关的业务，不得以比特币为产品或服务定价，不得买卖或作为中央对手买卖比特币，不得承保与比特币相关的保险业务或将比特币纳入保险责任范围等。《通知》发出后，虽然比特币市场有所异动，出现短时间的下跌，但很快即收复“失地”。

　　而昨日的会议会对比特币价格造成多大影响还不得而知，但截至本报记者发稿，BTCC上比特币的价格已经从昨日最高的5335元下跌至4600元，下跌幅度为15%。

　　（本报记者夏心愉对此文亦有贡献）

[stellan0r]

Meaning what?

[JaSK]

Meaning what?

Nobody knows and the reddit threads that are created en masse smell of FUD and fake.

[mvidetto]

Meaning what?

Nobody knows and the reddit threads that are created en masse smell of FUD and fake.

Yeah I agree here, there is no well known news website that is touting this.  This is probably just to get the price to drop for cheap coins.

[Omega2513]

2: BTCCHINA now charging .3% is it because there is going to be a run and they finally want to make a profit?

This doesn't surprise me. A few exchanges are charging a fee now because they were losing money by paying the network fee. Cavirtex is one of them.

[lclc]

We really need a Chinese translator we can trust and is known in the community how can translate this sort of stuff fast. This overreactions are so annoying.

[Omega2513]

We really need a Chinese translator we can trust and is known in the community how can translate this sort of stuff fast. This overreactions are so annoying.

More like we need to bribe someone in the financial sector

[chsados]

This is terrible news:

source: http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

1. This article is posted on sina. Sina is the top 5 online medai brand in China, equivalent to Yahoo here.

2. The rumor posted on Chinese version of twitter(weibo) is true.

3. People's Bank of China banned all the third party payment company doing business related to bitcoin, including bitcoin exchange platforms.

For those who is currently doing, they are required to completely cut off bitcoin related business by the Chinese new year, which is at the end of Jan 2014.

For the business held by entity outside of China, they haven't decide what to do, but very likely to be negative.

3. Btcchina is operated in the Shanghai's new pilot free trading zone. It is at a awkward spot. They has terminate the partnership with Tenpay(probably second largest third party payment company under Alipay). They are now using Yeepay, which is probably a random small company I have never heard of.

4. You can now only withdraw your fiat fund from btcchina through online banking. You can still deposit via Yeepay and online banking, for now.

5. After Dec 5, small merchants or online shop owner could still accept bitcoin as payment and comfortably convert them to rmb through exchange like btcchina. In the future , this is going to be much harder and completely illegal after the Chinese new year. Basically, bitcoin is dead in China for the most part. People can only use it as speculative investment and store of value, but it is going to very hard for them to realize their potential profit legally in the future.

6. In the future, if bitcoin still managed to success internationally without China market, people in China would still be able to own it and sell it in a similar way how people deposit and withdraw money from Pokerstars. But it probably wouldn't be a hot topic as it was months ago.

7. People ask if btcchina will be shut down. I don't know. Btcchina is the only exchange located in the Shanghai's free pilot trading zone, it could possibly survive. But the best case scenario is that btcchina is going to the only one left.

Since people couldn't read, I just made make some words bold.