[2013-12-16] CoinDesk - China Bans Payment Firms from Working with BTC Exchanges

[imfed]

“PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China,” they explained.

At the moment, these claims are still rumours, as neither the PBOC nor any payment company has issued a statement to confirm what was discussed and what the outcome was. However, our source revealed they got their information from various channels, including those people who were at the meeting.

They went on to say that if and when this happens, people will still be able to withdraw their money from Chinese exchanges, they just won’t be able to deposit new funds.

“There’s no need to panic and do a run on the bank. People will still be able to sell their bitcoins for local currency and then withdraw that currency,” they concluded.

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

[cr1776]

...
They went on to say that if and when this happens, people will still be able to withdraw their money from Chinese exchanges, they just won’t be able to deposit new funds.

“There’s no need to panic and do a run on the bank. People will still be able to sell their bitcoins for local currency and then withdraw that currency,” they concluded.

The question is, if you are not a speculator in China, why would you WANT to withdraw your money to local currency there when it is subject to capital controls, inflation, seizing etc?  If I were in China and was part of the richer class there and had bitcoin,it would be insurance.

[ButchHashidy]

bitinstant to the rescue!

[bryant.coleman]

I don't know why such a reputable website such as Coindesk would publish something negative about Bitcoin without any valid proof. They themselves are saying in the article that these are just unsubstantiated rumors.

[seriouscoin]

I don't know why such a reputable website such as Coindesk would publish something negative about Bitcoin without any valid proof. They themselves are saying in the article that these are just unsubstantiated rumors.

Well they can use it for their own benefits to trade accordingly.

It happens to Wall Street, stocks market as well.

Doesnt matter how good bitcoin is, we, humans, are the weakest of any system.

[bryant.coleman]

Well they can use it for their own benefits to trade accordingly.

It happens to Wall Street, stocks market as well.

Doesnt matter how good bitcoin is, we, humans, are the weakest of any system.

Any idea on who owns Coindesk? I have lost all the faith I had with them. For me, they were one of the foremost sources for getting the latest Bitcoin-related news. But not anymore.

[aigeezer]

Any idea on who owns Coindesk? 

Good question. There are no real clues on the site: "This website is a service operated by Coindesk Ltd, 9 Argyll Street, 4th Floor, London W1F 7TG, United Kingdom."

http://www.coindesk.com/terms-conditions/

[viajero]

there is more "evidence" on the table:

https://bitcointalk.org/index.php?topic=374685.0