BTC China will be closed. All Bitcoin chinese exchangers will be closed.

[mayax]

China`s Central Bank reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges
 
Well, today China banned exchangers to accept payments from clients who want to buy Bitcoin. BTC China(the biggest exchanger from China) is not accepting deposits anymore.Yes, the clients will still be able to sell in order to not create panic but it is a temporary solution until the end of January.
 
"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed."
 

IMO, the banks from worldwide will ban all the Bitcoin exchangers soon(in the following months). I recommend you to sell your Bitcoin now. The rate should go down fast.

[koyun]

Is this from a reputable source? I have concerns about reliability of the source.

The only aim of spreading such news seem as creating a dump in prices and buying cheap coins to make profit after the price is stabilized at a higher rate.

[Reece523]

This sure sounds like the kind of thing which could cause a panic if true...

[mayax]

This sure sounds like the kind of thing which could cause a panic if true...

It's from China`s Central Bank. They did the announcement today.

Last week, they released other annoucement and they said that all the financial companies(banks, insurers, etc) must stop accepting any Bitcoin business(to open accounts and so on).

Today they came with same clarifications and they have banned third-party payment companies from doing business with bitcoin exchanges

"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed"

That means all the exchangers from China(BTC China is the biggest one) must close the business as soon as possible.

At this time, BTC China does not accept deposits anymore.

So, China banned Bitcoin for good. China transactions were more than 50% from all the Bitcoin transactions

The price will go down fast. It's already $650

[AuroraHF]

This sure sounds like the kind of thing which could cause a panic if true...

It's from China`s Central Bank. They did the announcement today.

Last week, they released other annoucement and they said that all the financial companies(banks, insurers, etc) must stop accepting any Bitcoin business(to open accounts and so on).

Today they came with same clarifications and they have banned third-party payment companies from doing business with bitcoin exchanges

"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed"

That means all the exchangers from China(BTC China is the biggest one) must close the business as soon as possible.

At this time, BTC China does not accept deposits anymore.

Any sources that we can deem reliable?

[Magetea]

lol.
1. What is the source? Coindesk used "Sources close to China’s Central Bank", but there is no formal announcement at all, unlike last week.
2. Even if China may ban bitcoin exchange, what do you suddenly make the conclusion that every other countries around the world will do it as well. Criticizing the gov't is illegal in China, OMG, will it be illegal as well next month in US or Germany?

[greenlion]

IMO, the banks from worldwide will ban all the Bitcoin exchangers soon(in the following months). I recommend you to sell your Bitcoin now. The rate should go down fast.

Overthrow or vote out your governments instead.

[CIYAM]

This is FUD - seems a lot of topics appearing from 0 activity newbies trying hard to keep pushing down the price.

[mayax]

lol.
1. What is the source? Coindesk used "Sources close to China’s Central Bank", but there is no formal announcement at all, unlike last week.
2. Even if China may ban bitcoin exchange, what do you suddenly make the conclusion that every other countries around the world will do it as well. Criticizing the gov't is illegal in China, OMG, will it be illegal as well next month in US or Germany?

I come with reliable sources:   http://forexmagnates.com/china-bans-payment-firms-from-working-with-bitcoin-exchanges/

You can find similar links all over the internet.

Also, try to deposit with BTC China. You will see that you can't do it.
Yes, THERE IS A FORMAL ANNOUNCENT:   

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html


Bitcoin is like illegal in USA as well. You need to be licensed in order to exchange and there is not licensed Bitcoin exchanger in USA

EU Central bank warned agaist Bitcoin 3 days ago; same Australia and New Zealand.
Thailand already banned bitcoin 5 months ago.
Swiss Central bank warned against Bitcoin last week too; same for France.

Coinbase will be closed and the bank account seized in the very near future; as it happened with MtGox bank accounts 6 months ago. Coinbase is not licensed.

[ceyre]

So much FUD today.
Everyone just needs a day away from BTC...

[Vipersach]

This sure sounds like the kind of thing which could cause a panic if true...

It's from China`s Central Bank. They did the announcement today.

Last week, they released other annoucement and they said that all the financial companies(banks, insurers, etc) must stop accepting any Bitcoin business(to open accounts and so on).

Today they came with same clarifications and they have banned third-party payment companies from doing business with bitcoin exchanges

"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed"

That means all the exchangers from China(BTC China is the biggest one) must close the business as soon as possible.

At this time, BTC China does not accept deposits anymore.

So, China banned Bitcoin for good. China transactions were more than 50% from all the Bitcoin transactions

The price will go down fast. It's already $650

Where exactly do you mean by "from China's Central Bank"?
If you mean PBOC, I could not find such announcement at the website http://www.pbc.gov.cn/
If you really find that announcement, why don't you share a link in the first place?

You claim BTCChina no longer accept deposits, right?
But, I just transfer 10K CNY from my bank account (BOC) an hour ago to BTCChina. Everything go smoothly.

[CIYAM]

Transfers are working perfectly on btcchina - OP stop the FUD your links are just to nothing other than unsubstantiated rumors.

[BitcoinBarrel]

It's interesting how it's no problem if you want to pay $1 million dollars for a digital picture or a digital music file... but if you want to buy letters in a text file you get the ban hammer...   And aren't ALL digital multimedia made up of similar letters and numbers at the core?

[mayax]

The decision was made today. BTC China wants to get ride of Bitcoin stock. They are doing illegal things if they are accepting deposits again.

This is the first annoucement(last week). Even so, it's clearly stated that the banks and financial companies cannot deal with Bitcoin.
BTC China was not licensed(out of law) and even they had a license, it's impossible to deal with Bitcoin because it's anonymous. You cannot do that once your licensed.

http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

The second announcement clarifies the whole story.

"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed."

[CIYAM]

They are doing illegal things if they are accepting deposits again.

So you are saying PBOC have made an announcement yet at the same time the very same PBOC are allowing you to transfer money in and out of btcchina.

Can you see the problem with your logic?

BTW if "tenpay" is taken out of the equation then it means little more than you have to pay more fees to the banks (same as Dwolla being taken out of the equation for Mt. Gox).

[ZooKeeper]

It's from China`s Central Bank. They did the announcement today.

OK, original you are talking about a new announcement just published today.

Yes, THERE IS A FORMAL ANNOUNCENT:  
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Now, you give us a link for the announcement published on Dec 5.
You must be kidding me.

Where is your so-called today announcement?

Yes, there are lots of "news" in English, but none in Chinese. Wow, that's interesting.

"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed."

Payment companies ≠ Banks.
Yes, you can no longer withdraw CNY from btcchina to tenpay, but you can deposit money to or withdraw money from bank account directly.

[mayax]

It's interesting how it's no problem if you want to pay $1 million dollars for a digital picture or a digital music file... but if you want to buy letters in a text file you get the ban hammer...   And aren't ALL digital multimedia made up of similar letters and numbers at the core?

You buy letters are you buy letter in a ponzi scheme. Also, it's anonymous. That's all the banks are banning Bitcoin.

I am not against Bitcoin. These are the facts.

You can do whatever you want with your money, so you can even buy some digits in an "unregulated" system.

My post was about China.

China banned all the exchangers. You will see that all of them will close the business or they will try to cheat the banks in a way or others.

Anyway, it's not a joke. You can be executed for "Money Laundering" in China.
This it happens if you make exchanges without being licensed.

[hotice]

I can see some holes in the logic.
but to mayax's credit. Why are the prices falling today ?

[CIYAM]

I can see some holes in the logic.
but to mayax's credit. Why are the prices falling today ?

Because of a FUD campaign (read the article on CoinDesk for the details that came from some "unnamed source").

It does seem that "tenpay" will no longer be able to be used with BTC exchanges but direct bank deposits and withdrawals are working fine.

If the PBOC was really *banning* btcchina then how is it possible that they forgot to actually stop people from doing deposits and withdrawals?

[mayax]

It's from China`s Central Bank. They did the announcement today.

OK, original you are talking about a new announcement just published today.

Yes, THERE IS A FORMAL ANNOUNCENT:  
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20131205153156832222251/20131205153156832222251_.html

Now, you give us a link for the announcement published on Dec 5.
You must be kidding me.

Where is your so-called today announcement?

Yes, there are lots of "news" in English, but none in Chinese. Wow, that's interesting.

"For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed."

Payment companies ≠ Banks.
Yes, you can no longer withdraw CNY from btcchina to tenpay, but you can deposit money to or withdraw money from bank account directly.

Payment companies are not only banks;are all the financial licensed company. You can transmit money even you are not a bank. There are many categories of financial companies. The exchangers are one of them so they fall under this rule.
Anyway, the banks won't accept payments for Bitcoin exchanges anymore.

The second announcement is making the things more clearly.
Just wait for 1-2 days and you will see the Chinese announcement.

You will see the rates going down too.