Malcolm Casselle:“Banks could not perform withdraws for the purpose of Bitcoin p

[yomofo]

http://imgur.com/c6NANbM (screenshot of live tweet)

http://coinchomp.com/2014/01/26/live-blog-north-american-bitcoin-conference-day-2/

http://www.linkedin.com/in/malcolmcasselle (profile of speaker at Miami bitcoin conference 1/26/14)

this is happening live at the Miami bitcoin conference.  

“They also said that Banks could not perform withdraws for the purpose of Bitcoin purchases, [...] that sent a chill through the bitcoin ecosystem”.

is that referring to withdrawals for bitcoin purchases at exchanges or something else?  however, it's already explicitly stated that you can not price things in bitcoin.  im starting to think this is referring to exchanges.

Malcom Casselle: “… China made it illegal to price things in Bitcoin… ”

Malcom: “So that’s the current state in china – you’re not allowed to use 3rd party payment provider, you’re not allowed to deposit money into your Bank account for Bitcoin.”

[fonzie]

Malcom: “If the government charged Huobi a regulatory fee, that fee would be passed on to the traders, which would lower volume and have an impact on Bitcoin price”.

[Syke]

Malcom: “So that’s the current state in china ... you’re not allowed to deposit money into your Bank account for Bitcoin.”

What does that mean? I understand *withdrawing* money from your bank account for bitcoins, but how do you *deposit* money into a bank for bitcoins? Do banks now sell bitcoins?

[virtualfaqs]

BTC China has a voucher system. But I have no idea how that works. If someone can explain, that would be great.

[proudhon]

http://imgur.com/c6NANbM (screenshot of live tweet)

http://coinchomp.com/2014/01/26/live-blog-north-american-bitcoin-conference-day-2/

http://www.linkedin.com/in/malcolmcasselle (profile of speaker at Miami bitcoin conference 1/26/14)

this is happening live at the Miami bitcoin conference.  

“They also said that Banks could not perform withdraws for the purpose of Bitcoin purchases, [...] that sent a chill through the bitcoin ecosystem”.

is that referring to withdrawals for bitcoin purchases at exchanges or something else?  however, it's already explicitly stated that you can not price things in bitcoin.  im starting to think this is referring to exchanges.

Malcom Casselle: “… China made it illegal to price things in Bitcoin… ”

Malcom: “So that’s the current state in china – you’re not allowed to use 3rd party payment provider, you’re not allowed to deposit money into your Bank account for Bitcoin.”

Thank you for posting this confirmed bad news.  Please contribute to the main thread here, so that everyone can see all the bad news in one place.  I've gone ahead and confirmed you as true and glorious confirmed source.  Welcome to service.

[Dalmar]

Chinese are gamblers, they will wait till the very last minute to see what happens. Many of them are feeling lucky, but when they see all those red candles for hours on end it will eventually cause them to panic sell.

Shotr bitcoin for sure.

[proudhon]

Chinese are gamblers, they will wait till the very last minute to see what happens. Many of them are feeling lucky, but when they see all those red candles for hours on end it will eventually cause them to panic sell.

Shotr bitcoin for sure.

I agree and confirm.  Thank you.

[Apostata]

I believe what he is referring to is this excerpt from the Official Bitcoin Noticed issued by the Peoples Bank of China:

"Financial institutions and payment institutions are not allowed to use bitcoin...or directly or indirectly provide customers with other services related to bitcoin"

See paragraph 3 of this English translation provided by BTC China https://vip.btcchina.com/page/bocnotice2013

Essentially, banks are forbidden from having anything to do with bitcoin, directly or indirectly. 

[Apostata]

BTC China has a voucher system. But I have no idea how that works. If someone can explain, that would be great.

The BTC China voucher system is basically like buying a gift card - that can only be used to buy BTC on BTC China.  The problem is that a big part of their network of retailers who sold these vouchers were on Taobao (China's Amazon) - who have sinced banned the sale of anything bitcoin related.  So the voucher system is all but dead

BTC China also set up a "Maker-Taker" system, which essentially promotes the sale of BTC between users, which is allowed under the new Chinese regulations.

[chessnut]

I believe what he is referring to is this excerpt from the Official Bitcoin Noticed issued by the Peoples Bank of China:

"Financial institutions and payment institutions are not allowed to use bitcoin...or directly or indirectly provide customers with other services related to bitcoin"

See paragraph 3 of this English translation provided by BTC China https://vip.btcchina.com/page/bocnotice2013

Essentially, banks are forbidden from having anything to do with bitcoin, directly or indirectly. 

Bad news for now, but essentially this is exactly what the bitcoin community wants. Banks, back of the queue!