china bans bitcoin again.

[yomofo]

http://tech.ifeng.com/internet/special/bitcoin-news/content-3/detail_2014_03/27/35186911_0.shtml
http://pastebin.com/zVXFAYuL

2nd source to substantiate news: http://finance.sina.com.cn/money/bank/bank_hydt/20140327/092518630481.shtml

Sources said the central bank notification requirements to close China 15 bitcoin site bank account
 
At 08:01 on March 27, 2014
Source: Phoenix Technologies
 
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This will get stricter enforcement of such funds account Bitcoin transactions had to move abroad to become other than disk -based semi- underground market long ago, the world's largest Bitcoin trading platform Mt.Gox therefore internal mismanagement and collapse , currently the world's three largest trading platform for bitcoins Bittamp, Bitfinex, btc-e. PS: be required to terminate the existence of institutions with banks and third-party payment account transactions Bitcoin trading platform has the following 15 :
 
Phoenix Technology News March 27 , according to the new fiscal " Financial Industry Watch" report, the central bank issued a notice in mid- March to prohibit domestic banks and third-party payment mechanism for Bitcoin trading platform account, voucher , payment , cash and other services , ordered them to shut down for the 15 largest bitcoin bank account opened trading platform , financial institutions and cut contact between bitcoin bubble . This will get stricter enforcement of such funds account Bitcoin transactions had to move abroad to become other than disk -based semi-underground market
 
It is reported that the central bank branches to the central bank issued a report entitled "further strengthen risk prevention bitcoins work notice " (the "Notice" ) in mid- March , the document requires banks and third-party payment agencies, Close all trading accounts within the territory of more than a dozen Bitcoin platform. This means that financial institutions trading account opening Bitcoin website platform is not legitimate unless cash transactions, investors not to bitcoin bank transfer transactions in China , third-party payment , unprecedented intensity .
 
"Notice" requirement that all commercial banks and third-party payment agencies to close all accounts of these platforms , the deadline is April 15 . Before this deadline , these accounts can still withdraw cash , but can not recharge. Overdue closed , the central bank will be punished. In addition , the central bank also asked the Association to continue to track the payment and settlement platform recharge means change , and timely notification to commercial banks.
 
After the central bank in March , " notice" , all Bitcoin website company can open a bank account , while using personal accounts recharge once found will be banned . Also means that , after a grace period of April 15 , bitcoin site to the customer no longer has legal access to cash .
 
The document also contains the name of a Bitcoin China (BTCChina), fire currency network , OKCoin currency transactions and other 15 -bit platforms , including the list ( see below ) .
 
March 19 , online news that "the central bank ban Bitcoin trading platform " message. In this regard , the central bank released the same day official microblogging microblogging called " '4 before April 15 to stop all Bitcoin transactions ' is untrue , the attitude of the People's Bank Bitcoin has five ministries in the People's Bank " on guard against the risk of Bitcoin notice "clearly expressed ."
 
 
But according to the new fiscal confirm that the central bank "notification" true. Just the wrong time news spread that the central bank is not prohibited Bitcoin trading platform , but prohibits banks account for the Bitcoin trading platform , payment, clearing and other services.
 
PS: be required to terminate the existence of institutions with banks and third-party payment account transactions Bitcoin trading platform has the following 15 :
 
Bitcoin China (BTCChina)
 
Fire currency net
 
Okcoin
 
Fxbtc
 
Bitcoin trading network
 
China bitcoin
 
btc100
 
Bit children
 
808 bitcoins
 
Bit Era
 
Cattle currency net
 
Bitcoin International
 
Bitcoin days
 
42btc
 
btc star

[damnek]

I'm starting to get tired of this

[chessnut]

ty for the link I wish I could read chinese though =P

Does everyone have their low buy orders ready???

[MOB]

Well, there goes a 220 BTC sell-off.  So it begins!

[chessnut]

http://tech.ifeng.com/internet/special/bitcoin-news/content-3/detail_2014_03/27/35186911_0.shtml
http://pastebin.com/zVXFAYuL

yomofo thanks for the snappy update where do I donate? 

[seleme]

Hopefully for good. Cheers China, thanks for so far 

[seriouscoin]

I'm starting to get tired of this

Chinese officials dumped their coins and now they want to buy cheap coins.... it will never end.

[gentlemand]

Can anyone translate the, er, translation?

[CoinRocka]

http://www.coindesk.com/coindesk-launches-chinese-yuan-bitcoin-price-index/

Queue the fake Chinese volume bombshell...

[Siegfried]

It says that using bank accounts to send funds to a Bitcoin trading platform is prohibited, but that cash trading is not (除非现金交易). I wonder how that is going to work. Will people withdraw large amounts of cash and give it to an agent of an exchange? Inconvenient, but it would not deter me from buying.

[Dalmar]

It says that using bank accounts to send funds to a Bitcoin trading platform is prohibited, but that cash trading is not (除非现金交易). I wonder how that is going to work. Will people withdraw large amounts of cash and give it to an agent of an exchange? Inconvenient, but it would not deter me from buying.

It would effectively dry up fiat liquidity on Chinese exchanges, as time goes by less and less fiat will be available. It's pretty much a death sentence for Chinese bitcoin exchanges.

[Siegfried]

It says that using bank accounts to send funds to a Bitcoin trading platform is prohibited, but that cash trading is not (除非现金交易). I wonder how that is going to work. Will people withdraw large amounts of cash and give it to an agent of an exchange? Inconvenient, but it would not deter me from buying.

It would effectively dry up fiat liquidity on Chinese exchanges, as time goes by less and less fiat will be available. It's pretty much a death sentence for Chinese bitcoin exchanges.

Huobi and OKCoin both recently received 10 million dollar venture capital investments. They say they have big plans to expand internationally. I think the odds are that they will again find a way to survive. There is a large Chinese diaspora, so I think they will soon start accepting deposits in other currencies. And as the price starts to rise again due to factors outside of China, Chinese investors will not just sit back and let it happen without them. They will find a way.

[TERA]

The ban is old news from December, but people chose to ignore it. Now action is being taken to actually close the accounts, I guess. I warned of this over, and over, and over.

[rjp55]

Nostradamus. Surprised you're not filthy stinking rich by now seeing as your word is the Bitcoin bible and everyone follows.

[aminorex]

Probable hoax.

http://finance.jrj.com.cn/2014/03/27101116938690.shtml

[Bit_Happy]

http://www.coindesk.com/coindesk-launches-chinese-yuan-bitcoin-price-index/

Queue the fake Chinese volume bombshell...

In addition to the significant volume of bitcoins which are exchanged for CNY, events (or rumors) from China are once again having a material influence on bitcoin.

Overall, while there are reasons to be skeptical of self-reported bitcoin volumes, China is clearly a very important market for bitcoin, and CoinDesk feels it is important to launch a dedicated CNY Bitcoin Price Index.

Can we bring back ChinaCoin soon? 

[balanghai]

Well maybe they banned it again because they now have Hypersonic Missiles. And will just shut down competition. 

[aminorex]

http://www.reddit.com/r/Bitcoin/comments/21h8sw/china_news_is_fake_human_translation_from_okcoin/

Price is stable on Huobi at 553.

[TERA]

Nostradamus. Surprised you're not filthy stinking rich by now seeing as your word is the Bitcoin bible and everyone follows.

How is this my word? It is the word of the PBOC that they issued in December. Why did you ignore the PBOC? Did you think it was a joke? Did you think that the Chinese government (of all countries) does not enforce things and was going to let it go on forever?

[nwfella]

The great Chinese crypto-gambit of 14'