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Author Topic: PBOC orders closure of Bitcoin trading accounts  (Read 1230 times)
Bitbuy
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March 27, 2014, 11:34:18 AM
 #1

Don't know if it's more FUD or??

The People's Bank of China (PBOC) ordered banks and third-party payment companies to close Bitcoin trading accounts before April 15, Caixin.com Thursday reported citing unnamed sources from the central bank.

Full Article via ECNS.CN:
http://www.ecns.cn/business/2014/03-27/106908.shtml
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March 27, 2014, 12:22:28 PM
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Sounds like the same FUD that came up a few days ago, and was clarified/retracted by the source.

Here's another article on the topic which also relates it to last week's red herring:
http://www.coindesk.com/bitcoin-price-drops-new-chinese-bank-rumours/

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March 27, 2014, 01:55:09 PM
 #3

i think that this is going to hurt bitcoin for a minute but once china figures out what the hell they want to do price is going to be back over 1,000 and will countinue to grow Smiley

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amspir
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March 27, 2014, 02:19:16 PM
 #4

This really has to do with the Chinese government's control of the Yuan.

Historically, the Chinese has carefully controlled the Yuan by restricting trade with other currencies.  In essence, they firewall the use of the currency within China.

Recently, there have been moves to ease those restrictions, like making very small holes in the firewall.   Obviously, trading bitcoin with Yuan blows a hole in the Yuan currency controls.

For bitcoin trading to be safe in China, the Chinese government needs to move to ease restrictions with trading Yuan with other world currencies.
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March 27, 2014, 02:56:06 PM
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China has a vested interest in seeing the world's reserve currency maintain what little value it still has. A threat to the USD is a threat to them. Bitcoin is probably the single biggest threat to the USD and therefore a threat to China. No one gives up power without a fight. 

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March 27, 2014, 03:39:22 PM
 #6

At any rate, hopefully this is another case of the market overreacting. Every time this happens I kick myself for not keeping some $$ in my coinbase account for just such times. Even if the worst happens, China is just not that big a piece of the global use of bitcoin and moreover the Chinese will find ways around the restrictions to a high degree anyway.

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amspir
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March 27, 2014, 03:53:45 PM
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At any rate, hopefully this is another case of the market overreacting. Every time this happens I kick myself for not keeping some $$ in my coinbase account for just such times. Even if the worst happens, China is just not that big a piece of the global use of bitcoin and moreover the Chinese will find ways around the restrictions to a high degree anyway.

China has a lot of people, and the Chinese standard of living is rising.   They have a currency that is kept mostly within China's borders.   There is a huge pent-up demand to put assets in something that is not highly controlled by the Chinese government.   China did have a lot to do with the rise of bitcoin to $1000.
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March 27, 2014, 03:57:08 PM
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When was the last time there was any good bitcoin news ugghhhh.  These past few weeks have not been good.

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March 27, 2014, 05:17:57 PM
 #9

Isn't this just old recycled news? Didn't PBOC rule that Chinese banks cannot deal in bitcoin months ago, precipitating the drop from 8000 Yuan? Didn't the ruling on third party payment processors happen a week or two after?

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March 27, 2014, 07:47:30 PM
 #10

Hundreds of tons of gold in India are smuggled into the country and "vanish". Vanish means, it is sold P2P. Given the fact that BTC needs no tedious smuggling it does not mean too much. Except scaring people and lowering price.

In Canada and elsewhere Bitcoin companies cannot get bank accounts either.

Btw. PBOC denied this officially, and again certain investors managed to get a 15% discount in one day by spreading rumors.  Sad

http://www.reddit.com/r/Bitcoin/comments/21h70d/china_bitcoin_exchanges_huobi_said_they_have/

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March 27, 2014, 07:54:56 PM
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Btw. PBOC denied this officially, and again certain investors managed to get a 15% discount in one day by spreading rumors.  Sad

http://www.reddit.com/r/Bitcoin/comments/21h70d/china_bitcoin_exchanges_huobi_said_they_have/

Currently there is no official denial or confirmation from PBOC. Those Chinese exchanges said they didn't get any information directly from PBOC. Of course if the announcement from PBOC was sent to banks instead of exchanges, they'll never know until the bank call exchanges and tell "sorry we'll have to close your account".

We'll have to wait for official information from PBOC or banks.
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March 27, 2014, 08:17:05 PM
 #12

Perhaps I have not thought through all of the ramifications of this (or are even informed enough to know what those are)...but I'm not sure what immediate impact this "should" have on Bitcoin value (understanding that it isn't a very deep market and subject to psychological whims).

Obviously this makes it more difficult for Chinese citizens to buy more Bitcoin...but that shouldn't be devastating. Given the tight monetary fist that the Chinese government has over the economy there...I don't see any Chinese that already own Bitcoin rushing to sell them off given how facile they make for getting money out of the country (and thus the reasons I would imagine for the government clamping down if this story is true)?
bananas
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March 27, 2014, 08:51:46 PM
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What i've been observing lately is that when the marketing is falling the media comes with an affirming reason that is never confirmed, always titled "blahblah plumbs bitcoin price". The news always come AFTER the price drop, never before it, before it nobody ever heard of it. Like if someone desperately wants to blame something else other than bitcoin itself.
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March 27, 2014, 09:01:20 PM
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the OP is not posting anything new..

it simply means the banks themselves cant use bitcoins in their investment portfolio. it does not affect or prohibit citizens from trading bitcoins.

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March 27, 2014, 09:46:36 PM
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What i've been observing lately is that when the marketing is falling the media comes with an affirming reason that is never confirmed, always titled "blahblah plumbs bitcoin price". The news always come AFTER the price drop, never before it, before it nobody ever heard of it. Like if someone desperately wants to blame something else other than bitcoin itself.

Yep. Well spotted.

Like the "blablabla selling xyz tons of gold" - buyer is rarely mentioned. All manipulation. Worked until a few years ago, then the genie left the bottle for good; once btc is well established over 1000, the manipulation will stop.

Truth is the new hatespeech.
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