BREAKING NEWS: Bobby Lee Confirms Bitcoin China Ban, It's finally Happened

[jamesc760]

I just talked to MY autistic friend, and he says cosmotard is retarded, along with HIS autistic friend.

[YipYip]

I just talked to MY autistic friend, and he says cosmotard is retarded, along with HIS autistic friend.

Did u give them all a pudding cup as reward

[DustyRah]

I saw a few postings about this article (on reddit and coindesk).
What do you think will result from this and will anything significant happend april 15th
Also, will price go up from here or stay similar?

WE WILL GO DOWN! millions of dollars are leavin the market. no fresh chinese money comin in.~4000 new coins are mined everyday and have to be bought.

There is only one way.
DOWN

Second that~ Game over man, game over!  The gig is up....each to their own, better get out while you can~

[DustyRah]

Most of the people still don´t get it. It´s not about the news that will push the market downwards, it´s about the chinese money that will leave n goes into effect can the market in a few days.

I do not get this. Are there exchange controls that prevent how much money one can bring into China? Otherwise someone holding BTC in China after the "ban" goes into effect can sell the BTC abroad and then repatriate the funds.

Most countries that have exchange controls aim to prevent funds in the form of local currency from leaving the country not the other way around.

Try China homie and you will get to know the real meaning of CONTROL! Even bringing in money is not as easy as you think...

[Sawadekub]

FAKE NEWS GUYS.. WHY so stupid ?? why did u guys believed it? LOL!!

[Tommo]

From the article:

"One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk."

Bitcoin is not banned in China. China is now enforcing rules they put in place that say banks and similar institutions can not offer bitcoin accounts or transact in bitcoin.

The same rules apply for gold. Chinese banks can not open 'gold' accounts in the same manner as yen. Gold is a commodity and operates through that infrastructure. China is doing the same for bitcoin.

If you think bitcoin is "banned" in China, then you also would have to believe that gold is banned in China, which is absurd...

Edit: Impulse beat me to the exact same quote. That's two people that saw this right away, wonder why the OP didn't

wonder why the OP didn't...
Perhaps OP is trying to deceive people?

"
OKCoin CEO Xu Mingxing said that if Chinese exchanges can't accept money into corporate accounts, they would likely have to incorporate themselves abroad and also move their servers overseas. "


No banks allowed to deal with exchanges = pretty much a fucking ban

Why else would okcoin CEO want to move overseas

Not really, I think China just doesn't want their banks anywhere near these crypto exchanges because if the exchanges go rogue like Mt. Gox, there's just too much drama and paperwork. Until the crypto exchanges have demonstrated sufficient maturity, I doubt any bank anywhere would want to work with them. http://www.law360.com/classaction/articles/522182/japanese-bank-denies-aiding-alleged-mt-gox-fraud

The Chinese are free to trade cryptos as they see fit, however, they will be limited by the I think US$50000 yearly limit their government allows them to remit to overseas exchanges/banks. If they have more than US$50000 per year they want to remit, I'm sure they've already got mechanisms in place to do so.

[andyatcrux]

Agreed. So what if the news is true. The assumption that they will not be able to move CNY to an abroad exchange and back into China is idiotic. For the bitcoin is "banned" crowd, Stop, close your eyes and think past that humming sound between your ears. I am not going to draw you a map to reality.

[MatTheCat]

Institutional investors with millions/billions will not be buying on exchanges. They will go directly to KnC/BFL/Chinese and maybe that Washington mining company. They will not be buying from exchanges. That is the biggest fallacy with your otherwise balanced view.

They might ensure that the exchange price is driven to the depths of despair in order to give them a better bargaining position with regards to price that they pay for their OTC Bitcoins.

[BitOnyx]

China money is coming in right now.

[cosmofly]

China money is coming in right now.

Btc38 and yo just suspended CNY deposits an hour ago as u and the deluded idiots were denying this banking ban, its already starting.

[cosmofly]

Here is a small part of btc38 statement:

Upon request, we will also revoke the transfer of bankrenminbi

We will strictly comply with the notification provisions of the central bank and to suspend recharge the renminbi


So btc38 clearly received instructions from central bank to suspend their bank account for exchange purposes.

[chessnut]

Here is a small part of btc38 statement:

Upon request, we will also revoke the transfer of bankrenminbi

We will strictly comply with the notification provisions of the central bank and to suspend recharge the renminbi


So btc38 clearly received instructions from central bank to suspend their bank account for exchange purposes.

yeah and whats surprising about that? this already happened 2 days ago? nobody really cares...

every time this FUD is confirmed the market cares less. the market is relatively stable now at 480.

[JHammer]

Silly China Men..  They cant Ban BTC..  That is the whole freaking point of BTC to begin with..   

People are so silly..

[cosmofly]

Here is a small part of btc38 statement:

Upon request, we will also revoke the transfer of bankrenminbi

We will strictly comply with the notification provisions of the central bank and to suspend recharge the renminbi


So btc38 clearly received instructions from central bank to suspend their bank account for exchange purposes.

yeah and whats surprising about that? this already happened 2 days ago? nobody really cares...

every time this FUD is confirmed the market cares less. the market is relatively stable now at 480.

Chessnut ur a good guy don't listen to the nutjobs here, they will deny everything no matter what.

They made fun of me when i gave them a headstart days earlier everytime im right they will critcize  

They told u buy at $500, Bitcoin dived to $440 since I posted this news.

[Painful Truth]

nothing is confirmed.

If real why doesn't the PBOC say so? 

[Cyberlight]

I just talked to MY autistic friend, and he says cosmotard is retarded, along with HIS autistic friend.

I'm also autistic, i unconfirm cosmotard officially

It's FUD.

[akujin]

Most of the people still don´t get it. It´s not about the news that will push the market downwards, it´s about the chinese money that will leave n goes into effect can the market in a few days.

I do not get this. Are there exchange controls that prevent how much money one can bring into China? Otherwise someone holding BTC in China after the "ban" goes into effect can sell the BTC abroad and then repatriate the funds.

Most countries that have exchange controls aim to prevent funds in the form of local currency from leaving the country not the other way around.

U think the commies would just let those early chinese investors keep their money away from china? If I were one of the greedy chinese officials, I would force them to bring it back to the country 

 

[Cyberlight]

Reddit:

Chinese-speaking trader here, and here is my translation. Let me know if the translation is not clear.

Regarding our temporary suspension of CNY deposits.

Dear Customers,

We regret to let you know that as of midnight tonight (Apr. 2), you will no longer be able to fund your CNY account at BTC38 due to the latest PBOC regulation enforcement. BTC38 had been using third-party payment agent to process funds and that is no longer allowed according to PBOC regulation. Therefore, we have to suspend deposits via BTC38 e-code as well as bank transfers (transfers in).

Recently, there are rumors on the Internet stating that the PBOC will shutdown all Chinese virtual currency trading platforms. Those are just rumors and the PBOC have stated that they have no plan to do so. Today's change to our platform is the PBOC's enforcement of their Dec. 5, 2013 regulation guidelines regarding virtual currency exchanges. The message was delivered to us this evening via our third-party payment providers and our banks.

Therefore, we will follow PBOC's regulations and temporarily suspend CNY deposits. CNY withdraws, Bitcoin / Alt-coins deposits and withdraws are not effected. BTC38 holds more than 100% reserve of clients fund. Please do not worry about your funds in our exchange. They are safe.

We have plans to deal with our current problems and vision for our exchange operation going forward. In the mean time, you can trade on our exchange as usual.

BTC38

April 2, 2014

[suchnoob]

Reddit:

Chinese-speaking trader here, and here is my translation. Let me know if the translation is not clear.

Regarding our temporary suspension of CNY deposits.

Dear Customers,

We regret to let you know that as of midnight tonight (Apr. 2), you will no longer be able to fund your CNY account at BTC38 due to the latest PBOC regulation enforcement. BTC38 had been using third-party payment agent to process funds and that is no longer allowed according to PBOC regulation. Therefore, we have to suspend deposits via BTC38 e-code as well as bank transfers (transfers in).

Recently, there are rumors on the Internet stating that the PBOC will shutdown all Chinese virtual currency trading platforms. Those are just rumors and the PBOC have stated that they have no plan to do so. Today's change to our platform is the PBOC's enforcement of their Dec. 5, 2013 regulation guidelines regarding virtual currency exchanges. The message was delivered to us this evening via our third-party payment providers and our banks.

Therefore, we will follow PBOC's regulations and temporarily suspend CNY deposits. CNY withdraws, Bitcoin / Alt-coins deposits and withdraws are not effected. BTC38 holds more than 100% reserve of clients fund. Please do not worry about your funds in our exchange. They are safe.

We have plans to deal with our current problems and vision for our exchange operation going forward. In the mean time, you can trade on our exchange as usual.

BTC38

April 2, 2014

so OP is just FUD.

[darklight]

Reddit:

Chinese-speaking trader here, and here is my translation. Let me know if the translation is not clear.

Regarding our temporary suspension of CNY deposits.

Dear Customers,

We regret to let you know that as of midnight tonight (Apr. 2), you will no longer be able to fund your CNY account at BTC38 due to the latest PBOC regulation enforcement. BTC38 had been using third-party payment agent to process funds and that is no longer allowed according to PBOC regulation. Therefore, we have to suspend deposits via BTC38 e-code as well as bank transfers (transfers in).

Recently, there are rumors on the Internet stating that the PBOC will shutdown all Chinese virtual currency trading platforms. Those are just rumors and the PBOC have stated that they have no plan to do so. Today's change to our platform is the PBOC's enforcement of their Dec. 5, 2013 regulation guidelines regarding virtual currency exchanges. The message was delivered to us this evening via our third-party payment providers and our banks.

Therefore, we will follow PBOC's regulations and temporarily suspend CNY deposits. CNY withdraws, Bitcoin / Alt-coins deposits and withdraws are not effected. BTC38 holds more than 100% reserve of clients fund. Please do not worry about your funds in our exchange. They are safe.

We have plans to deal with our current problems and vision for our exchange operation going forward. In the mean time, you can trade on our exchange as usual.

BTC38

April 2, 2014

so OP is just FUD.

So there are rumours on the Internet, but these rumours were delivered to them by their third party providers and banks? Riiight