Can the chinese ban of bitcoin be bypassed?

[Inmydomain]

I'm not currently in China but I was wondering whether it would be possible to bypass the ban which could maybe negate some of the negative effects the ban would have on the currency

[odolvlobo]

I'm not currently in China but I was wondering whether it would be possible to bypass the ban which could maybe negate some of the negative effects the ban would have on the currency

Bitcoins are not banned in China. Whoever told you that is wrong. There are restrictions on financial institutions and those restrictions have a major impact on exchanges in China, but bitcoins are not banned.

[Nagato4]

I'm not currently in China but I was wondering whether it would be possible to bypass the ban which could maybe negate some of the negative effects the ban would have on the currency

Bitcoins are not banned in China. Whoever told you that is wrong. There are restrictions on financial institutions and those restrictions have a major impact on exchanges in China, but bitcoins are not banned.

+1.
Indeed people started spreading the "China banned bitcoin news" back in Dec 2013.

[K3nn3th]

I believe they aren't banned. Check your info again. Good luck.

[Flashman]

Possibly there is a new loophole opening...

http://www.forexminute.com/stock-market-news/china-shares-surge-sharply-on-shanghai-hong-kong-investment-rule-28544

Trading through Hong Kong may be possible.

[zolace]

yeah alot of false info going around, I think this is what the government is trying to do is cause mass confusion and false news.

[Nagato4]

yeah alot of false info going around, I think this is what the government is trying to do is cause mass confusion and false news.

Or maybe someone wants to buy some cheap bitcoin 

[crypto era]

The ban that you might be thinking of is that theyer are large china based companies that will not deal with bitcoin as a currency. Nothing was mentioned as a commodity.

[Inmydomain]

So the individual user wouldn't be banned from possession or trading it is just effecting financial institutions?

[cookiemonsterwhat]

The answer is yes. Theres a couple a weeks ago that they did this similar stunt, this is just old news in my eyes. Its gonna shoot back up, once they buy it at the price they want it at.


Just like the person above mentioned, bitcoin ban 2013 news lol.

[jollyriffic]

banks are refusing to transfer funds is the problem. but where opportunity opens people will fill those markets.
all those banks are doing is shooting themselves in the foot.
i understand their concern, crypto makes them useless for the most part

[barkermn01]

The answer is yes. Theres a couple a weeks ago that they did this similar stunt, this is just old news in my eyes. Its gonna shoot back up, once they buy it at the price they want it at.


Just like the person above mentioned, bitcoin ban 2013 news lol.

would not ban

[Kiki112]

So the individual user wouldn't be banned from possession or trading it is just effecting financial institutions?

actually it's affecting the price and affecting the individual too on that way, but if you're asking about usage of coins

no, it does not affect the individual

[MUFC]

So the individual user wouldn't be banned from possession or trading it is just effecting financial institutions?

Yes, they're not ilegal or against the law.

[Kiki112]

So the individual user wouldn't be banned from possession or trading it is just effecting financial institutions?

Yes, they're not ilegal or against the law.

even if they were, I can't think of a way how they could prohibit the use of bitcoins..

[Propulsion]

They haven't banned bitcoin. Even if they did though, how would they ban something that they don't control?

[Mobius7]

People keep saying "China banned bitcoin", again and again lol. 

[counter]

yea it's not banned but to answer your questions.  I'd say yes if you really wanted to get around a possible banning you would be able to.  It's might not be worth the risk, I really can't say but I have no doubt you could get around it.

[razorfishsl]

The government introduced some rules that prevents banks or financial institutions providing bank accounts/currency exchange for Bitcoin Exchanges or businesses, and has instructed such organs to remove all such facilities that were acquired in the past.
This is an extension to them blocking some of the big name  sales websites from taking BTC ( ali.. etc), which was off the backs of some of these big names deciding they were going to start their OWN crypto-currencies/ token systems. ( I pointed this out in Jan, that changes were coming)

There are two main reasons:

1. Some  big players saw BTC/Crypto as a way to leverage cash from users to fund their business model, thereby bypassing market rules and money laundering laws.
2. China is aiming to float the RMB sometime in the next year, the last thing they need is some massive banking fraud related to RMB & BTC or indeed anything liable to cast  any sort of negative image on their state run banks prior to the flotation.
They would rather 3 Billion people speculate with cross rate exchange with RMB Vrs US$ than  BTC, at least with RMB it gets the cash directly into the banks.

I would expect at sometime in the future, the China government continues to squeeze the life out of BTC in China, mainly because their current action is following the path of how they normally deal with such matters… press leaks….gentle talking… gentle taps… exit strategy… Iron fist.

That said…. a number of businesses have been sneaking over the border into HK , where the rules are WAY more flexible, and where BTC is freely exchangeable as long as you follow the rules related to due diligence and anti-money laundering.

RF

[Lamber]

The government introduced some rules that prevents banks or financial institutions providing bank accounts/currency exchange for Bitcoin Exchanges or businesses, and has instructed such organs to remove all such facilities that were acquired in the past.
This is an extension to them blocking some of the big name  sales websites from taking BTC ( ali.. etc), which was off the backs of some of these big names deciding they were going to start their OWN crypto-currencies/ token systems. ( I pointed this out in Jan, that changes were coming)

There are two main reasons:

1. Some  big players saw BTC/Crypto as a way to leverage cash from users to fund their business model, thereby bypassing market rules and money laundering laws.
2. China is aiming to float the RMB sometime in the next year, the last thing they need is some massive banking fraud related to RMB & BTC or indeed anything liable to cast  any sort of negative image on their state run banks prior to the flotation.
They would rather 3 Billion people speculate with cross rate exchange with RMB Vrs US$ than  BTC, at least with RMB it gets the cash directly into the banks.

I would expect at sometime in the future, the China government continues to squeeze the life out of BTC in China, mainly because their current action is following the path of how they normally deal with such matters… press leaks….gentle talking… gentle taps… exit strategy… Iron fist.

That said…. a number of businesses have been sneaking over the border into HK , where the rules are WAY more flexible, and where BTC is freely exchangeable as long as you follow the rules related to due diligence and anti-money laundering.

RF

Thanks for clearing this up.