China: there is a special investigation team responsible for closing bank accoun

[yomofo]

http://www.btc798.com/article-3703-1.html

google translate:

    It is understood that the enthusiastic users as early as late March has been officially presented to the People's Bank of China open government applications, aims to unlock the hubbub of 415 was rumored suspicions. As can be seen from the central bank responses today, the central bank is still present attitude is consistent with last year's 125 notice, did not make it clear to the 415 rumors. However, yesterday the domestic Bitcoin Bitcoin trading platform China issued a notice, saying that China bitcoin officially received notification of the Bank of China cancel the account and open the sides of the call recording. Of particular note is that from conversations, it seems that there is someone or a special investigation team responsible for close bank accounts each trading platform, bitcoin broad industry movement does not cancel the account due to the time expires April 15 stop .

[Its About Sharing]

I don't see what the big deal is. Until China makes it illegal (which I don't think is their intention), they are essentially casting a Napster spell on bitcoin.
Now, the innovations will be pushed even harder. Decentralized exchanges, local bitcoins, etc. here we come.
How bad do they want their bitcoin?

IAS

[John (John K.)]

To be exact, the term used in the original document means to check/verify, not to close the bank accounts.

[GigaCoin]

But you'll still get people here denying the banking ban is real


Either way any Chinese bad news has been priced in IMO in the dip to $339. It seems we will be stuck in $400-$600 range until some major recovery news comes up and more infra development happens

[BitchicksHusband]

But you'll still get people here denying the banking ban is real


Either way any Chinese bad news has been priced in IMO in the dip to $339. It seems we will be stuck in $400-$600 range until some major recovery news comes up and more infra development happens

A banking ban may be real, but people have problems with Bank of America closing accounts too.   So what's the difference?  Nobody shouts "BREAKING: Bitcoin BANNED in AMERICA!"

[JimboToronto]

A banking ban may be real, but people have problems with Bank of America closing accounts too.   So what's the difference?  Nobody shouts "BREAKING: Bitcoin BANNED in AMERICA!"

Precisely. Banks all around the world are trying to stifle Bitcoin, even here in Canada which is more Bitcoin-friendly than most countries. It seems every time I try to deposit fiat into my Virtex account, the banking procedure has been changed again.

Almost half of the bitcoins I've bought in the past 9 or 10 months (since the Canadian chartered banks started  screwing Virtex around) have been purchased through Localbitcoins, friends, my neighborhood BTC ATM or other Bitcoiners at the local Bitcoin center. These have the added bonus of anonymity.

I'm not sure why so many people are fixated on China and its banks. Sure, the Chinese had an impact on last autumn's little price run-up, but the Cyprus banking crisis was what spurred the bubble of winter 2013 and nobody is having conniptions about Cyprus now.

My guess is that many of the people worrying about China are latecomers who only got into Bitcoin since last summer and think that China is an important issue.

[Wilhelm]

Do we know why they are closing the bank accounts?
I can understand them cracking down on people using bitcoin to evade taxes, move criminal money, pay terrorists or other illegal activity. I do not believe they close accounts because they are bitcoin accosiated.

[JimboToronto]

Do we know why they are closing the bank accounts?
I can understand them cracking down on people using bitcoin to evade taxes, move criminal money, pay terrorists or other illegal activity. I do not believe they close accounts because they are bitcoin accosiated.

If you're talking about China, I don't think money laundry or "terrorists" are a concern. That's American thinking.

Banks everywhere would be happier if Bitcoin just went away. It represents a threat and competition to their principal business.

Perhaps you should start believing that banks will close accounts because they are Bitcoin associated.

It's not individuals involved in Bitcoin who are having their accounts closed. It's businesses involved in Bitcoin infrastructure, like exchanges, payment providers, invoicing companies, etc., that are having their accounts closed and services suspended.

Last spring, I could deposit fiat to my Virtex account through several banks and be buying bitcoins within hours. One by one they stopped doing business with Virtex. By last fall the only feasible way to deposit into Virtex was by making online bill payments through online invoicing company Vogogo.That lasted a few short months before I was not surprised to see that CIBC had removed Vogogo from my list of registered bills. When I checked my payment history, I found Vogogo marked "Do not use Vogogo".

Thank heavens for the wonderful individuals who sell for 5% over spot price (cash) at the local Bitcoin hangout. The banks can screw themselves.

[yomofo]

Do we know why they are closing the bank accounts?
I can understand them cracking down on people using bitcoin to evade taxes, move criminal money, pay terrorists or other illegal activity. I do not believe they close accounts because they are bitcoin accosiated.

If you're talking about China, I don't think money laundry or "terrorists" are a concern. That's American thinking.

Banks everywhere would be happier if Bitcoin just went away. It represents a threat and competition to their principal business.

Perhaps you should start believing that banks will close accounts because they are Bitcoin associated.

It's not individuals involved in Bitcoin who are having their accounts closed. It's businesses involved in Bitcoin infrastructure, like exchanges, payment providers, invoicing companies, etc., that are having their accounts closed and services suspended.

Last spring, I could deposit fiat to my Virtex account through several banks and be buying bitcoins within hours. One by one they stopped doing business with Virtex. By last fall the only feasible way to deposit into Virtex was by making online bill payments through online invoicing company Vogogo.That lasted a few short months before I was not surprised to see that CIBC had removed Vogogo from my list of registered bills. When I checked my payment history, I found Vogogo marked "Do not use Vogogo".

Thank heavens for the wonderful individuals who sell for 5% over spot price (cash) at the local Bitcoin hangout. The banks can screw themselves.

is that sarcasm?

[dropt]

Do we know why they are closing the bank accounts?
I can understand them cracking down on people using bitcoin to evade taxes, move criminal money, pay terrorists or other illegal activity. I do not believe they close accounts because they are bitcoin accosiated.

If you're talking about China, I don't think money laundry or "terrorists" are a concern. That's American thinking.

Banks everywhere would be happier if Bitcoin just went away. It represents a threat and competition to their principal business.

Perhaps you should start believing that banks will close accounts because they are Bitcoin associated.

It's not individuals involved in Bitcoin who are having their accounts closed. It's businesses involved in Bitcoin infrastructure, like exchanges, payment providers, invoicing companies, etc., that are having their accounts closed and services suspended.

Last spring, I could deposit fiat to my Virtex account through several banks and be buying bitcoins within hours. One by one they stopped doing business with Virtex. By last fall the only feasible way to deposit into Virtex was by making online bill payments through online invoicing company Vogogo.That lasted a few short months before I was not surprised to see that CIBC had removed Vogogo from my list of registered bills. When I checked my payment history, I found Vogogo marked "Do not use Vogogo".

Thank heavens for the wonderful individuals who sell for 5% over spot price (cash) at the local Bitcoin hangout. The banks can screw themselves.

is that sarcasm?

Doesn't read as sarcasm.  He's basically saying "Where there's a will there's a way".  In other words:  Bitcoin's going to find a way to succeed in China regardless of what the banks do.  So, effectively, your misleading titles and China FUD is useless, and as such, you should find another hobby.