Central bank of China criticize two banks in China for not stop business ......

[best-miner.com]

Central bank of China criticize two banks in China for not stop business with bitcoin platform

April 24 morning , the central bank interviewed some of the commercial banks and third-party payment agencies to deploy the next steps, preven and control the risk of bitcoin , want to completely cut off the chain of funds through Bitcoin transactions.

The interviews hosted by the Central Bank of the Law Secretary Muhuai Peng , participants include the central bank to pay Secretary Li Yue , and many other central bankers

Someone from Central Bank said that this is mainly because after April 15 Bitcoin prices rebounded sharply, and platform still doing business with banks in China

Central Bank in March issued "on further prevent the risk of bitcoin notice" , stressed banks and third-party payment institutions may not serve Bitcoin transactions cleared in the current account deadline April 15 . However , on April 15 , the majority of Bitcoin trading platform is still functioning , Bitcoin prices also soared from 2,500 yuan to 3,000 yuan.

In the meeting , the central bank has been criticized two banks, include “Bank of China” and China Merchants Bank.

Mu Huaipeng Secretary repeated the file of  " on guard against the risk of Bitcoin notice" and "to further prevent the risk of bitcoin notice", and financial institutions and payment institutions shall not provide , directly or indirectly related to bitcoin services policy requirements.

After "further guard against the risk of bitcoin notice" issued , including huobi , OKCoin have lanched another way to recharge and withdraw, named recharge code,

OKCoin launched a recharge code , users can now change the yuan to recharge code, and then transferred to the recharge code OKCoin other users to recharge. Recharge codes need to be purchased from the agent . huobi and BTCChina also taken a prepaid recharge code distributed manner .

As of April 24 , all Bitcoin trading platform in China has been stop third-party payment . Most bank card recharge channels have been closed , however , some are still allowed to bitcoin bank transfer and cash withdrawal services platform .

In the meeting,Central bank emphasized that  cash withdraw must also be stopped.

The central bank also requires the agencies need to assign someone to monitor changes in the way funds transfer Bitcoin transactions , the new account to receive a list issued by the central bank , and make quick response.

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little,we will translate 3-4 bitcoin news in China to english everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere transalte not that good, pls PM us so thatwe can  correct it.

[1715021566]

1715021566

[TTM]

In the meeting , the central bank has been criticized two banks, include “Bank of China” and China Merchants Bank.

Now that's mean these two banks have to terminate services for Exchanges. There will be no more way for BTC <-> CNY.

[innocent93]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

[Peter882]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

At least, people in China can still use the ATMs and do p2p trades.

[TTM]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

At least, people in China can still use the ATMs and do p2p trades.

They reserve ATMs for the next ban.

P2P trading is possible but not for large volume, it's also inconvenient. China market will never has the same volume with this method.

[Nagle]

P2P trading is possible but not for large volume, it's also inconvenient. China market will never has the same volume with this method.

Right. For a few months starting last October, buying Bitcoins with yuan and selling them for dollars or euros was a cheap, legal way around China's exchange controls.  That's over. Despite much denial on this board, it's over.

(For those of you who came in late, ordinary Chinese citizens can't easily convert yuan to dollar or euros. It takes special permission. Read up on China's exchange controls.)

[Bit_Happy]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

At least, people in China can still use the ATMs and do p2p trades.

I missed a key update:
Do the Chinese BTC atm's have fiat coming out, or only going in?

[roslinpl]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

At least, people in China can still use the ATMs and do p2p trades.

I missed a key update:
Do the Chinese BTC atm's have fiat coming out, or only going in?

so far as I know atm = money out possibility should be main one

[franky1]

will westerners please stop sheep following china.

their trading is fake...
.. dont beleive me? listen to th guys from BTCChina (time 13min to 17:30min)
http://youtu.be/2M12zzwNkCo?t=13m

then realise the news from december to april did not cause any physical impact.

and to clarify the media fud
skip to 30 minutes and 15 seconds of the same video.
bitcoin is not illegal
government is not banning users or businesses from sing bitcoin
but central banks will not DIRECTLY purchase or use bitcoins for the BANKS internal investment portfolio of services
they are allowed to however work with businesses so that businesses can send funds to customers

so can people stop basing their Western investments on Eastern FUD

[innocent93]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

At least, people in China can still use the ATMs and do p2p trades.

I missed a key update:
Do the Chinese BTC atm's have fiat coming out, or only going in?

Only going in, you can insert a cash bill to ATM and buy some coins then the coins will be sent to your wallet.
Actually , it‘s not really an ATM, defining it as a Bitcoin-vending machine will be more accurate.

[Bit_Happy]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

At least, people in China can still use the ATMs and do p2p trades.

I missed a key update:
Do the Chinese BTC atm's have fiat coming out, or only going in?

Only going in, you can insert a cash bill to ATM and buy some coins then the coins will be sent to your wallet.
Actually , it‘s not really an ATM, defining it as a Bitcoin-vending machine will be more accurate.

Thanks for the info, even if it's not what I wanted to hear.
...Going back to believing China doesn't matter any more. 

[voluntarist500]

it is official: they want to kill btc

[BADecker]

The China problem exemplifies the the Bitcoin problem worldwide.

If Bitcoin did not exist, and people wanted to trade electronic/digital/virtual currencies worldwide, what would they do? They would do what they have done. They would use regulated digital currencies like PayPal, or Western Union and Moneygram, or they would turn to unregulated things like Liberty Reserve and Egopay. We all saw what happened to Liberty Reserve, and many of us have seen what PayPal was at its beginning and what it has evolved into because of Government regulation. And what about the granddaddy of them all, eGold?

Bitcoin is a piece of unique, innovative thinking/designing/programming/implementing. Bitcoin works. It is practical. But... like as Bitcoin is unique and innovative, we now need something else that is just as unique and innovative that makes Bitcoin interchangeable with any world fiat, yet without the regulation and control of the banks.

People may be able to stop using fiat currencies when trading. But such will be difficult to implement. It will take people, or companies, from every walk of life, making and selling their products and services without the use of fiat at all. This is difficult to do in the light of Government intervention - at least in the cases of bigger companies.

We need another unique innovation. We need a method, a process, special programming, something that can integrate fiat and Bitcoin, yet something that bypasses Governments and bank censoring. There are folks working on this. Who will see it through successfully first? If MaidSafe finally becomes a reality, it just might be the stepping stone to the innovation that relieves us of all that regulation.

[Paladin69]

The Chinese people should stand up.  Easier said than done in a communist country, I know.

Any smart Chinese person should convert CNY to BTC any chance they get at these new low levels.

[Ron~Popeil]

China will be back in the game. It is only a matter of time until they want to wag the dog again. If people would stop over reacting to them they would lose their ability to do it. 

[64dimensions]

How would you stop the following?:

1) Use Yuan to setup mining farm.

2) Generate coins.

3) Sell coins for USD or euros at an overseas exchange.

There are already syndicates that physically smuggle bundles of Yuan notes across the border into Hong Kong for a cut.

So even if you loose 5% - 10% mining, at least everything can be done electronically at lower risk of loss.

[gagalady]

So we just wait till china totally retreat from bitcoin and there will be no problems then?

[Soappa]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

At least, people in China can still use the ATMs and do p2p trades.

They reserve ATMs for the next ban.

P2P trading is possible but not for large volume, it's also inconvenient. China market will never has the same volume with this method.

That's true. What about the Chinese people going to Hong Kong and make trades there?
I know it is definitely inconvenient and time-consuming, but is it feasible?

[Soappa]

actually, it's means, in a wrods,China government want to ban bitcoin just said before, and we believe chinese could hardly find a way
deposit money to exchange or even withdrawal money from exchange in the near future.

At least, people in China can still use the ATMs and do p2p trades.

I missed a key update:
Do the Chinese BTC atm's have fiat coming out, or only going in?

Only going in, you can insert a cash bill to ATM and buy some coins then the coins will be sent to your wallet.
Actually , it‘s not really an ATM, defining it as a Bitcoin-vending machine will be more accurate.

Hmm, so it is just one way and people can only buy bitcoin.
Thanks for the explanation.

[Nagle]

That's true. What about the Chinese people going to Hong Kong and make trades there?
I know it is definitely inconvenient and time-consuming, but is it feasible?

If you can get renminbi to Hong Kong, through the border control point, you don't need Bitcoin. Currently you can take up to 20,000 yuan in notes out of China every 15 days. Once in Hong Kong, you can change renminbi for HKD, USD, or EUR. No need to bother with Bitcoin.

Read this article on moving money out of China.