The CEO of BTC China :it will not ban virtual currency completely

[best-miner.com]

As MtGox went bankruptcy ,more and more people start to suspect virtual currency .In China ,some trading websites have been closed ,while in America ,bitcoin is still popular .For bitcoin circumstance ,Japanese economic news has interviewed Bobby Lee ,the Ceo of BTC China .

Correspondent :How to treat the MtGox bankruptcy ?
Li qi yuan :The clients of MtGox come to other largely trading place .After MtGox went bankruptcy ,the trading amount of BTC China also increases .
According to the case ,we should attach importance to ethics ,morality ,transparence and talent .There are countless bitcoin trading place in the world ,but their quality is    quite different .The behavior damaging the market is common .

Correspondent :What measures should we take to increase bitcoin trust ?
Li qi yuan :It’s a long time that financial service gains its trust .We are searching how to integrate safety and bitcoin electronic wallet .In addition ,if the trading indicator increases between virtual currency ,it is good for price stabilization .

Correspondent :How to treat bitcoin condition ?
Li qi yuan :In Europe ,online shop and physical shop ,which accept to use  bitcoin ,is increasing constantly .However ,bitcoin mainly function is investment now .In China ,the mainly participants of bitcoin trade are man .People invest it as estate .

Correspondent :What is Chinese government attitude towards bitcoin ?
Li qi yuan :I often communicate with the government .Though bitcoin is not currency as the law ,individual trade is legal .In my impression ,Chinese government doesn’t plan to ban virtual currency completely .


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 translate not that good, pls PM us so that we can  correct it.
Source http://money.163.com/14/0519/11/9SJRIR7G00253G87.html

[zetaray]

China has strict exchange controls. Bitcoin is a treat to that. China cannot ban Bitcoin completely, but will do its best to hinder Chinese citizen transfer money out of the country.

[hilariousandco]

I don't think any government could ban it outright anyway. Sure, they could restrict businesses from using it, but they can't really stop people from using it. Any effort to do so will just push it underground anyway. I'd rather governments tried to adapt to it though rather than pathetically try to kil or maim it.

[Balls]

Prohibition never works. Neither does censorship. The Chinese should know this by now.

[sgk]

No country can ban Bitcoin completely.

They can ban exchanges, but how will they ban mining?

[15Peter20]

No country can ban Bitcoin completely.

They can ban exchanges, but how will they ban mining?

They can't. They can't stop people using it either.

[waxwing]

Prohibition never works. Neither does censorship. The Chinese should know this by now.

Actually censorship works fairly well in China. Not perfectly of course, but it signals well enough to do its job. It also worked in the Soviet Union fairly well too, until the economy collapsed.

You might have thought that modern internet and encryption technologies would completely disempower state censorship, but modern China proves it's not so simple. Maybe the tide is turning, but if so, it's taking a long time.

[Ron~Popeil]

If they want to be years behind the west again in terms of economic development that's okay with me.

[hilariousandco]

Prohibition never works. Neither does censorship. The Chinese should know this by now.

Actually censorship works fairly well in China. Not perfectly of course, but it signals well enough to do its job. It also worked in the Soviet Union fairly well too, until the economy collapsed.

You might have thought that modern internet and encryption technologies would completely disempower state censorship, but modern China proves it's not so simple. Maybe the tide is turning, but if so, it's taking a long time.

Can't you just use a proxy/VPN or TOR/Tails? I can't see how they can get around TOR. Censorship only has a limited scope in this day and age, and it only works so well. If people want the information they can get it easily enough.

[serenitys]

Doesn't most of the hacking come from Chinese hackers?

I saw that (or similar) interview and it doesn't seem like China's being the heavy here. Lee made sense and it seemed people took this China ban way out of context. We can't trade bitcoin with our banks either, can't open a bitcoin bank account and the government doesn't recognize it as currency. I think that's a good thing and a logical thing for gov/banks to do...because in their view, doing so gives people an option to quit the dollar. They avoid competition.

But for China, they didn't ban anything and didn't ban people from using it. They just said banks can't deal in it. It does hinder China somewhat in getting money exchanged but it doesn't prevent it.

https://www.youtube.com/watch?v=fmCeswxTONE

[Mrrr]

I could imagine China to be the largest manufacturer of mining hardware. I don't know how large this industry is but it might be large enough for the Chinese government to remain a bit misty on the subject.

[Trashbat]

I wouldnt worry about China too much. China isnt the world.

[waxwing]

Prohibition never works. Neither does censorship. The Chinese should know this by now.

Actually censorship works fairly well in China. Not perfectly of course, but it signals well enough to do its job. It also worked in the Soviet Union fairly well too, until the economy collapsed.

You might have thought that modern internet and encryption technologies would completely disempower state censorship, but modern China proves it's not so simple. Maybe the tide is turning, but if so, it's taking a long time.

Can't you just use a proxy/VPN or TOR/Tails? I can't see how they can get around TOR. Censorship only has a limited scope in this day and age, and it only works so well. If people want the information they can get it easily enough.

Tor doesn't work well at all in China. I can't remember the technical details, but the Great Firewall hampers it severely. The Tor project deliberately set up the idea of "Tor bridges" to try to work around it. The truth is very, very few people in China use Tor.

VPNs do work quite well. What most outsiders fail to appreciate is just how little motivation the average Chinese citizen has to use them. Not only is there the language barrier, but also all traffic between China and the outside world is much slower than traffic within China.

[Mr Tea]

It really sucks that countries try censor their people. Hopefull there is always ways around this and I hope no country can ever ban bitcoin.

[oakpacific]

Actually the crudest method usually works the best, that's, when you have the right audience and a profitable model.

Caoliu, the biggest Chinese porn site ever, which is hosted as a forum on which dissident speeches are not censored, has millions of members, most of them Mainland Chinese and is making millions of dollars every year, what they do to evade the GFW is simply to redirect the traffic to a new IP address every once in a while, with the domain name being accessible on a variety of places after Captcha checking, etc.

When people want to watch porn, you just can't stop them.

[Clegg]

When people want to watch porn, you just can't stop them.

Same goes for everything else really. If people want drugs theyll find them.

[openyourmind]

Due to language difference people out of China can’t understand what happened in China at all

[bryant.coleman]

Due to language difference people out of China can’t understand what happened in China at all

It is the other way around as well. Most of the people in China don't speak English or any other world language, and therefore they don't understand what is going on in the neighboring nations.  

[Neg]

It's sad that any country will try restrict of ban bitcoins. Shows they're scared of it though.

[ChuckBuck]

It's sad that any country will try restrict of ban bitcoins. Shows they're scared of it though.

This is just like Prohibition of Alcohol in the US in the 1920s, but for China. 

The more you try to regulate or ban it, the more people want to circumvent and use it.