[2015-02-11] reuters: Hong Kong lawmakers urge ban on bitcoin

[ujka]

http://www.reuters.com/article/2015/02/11/us-fraud-bitcoin-hongkong-idUSKBN0LF0WS20150211

The government should clamp down on bitcoin, said lawmakers Leung Yiu-chung and James To

Investors said they had been lured to the scheme by real estate brokers, insurance agents, and legal clerks.

Let put aside all that numbers of stolen HKD (that nobody investigated and confirmed yet, so far there are 26 reported victims, lost on average 1 million HKD, that's nowhere near 3 billion HKD) - instead to clamp down on 'real estate brokers, insurance agents, and legal clerks', this 'lawmakers' blame bitcoin for this scam?

[M8]

They don't need to ban bitcoin but need to clamp down on scams whether they took in money via bitcoin of fiat. Bitcoin isn't the cause here it was just a method the scammers used. Plenty more operational scams stealing paper money but nobody is stupidly calling for a ban on that.

[krigger]

They are "about to ban" for a long time now.
Since BTC was 1k$ and still nothing.
No ban will be, as they need bitcoin too.

[unamis76]

I am yet to see a REAL ban to Bitcoin, anywhere. Let's see what comes out of this...

[EvilPanda]

Which Chinese ban is this? 5th? I remember there was a chinese ban every week or 2 in Spring 2014.
I don't blame them for trying to manipulate the market, since the traders are reacting to these news and allowing the FUDsters to profit.

[LiteCoinGuy]

They don't need to ban bitcoin but need to clamp down on scams whether they took in money via bitcoin of fiat. Bitcoin isn't the cause here it was just a method the scammers used. Plenty more operational scams stealing paper money but nobody is stupidly calling for a ban on that.

only 18 posts and then such a good one. thank you and welcome   

[Lethn]

Which Chinese ban is this? 5th? I remember there was a chinese ban every week or 2 in Spring 2014.
I don't blame them for trying to manipulate the market, since the traders are reacting to these news and allowing the FUDsters to profit.

It doesn't seem like anyone is buying this anymore, the exchange rate is being remarkably stable lately, hopefully it won't drop any further.

[bitbouillion]

Banning HKD would be more logical here.

[Swordsoffreedom]

They don't need to ban bitcoin but need to clamp down on scams whether they took in money via bitcoin of fiat. Bitcoin isn't the cause here it was just a method the scammers used. Plenty more operational scams stealing paper money but nobody is stupidly calling for a ban on that.

Great post its all about preventing the Scams
Bitcoin doesn't need to be banned but the methods good post