specgamer (OP)
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I love bitcoins.
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March 08, 2015, 03:41:34 AM |
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Are bitcoins banned in China?
I'm currently doing business with exchange services in China. Is bitcoin illegal or what kind of requirements I need in order to make transactions with bitcoin?
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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Agestorzrxx
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March 08, 2015, 04:28:40 AM |
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Are bitcoins banned in China?
I'm currently doing business with exchange services in China. Is bitcoin illegal or what kind of requirements I need in order to make transactions with bitcoin?
No, China didn't ban bitcoin, but ban bitcoin as money. That means the shop's can't accept bitcoin as payment. but you can buy bitcoin in China. |
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Possum577
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March 08, 2015, 07:38:25 AM |
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Is the exchange holding your coins? If so you might want to protect that. China can't go after your BTC address and take anything from you!
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picolo
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March 08, 2015, 02:02:43 PM |
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Are bitcoins banned in China?
I'm currently doing business with exchange services in China. Is bitcoin illegal or what kind of requirements I need in order to make transactions with bitcoin?
No, China didn't ban bitcoin, but ban bitcoin as money. That means the shop's can't accept bitcoin as payment. but you can buy bitcoin in China. The regulation of Bitcoin is China is the middle between what we could hope for and a bad regulation. |
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dothebeats
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Cashback 15%
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March 08, 2015, 05:46:31 PM |
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Are bitcoins banned in China?
I'm currently doing business with exchange services in China. Is bitcoin illegal or what kind of requirements I need in order to make transactions with bitcoin?
It isn't really banned thoroughly, but afaik you cannot accept btc as a form of payment in there anymore. But you can always buy them. The mining scene in China is pretty much active, and the last time I read is that they have the most hashrate in the whole network. |
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MAsterV
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March 08, 2015, 08:50:43 PM |
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I don't think so.
There have been many miners from china... idthink if bitcoin was banned they would be mining..
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Snail2
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March 08, 2015, 09:42:26 PM |
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Are bitcoins banned in China?
I'm currently doing business with exchange services in China. Is bitcoin illegal or what kind of requirements I need in order to make transactions with bitcoin?
"While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same." and "Trading bitcoins by individuals is legal in China." http://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#ChinaSo, if you are not a bank, insurance company or a payment company than you can trade it, use it, whatever you want. |
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innocent93
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March 09, 2015, 07:04:17 AM |
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Banned, but, unofficially.
The paper from PBOC(12.5 file) claims Chinese citizens has the right the make a deal with Bitcoin at our own risk, but it's also clear that Bitcoin is not a legal currency in China.
China government said we're free to exchange Bitcoin, but in fact, we aren't, government have blocked the exchange bank account and try to stop us from depositing money to exchanges.
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Bizmark13
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WikiScams.org - Information about Bitcoin Scams
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March 10, 2015, 02:29:48 AM |
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"While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same." and "Trading bitcoins by individuals is legal in China." http://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#ChinaSo, if you are not a bank, insurance company or a payment company than you can trade it, use it, whatever you want. Banned, but, unofficially.
The paper from PBOC(12.5 file) claims Chinese citizens has the right the make a deal with Bitcoin at our own risk, but it's also clear that Bitcoin is not a legal currency in China.
China government said we're free to exchange Bitcoin, but in fact, we aren't, government have blocked the exchange bank account and try to stop us from depositing money to exchanges.
Hmm... Does this mean that only banks can't deal with bitcoin (which is what Snail2's post implies) or that BTC exchanges and companies that deal with BTC can't have bank accounts with banks that don't deal with BTC? (which is what innocent93's post implies)? The two concepts are quite separate. A bank that decides to accept cryptos would be breaking the first rule and the second rule but a bank that merely lets companies that deal with BTC open bank accounts with them would not be breaking the first rule but it would be breaking the second rule. Also if innocent93's post is correct, then it does make it much more difficult for traditional exchanges. However trading via LocalBitcoins would still be possible and is probably the best solution for someone who wants to buy or sell bitcoins in China right now. |
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Agestorzrxx
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March 10, 2015, 04:54:19 AM |
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"While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same." and "Trading bitcoins by individuals is legal in China." http://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#ChinaSo, if you are not a bank, insurance company or a payment company than you can trade it, use it, whatever you want. Banned, but, unofficially.
The paper from PBOC(12.5 file) claims Chinese citizens has the right the make a deal with Bitcoin at our own risk, but it's also clear that Bitcoin is not a legal currency in China.
China government said we're free to exchange Bitcoin, but in fact, we aren't, government have blocked the exchange bank account and try to stop us from depositing money to exchanges.
Hmm... Does this mean that only banks can't deal with bitcoin (which is what Snail2's post implies) or that BTC exchanges and companies that deal with BTC can't have bank accounts with banks that don't deal with BTC? (which is what innocent93's post implies)? The two concepts are quite separate. A bank that decides to accept cryptos would be breaking the first rule and the second rule but a bank that merely lets companies that deal with BTC open bank accounts with them would not be breaking the first rule but it would be breaking the second rule. Also if innocent93's post is correct, then it does make it much more difficult for traditional exchanges. However trading via LocalBitcoins would still be possible and is probably the best solution for someone who wants to buy or sell bitcoins in China right now. There is not too much effect to the exchange. We still can buy or sell bitcoin in Exchange as OKCOIN, HUOBI, in China. Deposit fiat money is not convenient as before, but still very simple. Bitcoin is a legal asset, but not a legal money. |
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Bizmark13
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March 10, 2015, 08:22:58 AM |
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There is not too much effect to the exchange.
We still can buy or sell bitcoin in Exchange as OKCOIN, HUOBI, in China.
Deposit fiat money is not convenient as before, but still very simple.
Bitcoin is a legal asset, but not a legal money.
So the exchanges still have bank accounts then? The government hasn't blocked these? |
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Agestorzrxx
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March 10, 2015, 09:38:10 AM |
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There is not too much effect to the exchange.
We still can buy or sell bitcoin in Exchange as OKCOIN, HUOBI, in China.
Deposit fiat money is not convenient as before, but still very simple.
Bitcoin is a legal asset, but not a legal money.
So the exchanges still have bank accounts then? The government hasn't blocked these? The exchanges don't have bank accounts, but they have agents who help deposit money. If you want to buy bitcoin, you should contact a agent of a exchange, you should transfer your money to the bank account of the agent, the agent then give a code which you can use it to deposit fiat. The regular is not very clear, but it can stop the financial companies buy bitcoin. For individual, it's totally free. |
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innocent93
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March 10, 2015, 02:42:50 PM |
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Hmm... Does this mean that only banks can't deal with bitcoin (which is what Snail2's post implies) or that BTC exchanges and companies that deal with BTC can't have bank accounts with banks that don't deal with BTC? (which is what innocent93's post implies)? The two concepts are quite separate. A bank that decides to accept cryptos would be breaking the first rule and the second rule but a bank that merely lets companies that deal with BTC open bank accounts with them would not be breaking the first rule but it would be breaking the second rule.
Also if innocent93's post is correct, then it does make it much more difficult for traditional exchanges. However trading via LocalBitcoins would still be possible and is probably the best solution for someone who wants to buy or sell bitcoins in China right now.
Yes, the paper clearly describes Bitcoin is not allowed to be transaction currency, they ask all government agencies and company(including the banks) not to use Bitcoin to make payment. There is not too much effect to the exchange.
We still can buy or sell bitcoin in Exchange as OKCOIN, HUOBI, in China.
Deposit fiat money is not convenient as before, but still very simple.
Bitcoin is a legal asset, but not a legal money.
Exchanges still has bank accounts, but only the withdrawal to bank accounts can be handled, deposits through bank is not available. |
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dsly
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March 10, 2015, 06:40:16 PM |
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There is not too much effect to the exchange.
We still can buy or sell bitcoin in Exchange as OKCOIN, HUOBI, in China.
Deposit fiat money is not convenient as before, but still very simple.
Bitcoin is a legal asset, but not a legal money.
So the exchanges still have bank accounts then? The government hasn't blocked these? Well it was one of the rumor, that BTER hack was an inside job. And one of the reasons it happened right now was due to the fact that the exchange forsaw a ban coming up in China and made it happen before it was completely executed. But all of these are for now just rumors. |
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