China’s central bank is developing its own #digitalcurrency, even as it bans bitcoin and private cryptos. Digital legal tender can help bring down transaction costs, extend financial services to rural areas and increase the efficiency of monetary policies, Yao Qian, who leads the research at PBOC
Huobi, OKCoin and BTCC, the three leading bitcoin exchanges in China, have all stated that they do not believe the ban will be approved and are not even sure if it is the actual plan of PBoC.
This is the best tl;dr I could make, original reduced by 70%. (I'm a bot)
The daily trading volume of the Chinese bitcoin exchange market has nearly doubled that of the US bitcoin exchange market, surging above 45,000 bitcoins. Immediately after the imposition of strict regulations and policies on bitcoin trading platforms in 2016, investors stopped trading bitcoin at a premium rate within the Chinese exchange market. One important indicator of the Chinese bitcoin market's recovery which investors must acknowledge is the rapidly growing trading volume of the Chinese exchange and over-the-counter markets. In contrary, bitcoin has recovered to over $4,200 today, with the Chinese bitcoin exchange market demonstrating high trading volumes and US investors moving bitcoin price upwards. Momentum is rebuilding in China, despite the ongoing bitcoin exchange ban talks and the PBoC's supposed introduction of plans to suspend bitcoin exchanges indefinitely. According to bitcoin market data provider Coin Dance, demand toward bitcoin in over-the-counter and peer-to-peer bitcoin markets such as LocalBitcoins has actually increased over the past two weeks.
[uncensored-r/CryptoCurrency] China is NOT banning bitcoin miners. The PBoC themselves killed the rumours
The following post by omegaweapon is being replicated because some comments within the post(but not the post itself) have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7qpfln The original post's content was as follows:
Here's an article i copied directly from coindesk: original link https://www.coindesk.com/report-pboc-quashes-rumor-it-would-shutter-chinas-bitcoin-mines/ The People's Bank of China has put to rest a rumor that it would order a domestic shutdown of bitcoin mining activities, according to a local media outlet. The report, published on Jan. 4 by the Chinese business publication Caixin, said that China's central bank did not host any meetings to discuss a policy requiring the closure of bitcoin mining operations in the country by a certain deadline. The meeting had supposedly taken place on Jan. 3. However, Caixin's report, which did not identify its sources, indicates that top regulators in China are planning to withdraw preferential benefits such as tax deductions and cheap electricity supplies available to bitcoin mining companies. This means the government's current stance on bitcoin mining is to neither encourage nor hamper such activities. This change is the latest move from Chinese regulators in the cryptocurrency industry after previously issuing a ban on initial coin offering and tightening restrictions on crypto exchanges. According to the report, the rumor first emerged through a photo on the WeChat messaging platform that purportedly showed Guo Hongcai, a notable and active investor in the bitcoin industry in China, claiming there would be a ban. Guo later said that this image was fake through his WeChat account. Despite his disavowal, a Chinese bitcoin blog, 45-block, published a report that the PBoC was discussing a ban on bitcoin mining. The same report also said the central bank would soon require government bodies at different levels to survey and report on the number and locations of bitcoin mining facilities within their territories in an effort to shut down such activities. The claim was significant given that China currently accounts for nearly 70 percent of the global hash power in bitcoin, a computing capacity that is crucial to solve the mathematical function to mine the cryptocurrency. However, upon inquiries, Bixin and ViaBTC, two cryptocurrency mining pools based in China, told CoinDesk over WeChat messages that they had received no information regarding the issue from regulators. Neither pool otherwise commented on the issue. Ok love you, bye
Bitcoin exchange FXBTC closing on May 10th - China PBOC ban are taking place.
Google Translated: Outage announcement Published :2014-05-02 14:40:57 Due to the recent central bank's policy, we were unprecedented pressure, including the inability to recharge withdrawals, preventing normal operation, issues and other aspects of the decision-making difficult. Line more than a year on this site since, has won the support of the majority of users, although experiencing a lot of problems, but we all strive to uphold down, but this time facing the central bank's long-term blockade, now, we can do nothing, after long-term losses, we finally decided stop operating FXBTC, in order to facilitate the user to cash, we will open the site to May 10, 2014, please the majority of users in the May 10 withdrawals as soon as possible, then we will close the site, FXBTC team thank customers for long-term support again! What will be the Bitcoin price on Monday 5 may ?
Question for those who interpret PBOC actions as "China has banned Bitcoin": how would you describe a hypothetical situation in which people are arrested and prosecuted for the posession or use of Bitcoin software or services? You know, like posession or use of things that are banned?
Following the ban, the Shanghai-based BTCC bitcoin exchange was forced to close its Chinese trading operations. (For more, see China Intensifies Crackdown On Bitcoin Mining .) China's central bank wants to ban the issuance and sale of digital yuan competitor tokens. The PBOC plans stiff penalties for entities who create yuan-pegged digital tokens. The draft law will be an update of the country's 2003 central banking laws. Want to know more? Join our Telegram Group and get ... The PBOC, China’s central bank, would be able to see where the money goes. The PBOC has also indicated that it could put limits on the sizes of some transactions, or even require an appointment ... Bitcoin and crypto OTC dealers in China are facing widespread issues. Over 47,000 consumers in Chinese city Shenzhen spent 8.8 million yuan (US$1.3 million) during a week-long trial of China's sovereign digital currency DCEP. According to local news outlet WuBlockchain, the People’s Bank of China (PBoC), the nation’s central bank, is flagging accounts related to large cryptocurrency ... After the 2013 China Bitcoin ban, the return to its previous value took a couple of years, and in 2017, it took less than two months. Some say, the rise of the BTC price after the ban happened because China’s public mood has shifted. Chinese people decided to do something directly opposite to the requirements of the state. When cryptocurrencies were officially recognized as a threat, some ...
Visit LEDN to check out getting a bitcoin-backed loan! https://platform.ledn.io/join/0a00cca3dd61dea5909c95cd41f41685 Check out my website: http://btcsession... There's now been 6 total bank failures/bailouts/takeovers in mainland China and the PBOC has put out 2 warnings in just the last week. This is on top of bond faults where private Chinese companies ... Fear of exchange raids in China take Bitcoin down to $7000. We look at the (false) rumours of police raids on Binance and Bithumb & the new announcement from the People's Bank of China (PBoC). China's central bank said that it has met with nine local bitcoin exchanges to discuss risks and problems that occurred in the market on Wednesday. The People's Bank of China said the exchanges ... The PBOC is set to launch their coin and it is also rumoured that the South African Reserve Bank (SARB) is set to launch a coin. Well so what is my response and does this even matter. Will ...