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China bars banks from bitcoin transactions
Posted on 12/5/13 at 6:55 am
Posted on 12/5/13 at 6:55 am
LINK
quote:
China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months.
quote:
It did not, however, curtail the use of bitcoin by individuals.
4
Posted on 12/5/13 at 7:21 am to C
Statist Bastards...................well, actually they are 
Posted on 12/5/13 at 7:21 am to C
Thats how they will crush bitcoin if they want to. They can't really do anything to stop the p2p transactions, but govts will outlaw legitimate businesses from accepting them.
Posted on 12/5/13 at 9:24 am to C
Remember just last week a report by one bitcoin analyst said half of all bitcoin purchases are occurring in China.
Here's a slightly different perspective on the news from CNNMoney.
12/5/2013
Here's a slightly different perspective on the news from CNNMoney.
12/5/2013
quote:
The new rules prohibit financial institutions in China from trading, underwriting or offering insurance in bitcoin. In addition, websites in China that provide trading services are required to report investors' identities to regulators and take steps to prohibit money laundering.
Posted on 12/5/13 at 9:35 am to C
The CNNMoney link mentions a prior virtual currency called QQ. I never heard of that so I found some information on it.
quote:April 11, 2007
A Virtual Currency, the QQ Coin, Has Taken on Real Value in China
QQ coins, a kind of virtual money initially invented by the Chinese company Tencent Holdings, Ltd, was initially designed to allow users to buy digital commodities, such as virtual flowers, but has taken on a real market value.
It started a few years ago when the company started selling QQ coins for one yuan each, about 13 cents. The use of the coin took off, and then something very strange happened: online vendors started accepting the virtual currency in exchange for real world items. The artificially designed virtual currency had become real money. Its use took off, with massive online trade. It came to be used for gambling and prostitution, things that would be illegal in the realm of real money. Over the past month alone, the value of QQ coins has gone up 70%.
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