China is back!
- Thread starter Dank
- Start date
While this is true, the future of regulation for cryptos in China is still unclear from what I've read. BTC-China has been using a voucher system since December to circumvent the financial institution bans, and the bank transfer to their corporate account is a temporary solution that they'll use for now.
January 31st is still the deadline for when third-party payment processors are required to comply with the cryptocurrency ban that was placed on banks.
January 31st is still the deadline for when third-party payment processors are required to comply with the cryptocurrency ban that was placed on banks.
Buy high, sell low
- Joined
- Dec 24, 2007
- Sythe Gold
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This ^^
Don't be too exited about BTCchina opening bank deposits again, they didn't need to cancel them yet on the first place. However I'm slightly positive Bobby Lee may have some inside information regarding the 31th deadline.
Cheers!
Cas
The stuff of legends
Good news, but I'd not get too exited yet 
Good news, but I'd not get too exited yet
Why lol? isn't this a good thing
It isn't a bad thing, but exchanges continually have to come up with workarounds due to the regulatory nature of the Chinese government. So while this is something that'll work right now, who's to say that in the future they won't just outright clamp down on making the exchange of cryptos themselves illegal.
Although that's not a likely scenario, it wouldn't be out of character for them to ban something that might threaten their control.
The legality of cryptos is still a significant barrier to overcome before it truly can reach its full potential. We're still a ways off in my opinion.
Legend
It's great news, more people can get into the market then.
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There were already many Chinese exchanges accepting bank deposit. BTC China is basically the last of the bunch to implement them. This, in and of itself, has little impact on the Chinese marketplace.
Until the government comes out and explicitly states that these exchanges are operating legally, there will be no celebration from anybody. We're in a state of limbo until further clarification is provided. BTC China even admit that they have no explicit understanding of the 31st deadline notice, but have decided that due to inaction against other exchanges using bank deposit, it may be acceptable practice.
BTC China has a lot of catching up to do. They are not even listed in the top 5 exchanges by volume in China anymore.
let's not get to much excited about this, but it's still great news for sure.
Well,China was never out from the btc game so i don't see why everyone is so excited.
Like R2Pleasent said above,BTCChina its not a big factor anymore,there is a lot better exchangers running well.
Like R2Pleasent said above,BTCChina its not a big factor anymore,there is a lot better exchangers running well.
Legend
Sorry, I should have done more research before posting this thread. For some reason I thought most of the Chinese were out of the crypto market. It's still not bad news though. Hopefully BTC China will earn back their position as being one of the top exchanges.