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Breaking:China’s PBOC Inquires China’s BTCC, OKcoin, and Huobi

6th January 2017, 18:46  Beijing Time, China’s PBOC issued an announcement about its inquiry of “major heads” of a “major shanghai-based Bitcoin Exchange” and of “Beijing based Bitcoin exchanges”. PBOC Shanghai inquired BTCC while PBOC Beijing inquired Okcoin and Huobi respectively.

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For PBOC’s shanghai statement, it reads:

The recent Bitcoin Price is highly volatile. To prevent risks and uphold financial stability, PBOC Shanghai and Financial Office of Shanghai have jointly met the major heads of BTCC to know the current status of Bitcoin trading. We have reminded BTCC of the possible risks and require it operate strictly in accordance of laws and regulations of China. We have urged BTCC to conduct self-examination based on related laws and correct, if any, possible irregularities.

In accordance of Joint Notice of People’s bank of China, Ministry of Industry and Information, China Securities Regulatory Commission China Banking Regulatory Commission on Bitcoin Risk Prevention, China Insurance Regulatory Commission, Bitcoin is a specific virtual goods. It is not law-based and compulsory like currency thus does not have the legal status as a currency. It shall not, should not be circulated as a currency in the market. Individuals and agencies should properly treat virtual goods and virtual currency. They should invest with rationale, bear the possible risks by their own, uphold their own assets and have a correct understanding and concept of currency.

 

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For PBOC Beijing’s statement, it reads:

 

The recent Bitcoin Price is highly volatile. To prevent risks and uphold financial stability, PBOC Shanghai and Financial Office of Beijing have jointly met the major heads of OKcoin and Huobi to know the current status of Bitcoin trading. We have reminded them of possible risks and require it operate strictly in accordance of laws and regulations of China. We have urged the two exchanges to conduct self-examination based on related laws and correct, if any, possible irregularities.

In accordance of Joint Notice of People’s bank of China, Ministry of Industry and Information, China Securities Regulatory Commission China Banking Regulatory Commission on Bitcoin Risk Prevention, Bitcoin is a specific virtual goods. It is not law-based and compulsory like currency thus does not have the legal status as a currency. It shall not, should not be circulated as a currency in the market. Individuals and agencies should properly treat virtual goods and virtual currency. They should invest with rationale in Bitcoin and thus bear the possible risks by their own.

BTCC, huobi, OKcoin account for 90% of the global Bitcoin trading. Their heads have yet to comment on the issue. But till now no “ban” is  given, no restrictive measures have been mentioned officially.

8btc will continue follow the event. Please follow 8btc for more interpretation of Chinese most updated policies about Bitcoin

COMMENTS(13)

  • BitcoinAllBot
    7 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • BitcoinAllBot
    7 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: Egon_1

  • realsony
    7 months ago realsony

    why it explains the monero price drop?

    • KloteBandit
      7 months ago KloteBandit

      Well, a lot of people see this as crypto currencies being banned in general. Also a lot of people buy monero by converting it from bitcoin and sell by converting to bitcoin. With bitcoin becoming forbidden these channels would (legally) disappear.

  • keesieboy
    7 months ago keesieboy

    It has been banned before, right? It’s like banning the internet

    • ronsunrise
      7 months ago ronsunrise

      yes it was basically a recurring meme in 2014.

      “china bans bitcoin, again!”

      “…this is actually good for bitcoin”

  • thehihoguy
    7 months ago thehihoguy

    what does that mean for future of crypto in china?

  • Hellstr0m
    7 months ago Hellstr0m

    Yeah this is a realllllly misleading headline

  • MrX_of_Xmr
    7 months ago MrX_of_Xmr

    It may be the best that could happen.

    It seems that the Pboc wants to prevent a new MtGox / Bitfinex, and also a crazy bubble to develop in btc/yuan.

    On of the pboc’s goals is to protect public savings, and it seems that they consider crypto to be a form of that, since they don’t ban exchange nor do the inquiry themself.

    I see 2 main points :

    maybe the exchange’s ceo are warned that no fractional reserve nor hacking vulnerability would be forgiven and that they would be personaly be prosecuted,
    the too quick price peeks of btc are de facto monitored by Pboc, but they don’t want to ban it nor seem to systematically suppress its price (for the moment?).

    Also very interesting to see that they encourage savers to keep their own dd and to keep their coins off the exchange (in my understanding)!

  • susymnemonic
    7 months ago susymnemonic

    Did anyone read the article? China did not ban BTC, they are just not giving it the status of a currency…

  • PaulAlgar
    7 months ago PaulAlgar

    Hahaha! Incredible. Let me see your links

  • PaulAlgar
    7 months ago PaulAlgar

    You believe? Something written by some as***les on reddit? You really believe?Usuallly I ignore such news. Don’t You? Please…

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