Quote from: Bizmark13 on March 10, 2015, 02:29:48 AM

Quote from: Snail2 on March 08, 2015, 09:42:26 PM

"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#China

So, if you are not a bank, insurance company or a payment company than you can trade it, use it, whatever you want.

Quote from: innocent93 on March 09, 2015, 07:04:17 AM

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.