Post
Topic
Board Speculation
Re: China putting capital controls on BTC! (lol)
by
var53
on 03/11/2016, 22:12:34 UTC
https://www.reddit.com/r/BitcoinMarkets/comments/5auoxu/daily_discussion_thursday_november_03_2016/d9kdr84/

according to this it's a legit bloomberg tale from the terminal but i dunno why it's taken so long to disseminate. then again chinese news always seems to be cloaked in mystery and opaque meanings. this is a western view though.

Seems legit.

Reddit claims bloomberg terminal says the tale is by people who declined to be identified who are familiar with the matter.

Quote
China’s regulators are studying measures to limit transactions that use bitcoins to take funds out of the country, according to people familiar with the matter.......

They declined to be identified because the information isn’t public.........

The only recent bloomberg story about China published on its website seems to be this one, and it doesn't mention Bitcoin once. It's strange how it was published half a day ago but fails to mention Bitcoin, but there are claims the tale from the terminal does.

It does say people who asked not to be identified who are familiar with the matter claim China’s central bank might start monitoring $1.9 trillion of banks’ off-balance-sheet wealth-management products. However Bitcoin's not any banks’ off-balance-sheet wealth-management product, and its entire market cap is only $11 billion, not $1.9 trillion.

Anyway the anonymous people who asked not to be identified say it’s not clear when, or IF the People’s Bank of China will start monitoring the banks’ off-balance-sheet wealth-management products.

http://www.bloomberg.com/news/articles/2016-10-26/pboc-may-grab-oversight-of-1-9-trillion-wealth-management-pool

Quote
China’s central bank is conducting a trial monitoring of banks’ off-balance-sheet wealth-management products under its macro-prudential assessment system, according to people familiar with the matter.
The WMPs will be included in calculating broad-based credit, the people said, asking not to be identified discussing non-public information. Currently, the products aren’t included in the assessment framework, and it’s not clear when or if the People’s Bank of China will add them, the people said.

Citigroup Inc. estimated that 13 trillion yuan ($1.9 trillion) of the products, which are a key building block in China’s shadow-banking system, could be covered.