https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step.
The PBoC is apparently requiring every customer to
write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between?
That's just pretty sad.
I mean, let's face it, no one is going to be able to provide docs that in depth. Bitcoin is supposed to be anonymous and we all know that people use bitcoin for all sorts of questionable things, and what the People's bank of China did is definitely going to cut into the trading volume huobi and BTC china has established in the past.
But that doesn't stop P2P trades from happening - people are still trading on platforms on localbitcoins, in fact increasingly so.
Wouldn't be surprised if the Chinese desert these exchanges for the P2P marketplace.