Re: Bloomberg : BREAKING: China bans financial institutions from Bitcoin transaction
http://tech.sina.com.cn/i/2013-12-05/15538979079.shtml
No. You Western guys completely misunderstood the news. To me, this is actually BULLISH!
TL;DR, the document says:
1. Bitcoin is a virtual commodity, not a real currency
2. People have the freedom to trade bitcoin, but they need to take their own risk
3. At this stage, financial institutions cannot denominate services and products in bitcoin, cannot trade bitcoin, cannot run bitcoin exchange, cannot provide bitcoin related services, cannot store bitcoin for clients, cannot establish bitcoin trust or fund, etc.
4. Bitcoin exchanges must be registered, and follow AML and KYC rules
This means major Chinese bitcoin exchanges like BTCChina will stay. You just won't see any Chinese bitcoin ETF anytime soon.
No. You Western guys completely misunderstood the news. To me, this is actually BULLISH!
TL;DR, the document says:
1. Bitcoin is a virtual commodity, not a real currency
2. People have the freedom to trade bitcoin, but they need to take their own risk
3. At this stage, financial institutions cannot denominate services and products in bitcoin, cannot trade bitcoin, cannot run bitcoin exchange, cannot provide bitcoin related services, cannot store bitcoin for clients, cannot establish bitcoin trust or fund, etc.
4. Bitcoin exchanges must be registered, and follow AML and KYC rules
This means major Chinese bitcoin exchanges like BTCChina will stay. You just won't see any Chinese bitcoin ETF anytime soon.
This is so funny. Nothing has changed lol. Everything is still inthe grey and it fine. If they want cheaper coins, sure why not I like buying cheap coins
