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BTCC latest move indicates more regulation on the way

Wednesday afternoon Shanghai, BTCC just released a latest announcement, tightening regulations even more by halting real-name verification of all new users till 15th March, one month from now. However, the announcement was soon deleted. But 8btc managed to get a screenshot.
btcc4
Conspiracy theory assumes that decision must be linked to seasonal Bitcoin futures contract “BTC0331”, which will be settled on 15th March. One may expect huge fluctuation that day.

btc0331

Ironically, the same date is also the “Consumer’s Day” in China. CCTV will host an evening show on that day to exposes industrial secrets, usually the dark side. The show has become so popular that the stock price of company involved usually suffer great hit the next day. Previously international companies like MacDonald have to spend lots of efforts restoring faith among customers. Some companies failed to recover their reputation may eventually chose to shut down. PR companies are dying to keep any scandals related to their customers from being disclosed. However, once the program is in air, company will sure to be the trending topic on weibo.
The BTCC statement was a wet blanket to the optimistic interpretation of CCTV’s review last night. Although the comments are mostly linked to a money laundry case, it’s still viewed as a good news as CCTV being the most influential media in China. Jiang Zhuo’er claims that the CCTV programme is signalling giving legal status to bitcoin. However,Jack Liao, founder of Lighting Asic, think differently:

Are you kidding? The perfect storm of regulation just came into being. Before there is an effective way of separating legal users from illegal ones and a way for cutting off cross-border transaction, the big daddy will be always watching.

Among the “Big Three” Bitcoin exchanges, BTCC now display the lowest ask price. However, OTC trade is said to enjoy 4-10% premium over the exchange price. So far no further move is detected  from OKCoin and Huobi. However, the clock is ticking and suspense builds up in the community.

 

update: 17:46pm 15th Feb, BTCC released the revised version and “halting verification of new users” was removed.

btcc 3

COMMENTS(14)

  • hl5460
    1 week ago hl5460

    Wednesday afternoon Shanghai, BTCC just released a latest announcement, tightening regulations even more by halting real-name verification of all new users till 15th March, one month from now. However, the announcement was soon deleted. But 8btc managed to get a screenshot.BTCC latest move indicates more regulation on the wayhttp://news.8btc.com/btcc-latest-move-indicates-more-regulation-on-the-way

  • 1Referee
    1 week ago 1Referee

    It’s funny how these regulations are put in place right now, while they could have done all this years ago. Bitcoin how it was back then, isn’t any different from how it is right now (functionality wise). These are well planned attacks in the hope that it will discourage traders and investors to lock their money into Bitcoin. I just wonder what will happen if all these regulations are put in place, and after that the price spikes again (because it will spike again). What will the next regulations be, forcing certain limits in how much people can buy in Bitcoin?

  • hl5460
    1 week ago hl5460

    Quote from: 1Referee on February 15, 2017, 09:40:44 AM
    It’s funny how these regulations are put in place right now, while they could have done all this years ago. Bitcoin how it was back then, isn’t any different from how it is right now (functionality wise). These are well planned attacks in the hope that it will discourage traders and investors to lock their money into Bitcoin. I just wonder what will happen if all these regulations are put in place, and after that the price spikes again (because it will spike again). What will the next regulations be, forcing certain limits in how much people can buy in Bitcoin?

    You maybe right. People are already talking about imposing limits on bitcoin withdrawal.

  • zby
    1 week ago zby

    Quote from: 1Referee on February 15, 2017, 09:40:44 AM
    It’s funny how these regulations are put in place right now, while they could have done all this years ago. Bitcoin how it was back then, isn’t any different from how it is right now (functionality wise). These are well planned attacks in the hope that it will discourage traders and investors to lock their money into Bitcoin. I just wonder what will happen if all these regulations are put in place, and after that the price spikes again (because it will spike again). What will the next regulations be, forcing certain limits in how much people can buy in Bitcoin?

    The market was so small back than that it did not matter for national monetary policies. China might be the first to regulate – but Europe is not far behind – in the end all economies relying on capital controls will have to regulate.

  • cr1776
    1 week ago cr1776

    Quote from: hl5460 on February 15, 2017, 10:07:04 AM

    Quote from: 1Referee on February 15, 2017, 09:40:44 AM
    It’s funny how these regulations are put in place right now, while they could have done all this years ago. Bitcoin how it was back then, isn’t any different from how it is right now (functionality wise). These are well planned attacks in the hope that it will discourage traders and investors to lock their money into Bitcoin. I just wonder what will happen if all these regulations are put in place, and after that the price spikes again (because it will spike again). What will the next regulations be, forcing certain limits in how much people can buy in Bitcoin?

    You maybe right. People are already talking about imposing limits on bitcoin withdrawal.

    Then, perhaps, people will just realize there may be no need to convert back to fiat.  So this may in the longer term, work against the interests of the globalist authoritarians since once people begin to realize they don’t need to convert back, they’ll lose more control.Once you have some store of value that has exited the fiat world and is less under their control, why go back?  Gold, without the confiscation at the borders problem.

  • BitcoinAllBot
    1 week ago BitcoinAllBot

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

  • BitderbergGroup
    1 week ago BitderbergGroup

    Where’s my crystal ball?

  • BitChaos
    1 week ago BitChaos

    I know about the PBOC shenannigans so far but I think I’m gonna need an ELI5 to be able to understand what message this particular news post is trying to convey.

  • maku
    1 week ago maku

    What is even more interesting is a fact that Chinese traders are are losing confidence in exchange prices.They find that constant ‘bullying’ and introduction of new regulations every week. Not to mention, recent suspension of withdrawals on major Chinese exchanges is impacting bitcoin trading negatively.What is interesting traders are switching from centralized exchanges to p2p trading platforms, mainly Bitcoinworld and Bitpie.

  • 1Referee
    1 week ago 1Referee

    Quote from: zby on February 15, 2017, 02:39:21 PM
    The market was so small back than that it did not matter for national monetary policies. China might be the first to regulate – but Europe is not far behind – in the end all economies relying on capital controls will have to regulate.

    If it was Europe that we were talking about, then you could have a good point, but it’s China that we are talking about. In most cases they know very well how to calculate the danger of certain projects, sites, services, where they act directly by imposing a total ban. Back in 2013 would be a perfect opportunity to force through regulations when the price reached an all time high and the usage exploded. I highly doubt they just started with realizing what Bitcoin is capable of.

  • digaran
    1 week ago digaran

    Is this a bad thing or good? I think it’s a good thing that they are trying to identify and keep record of every one trading crypto, they already know that they neglected such situations before and trying to make up for it. I agree they should’ve done this at least 4 years ago but appears they doubted the hidden potentials of cryptocurrencies and slowly waking up to it.

  • morantis
    1 week ago morantis

    Quote from: hl5460 on February 15, 2017, 09:20:45 AM
    Wednesday afternoon Shanghai, BTCC just released a latest announcement, tightening regulations even more by halting real-name verification of all new users till 15th March, one month from now. However, the announcement was soon deleted. But 8btc managed to get a screenshot.BTCC latest move indicates more regulation on the wayhttp://news.8btc.com/btcc-latest-move-indicates-more-regulation-on-the-way

    that’s china and the “announcement” was hacked in, that is why it was removed, try reading a little deeper before attempting to create drama

  • hl5460
    1 week ago hl5460

    Quote from: digaran on February 15, 2017, 09:08:20 PM
    Is this a bad thing or good? I think it’s a good thing that they are trying to identify and keep record of every one trading crypto, they already know that they neglected such situations before and trying to make up for it. I agree they should’ve done this at least 4 years ago but appears they doubted the hidden potentials of cryptocurrencies and slowly waking up to it.

    It depends. AML requires every taders to be realname.

  • hl5460
    1 week ago hl5460

    Quote from: morantis on February 15, 2017, 09:11:47 PM

    that’s china and the “announcement” was hacked in, that is why it was removed, try reading a little deeper before attempting to create drama
    update: 17:46pm 15th Feb, BTCC released the revised version and “halting verification of new users” was removed. You may find screenshot in the article.

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