Breaking:China’s PBOC Inquires China’s BTCC, OKcoin, and Huobi
6th January 2017, 18:46 Beijing Time, China’s PBOC issued an announcement about its inquiry of “major heads” of a “major shanghai-based Bitcoin Exchange” and of “Beijing based Bitcoin exchanges”. PBOC Shanghai inquired BTCC while PBOC Beijing inquired Okcoin and Huobi respectively.
For PBOC’s shanghai statement, it reads:
The recent Bitcoin Price is highly volatile. To prevent risks and uphold financial stability, PBOC Shanghai and Financial Office of Shanghai have jointly met the major heads of BTCC to know the current status of Bitcoin trading. We have reminded BTCC of the possible risks and require it operate strictly in accordance of laws and regulations of China. We have urged BTCC to conduct self-examination based on related laws and correct, if any, possible irregularities.
In accordance of Joint Notice of People’s bank of China, Ministry of Industry and Information, China Securities Regulatory Commission China Banking Regulatory Commission on Bitcoin Risk Prevention, China Insurance Regulatory Commission, Bitcoin is a specific virtual goods. It is not law-based and compulsory like currency thus does not have the legal status as a currency. It shall not, should not be circulated as a currency in the market. Individuals and agencies should properly treat virtual goods and virtual currency. They should invest with rationale, bear the possible risks by their own, uphold their own assets and have a correct understanding and concept of currency.
For PBOC Beijing’s statement, it reads:
The recent Bitcoin Price is highly volatile. To prevent risks and uphold financial stability, PBOC Shanghai and Financial Office of Beijing have jointly met the major heads of OKcoin and Huobi to know the current status of Bitcoin trading. We have reminded them of possible risks and require it operate strictly in accordance of laws and regulations of China. We have urged the two exchanges to conduct self-examination based on related laws and correct, if any, possible irregularities.
In accordance of Joint Notice of People’s bank of China, Ministry of Industry and Information, China Securities Regulatory Commission China Banking Regulatory Commission on Bitcoin Risk Prevention, Bitcoin is a specific virtual goods. It is not law-based and compulsory like currency thus does not have the legal status as a currency. It shall not, should not be circulated as a currency in the market. Individuals and agencies should properly treat virtual goods and virtual currency. They should invest with rationale in Bitcoin and thus bear the possible risks by their own.
BTCC, huobi, OKcoin account for 90% of the global Bitcoin trading. Their heads have yet to comment on the issue. But till now no “ban” is given, no restrictive measures have been mentioned officially.
8btc will continue follow the event. Please follow 8btc for more interpretation of Chinese most updated policies about Bitcoin
Senior Editor of international site of 8btc Years of experience of working at KPMG, one of the big 4 accounting firms, discerning in disseminating the useful and essential information in bitcoin and blockchain area as he deeply understands that finance, among many areas, can be the most crucial arena where blockchain and related technologies can be applied. Chris was also a senior interpreter and translator before joining 8btc News.
COMMENTS(28)
Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom
Breaking:China’s PBOC Inquires China’s BTCC, OKcoin, and Huobi. $BTC #bitcoin http://news.8btc.com/breaking%EF%BC%9Achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi …
Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: Egon_1
Looks like #PBOC didn’t like @bobbyclee #bitcoin “mint”. http://news.8btc.com/breaking%EF%BC%9Achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi …
why it explains the monero price drop?
Well, a lot of people see this as crypto currencies being banned in general. Also a lot of people buy monero by converting it from bitcoin and sell by converting to bitcoin. With bitcoin becoming forbidden these channels would (legally) disappear.
Central banks using rhetoric to influence #Bitcoin market down,same as they Jawbone stocks higher @ critical support
http://news.8btc.com/breaking%EF%BC%9Achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi …
It has been banned before, right? It’s like banning the internet
yes it was basically a recurring meme in 2014.
“china bans bitcoin, again!”
“…this is actually good for bitcoin”
what does that mean for future of crypto in china?
China erhöht Druck auf #Bitcoin-Börsen: “it should not be circulated as a currency“ http://news.8btc.com/breaking%ef%bc%9achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi … Risiken:http://www.handelszeitung.ch/blogs/bits-coins/bitcoin-explodiert-das-sind-jetzt-die-8-risiken-1301885 …
http://news.8btc.com/breaking%ef%bc%9achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi …https://twitter.com/chandlerguo/status/817336237216280576 …
doesn’t look good…
Breaking:China’s PBOC Inquires China’s BTCC, OKcoin, and Huobi
http://news.8btc.com/breaking%ef%bc%9achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi … #Bitcoin #BTC $BTC
summary for non-chinese speakers? Do not touch BTC because its too risky?
http://news.8btc.com/breaking%ef%bc%9achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi …
chandler BTC will never be great with such FUD coming again and again,I followed your 1 million dollar dream but what happened?
Yeah this is a realllllly misleading headline
Peoples Bank Of China Inquiry about #Bitcoin ‘The recent price of BTC is highly volatile’ – Met with exchanges
http://news.8btc.com/breaking%EF%BC%9Achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi …
It may be the best that could happen.
It seems that the Pboc wants to prevent a new MtGox / Bitfinex, and also a crazy bubble to develop in btc/yuan.
On of the pboc’s goals is to protect public savings, and it seems that they consider crypto to be a form of that, since they don’t ban exchange nor do the inquiry themself.
I see 2 main points :
maybe the exchange’s ceo are warned that no fractional reserve nor hacking vulnerability would be forgiven and that they would be personaly be prosecuted,
the too quick price peeks of btc are de facto monitored by Pboc, but they don’t want to ban it nor seem to systematically suppress its price (for the moment?).
Also very interesting to see that they encourage savers to keep their own dd and to keep their coins off the exchange (in my understanding)!
Did anyone read the article? China did not ban BTC, they are just not giving it the status of a currency…
The day @cnLedger and @btcinchina become your two favorite news sources.
http://news.8btc.com/breaking%EF%BC%9Achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi …
#BTCCNY $BTCCNY #BTC
http://news.8btc.com/breaking%EF%BC%9Achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi … @olusegunisrael
Hahaha! Incredible. Let me see your links
http://shanghai.pbc.gov.cn/fzhshanghai/113571/3230012/index.html
http://beijing.pbc.gov.cn/beijing/132005/3230072/index.html
You believe? Something written by some as***les on reddit? You really believe?Usuallly I ignore such news. Don’t You? Please…
Chinese exchanges & their illegal #InsiderTrading were aware of this PBOC news beforehand hence why they dumped http://news.8btc.com/breaking%ef%bc%9achinas-pboc-inquires-chinas-btcc-okcoin-and-huobi …
Okcoin & Huobi as well as other exchanges have to stop these illegal activities, & that’s what the PBOC exchange law compliance could mean.
multiple order books means liquidity is thinner than a centralized book – leads to volatility.
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