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Sign up with Google Sign up with FacebookQ: What is the future of bitcoins in China?
Anyone in the know on such things??
10 years 9 weeks ago in Money & Banking - China
I woudln't dream of Bitcoin being used in China as a way to escape central control over currency, and all the sane ideals attached with the optimistic view of Bitcoin. This is just noise to Chinese.
But the gov sure monitors this aspect, and will be dead afraid of it, therefore, will try to contain it and eventually ban it completely if it gets popular (yes, you can't really ban BTC, but you sure can forbit its transfer into RMB).
I don't see it as an asset for drugs and other illegal stuff : it doesn't provide much extra protection as compared to the good old guanxi.
BTC will never spread in China, because it will be forbidden if it dares to.
More likely will grow as a side alternative to gold and another speculation toy for a while.
As of January 2014, Chinese banks can not change bitcoins from/to RMB. Trading bitcoins is legal, however. The rational is to severely restrict the usage of bitcoin as a way to funnel money out of China.
http://www.bbc.co.uk/news/technology-25428866
Scandinavian:
wouldn't you think it is still very possible for a Chinese national. e.g. using an international credit card, buy bitcoin via paypal (don't know if it is possible) buy bitcoin via banks in Hong Kong.
Of course the people at the receiving end needs to be able to convert their bitcoins back to RMB, but same methods must work.
DrMonkey:
If you want to turn your hard earned RMB into something different outside of China, using bitcoins... You first need to turn your RMB into something exchangeable into bitcoins :p So, you buy real stuffs with your RMB, (say, furnitures, stuffed toys, whatever) that you sell on the net for bitcoins. Then you change the bitcoins to an other currency, say, dollars. It's risky, lots of opportunities to loose a lot in the process. Stocks & paying taxes sounds safer :p So as you say, ok bitcoins might be used as a way to pay things anonymously (ppppppoooooorrrrrrrnnnnnnn)
Porn and drugs and whatever purpose people want to use the money they've gained through corruption for.
I woudln't dream of Bitcoin being used in China as a way to escape central control over currency, and all the sane ideals attached with the optimistic view of Bitcoin. This is just noise to Chinese.
But the gov sure monitors this aspect, and will be dead afraid of it, therefore, will try to contain it and eventually ban it completely if it gets popular (yes, you can't really ban BTC, but you sure can forbit its transfer into RMB).
I don't see it as an asset for drugs and other illegal stuff : it doesn't provide much extra protection as compared to the good old guanxi.
BTC will never spread in China, because it will be forbidden if it dares to.
More likely will grow as a side alternative to gold and another speculation toy for a while.
https://www.ccn.com/china-tightens-the-noose-on-124-offshore-cryptocurrency-exchanges/
So much for the future, when your tariffs dry up stop the money leaving the country.
icnif77:
BTC dipped slightly last two days 'cause of Chinese tightening, but ... it's still holding in normal trading range of US$ 6500, i.e. no big deal.
Looking at this necro thread ... price of BTC at the time of posting this Q was US$ 250/1500 RMB to todays whopping 44600 RMB ... One could buy small apartment in China today with 1500 RMB investment cost ...
http://hiv-island.is/.btc/BitcoinPrice/bitcoin-price-5-years-ago.php