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Thread: Bitcoin difficulties in China :closing recharging ways lacking application future

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    Default Bitcoin difficulties in China :closing recharging ways lacking application future


    Chinese bitcoin market is facing up to new difficulties .
    Though 15th April has gone ,whether trading platforms or normal clients ,they realize that bitcoin is facing up to bigger and bigger difficulties in China .
    At the end of March ,some media said central bank of China has released a notice about strengthening bitcoin risk prevention ,demanding commercial banks to suspend providing service for bitcoin trading platforms before 15th April .The 15th April case led bitcoin price to decrease by over 10%.
    However, supervision organizations haven’t given a big attack on 15th April .Meanwhile ,many people began to suspect the reality of 15th April case .
    The Chinese biggest bitcoin trading platform huobi.com is one of the doubters .On 22nd March ,after 15th April case was reported ,the website has announced to send letter of attorney representating clients and give an sanction to the rumor .
    Obviously ,huobi.com doesn’t believe the 15th April .Or they haven’t received the information through its ways ,
    However ,within one month ,on 10th April ,Industrial and Commercial Bank of China noticed huobi.com that it will not provide any service for the website .On 11th and 17th ,April ,China Merchants Banks and Construction Bank of China also released similar notice .Huobi.com finally announced that it decided to suspend bank recharging and will adjust when the policy is clear .
    Other bitcoin platforms also suffer bank ban to different degree .BTC China also released an announce on 28th April that it will close recharging service from China Merchants Banks .Previously ,two smaller websites BtcTrade and FXBTC have suspended bank recharging .
    Strangely ,the bank behavior is similar to the rumor ,but 15th April is still a mystery ,even nobody can prove its existence .Central bank of China insists that the notice released on 5th December 2013is standard .
    On the other hand ,some one revealed that he or her has read the 15th April document ,but it only circulates on central bank of China .While some bitcoin fans demand to open the information ,but central bank of China refused .
    At the end of last year ,supervision organizations have ensured that the third-party payment cant provide bitcoin recharging service for bitcoin platforms .Now bitcoin recharging is also forbidden by banks ,that is to say ,bitcoin trading platforms will lose an important recharging ways .How to lead CNY to the platforms becomes the difficulties .
    The ways to lead CNY to the platform
    “What we care about most is capital inflow problem ”the united founder Dujun in huobi.com said .
    Capital inflow is that how clients recharge their money to huobi.com .Previously ,clients can transfer account through banks ,and transfer money to the specific account of huobi.com .Also ,they can buy cards to recharge .
    But the system has been broken last month .Many banks told huobi.com that its recharging accounts will be closed .”No formal notice or document ,only phone notice ”,Du jun said .In his opinion ,the ways from the banks are overbearing even may be illegal .Huobi.com has tried to communicate with banks ,but failed .
    After banks quit ,huobi.com only reserves card recharging ways .Later ,its capital inflow speed decreases rapidly and affects its trading amount .
    Du jun said ,a series of measure from banks lead trading amount and bitcoin price in huobi.com to decrease by 30%.
    Huobi.com is thinking about solution .It may encourage bitcoin clients to trade online and offline directly .For example ,clients may build a QQ group themselves ,one has bitcoin or convertible code ,another has CNY ,then they can make a deal themselves .
    Compared with huobi.com ,BTC China may supply less pressure .All bank accounts (except China Merchants Banks) still can be used .Additionally ,clients can buy BTCC convertible code to recharge .
    Previously ,the vice CEO Lingkang in BTC China revealed on the interview that they haven’t received the notice from banks .But after two days ,China Merchants Banks phoned them to write off the accounts .However ,other banks haven’t take any similar measures .
    It may be relevant to the discussion at the end of April .The participants on the discussion included commercial banks and the third-party payment organizations .
    Among all of them ,China Merchants Bank was criticized .So later it announced to close all accounts from bitcoin trading platforms .Some one said central bank of China hopes to cut off bitcoin funds chain thoroughly .
    Another outcome of the discussion is that Alipay announced not to provide recharging and withdrawal service for bitcoin and other virtual currency.Also ,it doesn’t allow to buy or sell bitcoin recharging code .
    Thus ,BTCC recharging code of BTC China is full of risk .According to the research ,about 6 BTCC recharging code online shops set in Taobao and relative to Alipay .If Alipay ensures its latest announce ,the online shop may close .
    But until now ,the online shops are still running .Alipay explained that it is checking them now .
    Application future
    To Chinese bitcoin ecology ,capital inflow difficulty may only last for a short time ,but lacking application future will make Chinese bitcoin market in trouble .
    According to Du jun ‘s understanding ,bitcoin ecologic chain can divide into 3 parts :upstream is mining machines and mining pond ,midstream is trading platforms and downstream is different application .
    In his opinion ,America is a bitcoin Holy Land .”People can use bitcoin to buy virtual goods online and pay for something there .”He said .
    In fact ,with payment application on mobile phone ,bitcoin has partly blended in American daily life .For example ,a software on mobile phone called Coin For Coffee allows customers to buy coffee by bitcoin .Of course ,it first may exchange bitcoin into dollars ,the coffee shop will not accept bitcoin directly .
    But in China ,even this kind trade belongs to grey area .Du jun said ,according to the 5th December notice ,merchants cant price goods by bitcoin .But bitcoin clients can exchange bitcoin into objects privately .
    This leads bitcoin only can play a role in investing tool rather than payment tool .Some early bitcoin supporters even lose their patience and give up bitcoin .
    Duan hong bin ,the financial columnist,began to understand bitcoin in 2012and became the virtual currency reporter rapidly .But in 2013,he suddenly disagreed with bitcoin strongly .When he accepted the interview ,he said directly that the biggest problem is that bitcoin lacks application .
    Meanwhile ,Duan hong bin has sold all bitcoin and left it .Also ,bitcoin workers seem that they haven’t found a better way to develop its value .
    On the interview ,the CEO Li lin of huobi.com took an interesting example :now we cant discuss bitcoin usage in China ,like we cant discuss Internet future in North Korea .”You cant use it thoroughly ,how do you discuss ?”he said .
    In Li lin ‘s opinion ,judge bitcoin should attach the importance to its future .On the other hand ,the vice ceo Lingkang of BTC China said bitcoin future may be petty payment and cross-border payment .
    However ,whether Lilin or Lingkang ,both of them admit that bitcoin application future is on a exploring stage .

    Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can correct it.

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    Default Re: Bitcoin difficulties in China :closing recharging ways lacking application future

    Sounds like China sucks and is being some douche bags to BTC and ALT coin as a whole. Sad the whole country will miss out.
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