Lots of bad news about China and Bitcoin, and good news about new blog

Lots of bad news about China and Bitcoin, and good news about new blog
I have lots of things to catch you all up on, but let me start with the international news items first. This month, China has basically pulled the plug on Chinese citizens’ easy ability to buy or sell Bitcoins and other cryptocurrencies. It transpired in stages, long before there was any official policy announced from on high. First, an anonymous writer for the respected financial paper, Caixin, wrote late on a Friday evening that the government was planning to ban Initial Coin Offerings (ICOs), which has become a popular (and often abused) method for blockchain projects to quickly raise funds. Prices for digital assets like Bitcoin dropped sharply over the weekend all over China, and to a lesser extent around the world. A few days later, Caixin published another article saying that 60 ICO platforms were being shut down. Further, all ICOs were to be halted immediately, and investors’ funds returned as soon as possible. While those folks were scrambling to comply with the new rules, prices continued to fall. Bitcoin values dropped from the mid-$4,000 range to around $3,000. Then, two major Bitcoin exchanges, OKCoin and ViaBTC, announced they were closing up shop by the end of the month. ...

Good news from Huobi.com about my Bitcoin account 2

Good news from Huobi.com about my Bitcoin account
JISHOU, HUNAN — The Bitcoin winter in China may be thawing finally. I can use my bank card at the Huobi.com Bitcoin exchange once again. As I related earlier, the new national regulations concerning Bitcoin exchanges seemed to have shut me, and other foreigners, out of the exchanges indefinitely. BTCChina told me flat out that foreigners would not be allowed to trade with them anymore. Huobi did allow me to re-register with my name exactly as it is listed on my passport, but I could not bind my Chinese debit card to the account because I had no Chinese ID number. That ended Monday, when I got a call from Huobi saying I could again use my Chinese Unionpay card. Huobi’s system now accepts my US passport number as a proper form of ID to be linked with the card. I also had to do a “video verification” by participating in a video call on the QQ messaging client with a Huobi agent. She asked me a few questions, like my name, the source of the funds I would be using, and my reasons for trading in Bitcoin. I also had to show her my passport and my debit card. ...

Epilogue to my Bitcoin dilemma: I got my money back

Epilogue to my Bitcoin dilemma: I got my money back
JISHOU, HUNAN — So, after three telephone calls and four chat sessions on Huobi’s customer service chat window, I finally got my 500 yuan ($73) deposit back two weeks after I sent it. All is well now. I won’t bother you with all the details, but bank-to-bank transfers in China are persnickety affairs. The sender has to specify the exact bank branch at which the recipient opened his or her account. And my branch at the university is a sub-branch of another branch, so the system was not allowing the transfer to go through. Or something. Anyway, I got my money back. I am still unable to bind my bank card at Huobi without a national ID number, so obtaining Bitcoin using Huobi or BTCChina, despite my previous relationships with them, is impossible for the foreseeable future. In education news, I am spending this weekend recreating my lesson plans and syllabi for courses I taught in 2014-15 to submit to the college. Why, you ask? Well, the college needs to get accreditation (if that’s what it’s called here) from the provincial education bureau. To get it, each instructor has to provide detailed lesson plans and syllabi for courses taught in ...

Update to the update to the Bitcoin saga

Update to the update to the Bitcoin saga
JISHOU, HUNAN — So, I got a reply from BTCChina today to my inquiry about continued use of their services. You can guess what it was. But here it is from the horse’s mouth. Good day! Our sincere apologies for this matter. BTCChina will no longer allow foreigners to use our services. You cannot use BTCChina from now on. Should you have further concerns, please do not hesitate to let us know anytime. Thank you very much and have a nice day! Best Regards, Customer Service 1011 This reply has two explanations. Given that both Huobi and BTCChina had no problem before with my using their exchanges with a foreign passport as ID, this new policy confirms that the government is trying to restrict the flow of Chinese yuan out of the country, other than by official channels, and that government regulators want the Chinese Bitcoin exchanges to only deal with Chinese citizens, who would be easier to control legally (or extra-legally) than foreign residents. While I have not heard back from Huobi about my bank card + passport issue, I can now assume that they will tell me the same thing as BTCChina — that Huobi can no longer ...
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