greenlion
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May 07, 2014, 07:47:13 AM


The PBOC ban will catalyze the technological innovation in decentralized exchanges.

Buyer will directly transfer fiat to the seller through online banking. With some cryptography the auditor could verify the bank transaction without knowing the online banking password of the payer or payee. This is not only theoretical. The actual development is in progress. Read more at: https://bitcointalk.org/index.php?topic=173220.msg6160307#msg6160307

PBOC can't kill bitcoin. What doesn't kill you makes you stronger.

PBOC really dug their own grave on this one.

They could've taken this whole thing seriously and just lightly regulated domestic exchanges to conform to their capital control policies and everything could've been fine. "Recharging" online exchange accounts could've just required the same procedures as obtaining CNH for example. That would have given them exactly the control they want in this situation and all the RMB exchanges would've played ball.

Instead, they've MASSIVELY incentivized technological innovation to circumvent their controls. This never ends well.