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China's Central Television broadcasted Hong Kong to allow investment in Bitcointwitter.com/BitcoinMagazine/status/1661401213554905090
0 sats \ 1 comment \ @shadowymartian 24 May 2023 bitcoin
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25 sats \ 0 replies \ @gnilma 24 May 2023
tldr, Bitcoin Magazine spewing misinformation. They need to hire a better Mandarin translator, because the text in the tweet does not match what was said in the video.
I guess for non-mandarin speakers, they are just taking Bitcoin Magazine’s word for it… But yea, I speak Mandarin, and the following is roughly what they said in the video…
Starting June 1st, 2023, HK SFC (Hong Kong’s version of SEC) will start to accept crypto (their definition of crypto includes bitcoin) trading platform certification applications. Companies that already operate as or plan to operate as a crypto related business in HK must submit their application to the SFC to become licensed beginning June 1st. Existing companies already operating in crypto related businesses must submit their applications within 9 months of June 1st in order to continue operating within HK; and they must obtain their license before they can start operating again. Those crypto related businesses who intend to not get a license must close down their business in HK.
Then that dude that came out to speak is a bureaucrat from the SFC. He’s blabbering on about how challenging is maintaining safety over the internet, how it is the best and safest way to maintain and hold user funds, and the conflict of interest between crypto exchanges and users, because exchanges see all user trades and can game the users internally
Then the lady came back to say even though the regulation begins on June 1st, the SFC have not allowed and is not yet allowing any company to provide crypto trading services to the general public. Most if not all of the current existing crypto exchanges that retail investors currently have access to in HK are not regulated and users are not protected by the SFC.
In other words, this is just more regulation coming out from the pipeline of a tyrannical government. I do not like government regulations nor do I care about government regulations.
But the main point I’m trying to bring across is, wtf is with the click bait misinformation Bitcoin Magazine? Not once in there did they say they’re allowing retails to buy bitcoin. They’re just accepting applications from companies to get licensed so the government can regulate the industry.
Whether China allows it or not, bitcoin mining and trading never left China. They can’t stop it, which they realized, and now they’re just trying to control it through on-off ramps.
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