In response to the recent People’s Bank of China [PBOC] statement, BTC China has started requiring ID verification for all of its users. Upon logging in, you will be prompted for a Chinese ID and if you are an international customer, your passport number will be required instead. While Reddit users have reported that any random combination of numbers with the correct length for your corresponding country’s passport number will suffice, it is incredibly likely that these numbers and the rest of your given information will be passed onto the Chinese government at some point, so act accordingly.
The recent statement by the PBOC has triggered China Telecom and Baidu’s Jiaselu service to stop their previous acceptance of Bitcoin, rumors abound of other merchants dropping their support of Bitcoin in the recent tumult surrounding released statements from the PBOC. While this is merely a short term damper on Bitcoin prospects in China, the statement actually reveals more good than bad for the future path of Bitcoin in China. The future is bright, but for now if you don’t feel safe with your BTC in a Chinese exchange, now is the time to move it out! Of course, it is unlikely that BTC China would run off with your bitcoins, or that the Chinese government would crack down on BTC China and in some way shape or form “nationalize” your bitcoins. Regulation is an inevitable step in Bitcoin’s path to success and we must measure the progress of our revolution by the amount of barriers put in our way at the gates [Bitcoin Exchanges]. Other Chinese exchanges such as Okcoin have not yet asked for ID verification from its users; however, don’t be surprised when it comes and if you don’t want your ID associated with your bitcoins in any way, it is time to move them away from Chinese servers.
Last modified: December 21, 2013 18:37 UTC