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Originally Posted by NEW XTC
The stroke of a pen and a few phone calls huh.  Whos pen exactly - the majority of both houses of congress and the President AND a majority of Supreme Court Justices (likely it would go that high in court). |
Whatever the USA wants in terms of currency regulation or banking, the USA usually gets. That's a fact, not an opinion. Bitcoin is not worth much if it can not be converted to a currency. If you are unable to convert to a currency, that's a wrap.
Who's pen? Whoever has the authority to do so. But if I had to take a guess, it would be the same people who have shut down every other competing currency, and strong arms international banks into giving up their data.
Quote:
Originally Posted by NEW XTC
Not sure about Thailand but China most certainly did not ban or outlaw BTC - they simply stopped BTC from being used by payment processors. But they gave to OK for Chinese citizens to trade BTC all they want. They just made them go through an extra step, through a foreign based exchange to get their money back into Yuan.
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It is illegal for the Chinese to cash out directly into Yuan. The Chinese can only trade their Bitcoin for online or digital items, such as gaming. Or convert it elsewhere before coming back into Yuan. That is Chinese law. And that shows how easily it can be done. It is only a loophole that allows them to go through an exchange first, but that loophole will be closed soon enough. One single law and they couldn't cash out into their own currency. One more and they can't exchange it to another. Then it's back to digital goods only. Two laws, easy pease, and one of them is already in place. If it can happen there, it can happen anywhere. Only time will tell if it will, but my whole point was that it would be incredibly easy to destroy Bitcoin with a stroke of a pen, which means a new law or two.
Quote:
Originally Posted by jscott
dwb thailand didnt do that. my thai friends are buying and cashing out actively to their thai banks since months ago
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Yes, they did. But like all other Thai laws, they are not enforcing it. Look it up.