Chinese Authorities Halt Virtual Credit Card Payments; Tencent, Yahoo Crashing

Tyler Durden's picture




 

The PBOC issued a statement today, according to 21st Century Business Herald, that halts virtual credit card products and "face-to-face" payment services such as QR code payment:

  • *PBOC HALTS QR CODE PAYMENT: 21ST HERALD
  • *PBOC HALTS VIRTUAL CREDIT CARDS BY ALIPAY, TENCENT: 21ST HERALD

Tencent is down over 5%, China CITIC is crushed, and Yahoo was dumped in morning trading in Japan (on the back of Alibaba's Alipay service being affected).

 

21st Century Business Herald reports:

March 13, the central bank issued an urgent document halt Alipay, Tencent's virtual credit card products, but stopped there barcode (QR Code) payment and other payment services face to face.

21st Century Network 21 has learned that on March 13, the central bank issued an urgent document halt Alipay, Tencent's virtual credit card products, but stopped there barcode (QR Code) payment and other payment services face to face.

 

Tencent is tumbling (and it appears perhaps a few people knew earlier in the week)...

China CITIC is down hard...

 

and Yahoo (trading in Japan) was flushed on massive volume at the open...

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Thu, 03/13/2014 - 23:16 | 4546439 CPL
CPL's picture

Is China a republic or a bank now?

Thu, 03/13/2014 - 23:24 | 4546468 XRAYD
XRAYD's picture

a banana bank.

Thu, 03/13/2014 - 23:31 | 4546487 JLee2027
JLee2027's picture

Bitcoin will be next.

Fri, 03/14/2014 - 00:04 | 4546577 knukles
knukles's picture

Not to worry because it's all self-contained in China and aside from some fear mongering amongst a few websites like ZH, the Chinee economy is booming, property prices skyrocketing, inflation stable, skies clear, water clean, pigs happy, educated populace, chickens healthy, peaceful global intentions recognizing the dominance of the US global power having won the Cold War, readily adopting strong Jesuit Western values without any cultural clash, proud to be the Coolies of the Universe....

What could go wrong?

Fri, 03/14/2014 - 00:43 | 4546658 knukles
knukles's picture

And while we're at it, how's that Abenomics shit workin' out for y'all over there in Japan, eh?
You know, that hyper-expansive monetary policy, monetizing everyfuckingthing under the sun for 30 years and hyper-massive government deficits for 3 generations?

Fuckin' great that we here in the Good Olde USofA ain't doing the same shit now, isn't it?

Say where again are those long term rates and how's been those equity market performance been for the last 30 years in Japan?
Not happy, are we, no?

Ah, that fine, strong Jesuit training...
Get that fucking yield while you can, kids

Fri, 03/14/2014 - 01:01 | 4546691 National Blessing
National Blessing's picture

The sky is falling.  And soon we'll all be dead.  Where the freak is my pumpkin pie?  Bitches.

Fri, 03/14/2014 - 01:39 | 4546736 Boris Alatovkrap
Boris Alatovkrap's picture

PBOC:

"Wi no lai king an lain kulejito tulan saxian, yu masu pei in peipa."

Translation:

"No credit for you"

Fri, 03/14/2014 - 05:02 | 4546871 Unpopular Truth
Unpopular Truth's picture

What is a virtual credit card pmt?

Fri, 03/14/2014 - 06:01 | 4546914 Squid-puppets a...
Squid-puppets a-go-go's picture

banks issue credit card numbers with no associated plastic/physical card. They are used primarily by businesses particularly for online transactions.

thus the yahoo plunge

Fri, 03/14/2014 - 06:16 | 4546928 Boris Alatovkrap
Boris Alatovkrap's picture

"Virtual Credit Payment"

is when pretend to pay for people who is pretend to work,... or some sort of thing.

Fri, 03/14/2014 - 06:59 | 4546958 GetZeeGold
GetZeeGold's picture

 

We'd better get back cause they mostly come out at night.....mostly.

http://www.youtube.com/watch?v=B436avtEXzs

Fri, 03/14/2014 - 15:05 | 4549111 Unpopular Truth
Unpopular Truth's picture

thank you

Fri, 03/14/2014 - 06:04 | 4546917 TheHound73
TheHound73's picture

I understand this simply means QR code payments (via phone).  PBOC telling tech and internet companies to stay the fuck out of the payments industry.

Fri, 03/14/2014 - 00:04 | 4546579 fonestar
fonestar's picture

We know that nothing will happen when credit cards everywhere go dark.  Because nobody would accept digital currency anyway.

Fri, 03/14/2014 - 00:09 | 4546585 Rock On Roger
Rock On Roger's picture

Have you had an epiphany?

 

Stack On

Fri, 03/14/2014 - 00:21 | 4546607 fonestar
fonestar's picture

It was sarcasm.  Everything is already digital and has been since the 1970's.  When credit cards, debit cards, ATMs and kiosks stop working things will turn to anarchy.

Fri, 03/14/2014 - 01:09 | 4546641 Tall Tom
Tall Tom's picture

Anarchy ain't such a bad thang.

 

Actually its much better than that Totalitarianism that the Digital Currencies have all of us too betwixt and beholding. Now maybe it is fine time for you to be awoken out of that demonic induced spell which was cast upon your soul.

 

Crash and burn China. Take the whole damned house of cards down so that it can be discarded upon the rubbish heap of History where it so rightfully belongs. Fuck digital currencies which are not representative of true value and stored energy...not necessarily Gold but labor for real items of utility.

 

Perhaps man has lost the idea about what money is and what it shall be used for. Perhaps we need to relearn that as we have regressed into a societal immaturity. So perhaps a return to BARTER is necessary as the trust has been completely eroded and confidence has diminished to unfathomable lows.

 

Sarcasm? You were writing about a dream come true. Anarchy reads as a very good thang in my book.

 

What is the goal of Project Mayhem anyway? (I know...never ask about Project Mayhem...or talk about Fight Club.) Sorry Mr. Durden. My apologies sir.

Fri, 03/14/2014 - 01:23 | 4546719 fonestar
fonestar's picture

Well fonestar was only attempting to illustrate that because one digital system is mathematically destined for destruction does not mean all digital systems are.  Yes, the Bitcoin network may experience disruptions and problems in an end of fiat times situation.  But if you plan on living past the fiat tribulations you should own some Bitcoins.

BTW, fonestar hopes that picture is of the real Satoshi.  Seeing him standing there on that hill defiant and unwavering, wearing khakis and sneakers like a real tekk man is a truly moving sight to behold.  It has become fonestar's laptop's background.

Fri, 03/14/2014 - 01:44 | 4546742 Boris Alatovkrap
Boris Alatovkrap's picture

You can buy much kool-aid with BitCoin. Zazdrovje!

Fri, 03/14/2014 - 17:10 | 4549711 Jack Napier
Jack Napier's picture

Anarchy sounds great in theory, ultra localized government down to the individual, but then what happens when you go to war with your neighbor? Whoever has the most gold gets to hire the most armed guards?

Still, I'd take my destiny into my own hands in a heartbeat if the only alternative is what we have today.

I'd like to see it down to the local level, but with the hierarchy flip flopped; city > county > state > fed up. County reps only ballotted from existing elected city reps, state reps from elected county reps, Fed reps from existing state reps. If you lose any previous position to get where you are then you are not entitled to any greater position. That way nobody gets into power except by the will of the people. Grassroots, bitchez.

And yes, since we have had digital currency since the 1970's of course it is the best way to do things. Obviously going off the gold standard was a good idea too, just look at all the warmongering and debt servicing we've accomplished. Only a total tool would look at more than a single generation's worth of history to make an informed decision. We all know that America, I mean Texas, is the best, and that if it's the way we do it then it's the way it oughta be done. Now let's go get dem group'a folks, I mean terrists, Yeehaw! DEY TUK ARE JOBS!

Fri, 03/14/2014 - 01:23 | 4546720 disabledvet
disabledvet's picture

"And now we'll halt literal payments too! TAKE THAT CAPITALISM!

Fri, 03/14/2014 - 00:36 | 4546642 FEDbuster
FEDbuster's picture

and when things turn to anarchy, you better have some precious metals like gold, silver, copper, lead and brass.

Fri, 03/14/2014 - 01:20 | 4546714 Nobody For President
Nobody For President's picture

Check.

Check.

Check.

Check.

Check.

You forgot the booze.

Check.

Fri, 03/14/2014 - 03:08 | 4546812 OldPhart
OldPhart's picture

You both forgot broads...(just sayin')

Fri, 03/14/2014 - 05:56 | 4546907 Quinvarius
Quinvarius's picture

Broads will come cheap after the collapse.

Fri, 03/14/2014 - 06:06 | 4546920 Squid-puppets a...
Squid-puppets a-go-go's picture

deflationary pussy?

as if we needed more motive to stop the hyperinflationists

Fri, 03/14/2014 - 00:47 | 4546643 dryam
dryam's picture

It's good to know that those Bitcoin shops can be found on just about every street corner so I can redeem my bitcoins when the the internet is frozen.

Fri, 03/14/2014 - 00:52 | 4546677 TheHound73
TheHound73's picture

No, silly, when the zombies come out is when you need gold.  In the meantime feel free to keep using YellenBux, #winner.

Fri, 03/14/2014 - 08:12 | 4547083 mtl4
mtl4's picture

Seems to me silver would be a better option for repelling the undead.

Fri, 03/14/2014 - 08:52 | 4547226 countryboy42
countryboy42's picture

I'll stick to 200 gr. Accubonds at 3200fps.

Fri, 03/14/2014 - 00:43 | 4546664 Rock On Roger
Rock On Roger's picture

Aye. There will be anarchy.

If you're handy with a pitchfork and a rifle maybe I'll feed you in exchange for a few days of your labour down on the ranch.

 

Stack On

Fri, 03/14/2014 - 00:52 | 4546678 fonestar
fonestar's picture

Okay.

Fri, 03/14/2014 - 01:17 | 4546707 q99x2
q99x2's picture

You mean Bitcoin is going to go dark?

Have you been to a FEMA camp?

How about silver is that going to be worth anything. I go to college maybe I can sell my knowledge.

Fri, 03/14/2014 - 02:47 | 4546794 Millivanilli
Millivanilli's picture

You could also sell your pleasure holes.

Fri, 03/14/2014 - 03:03 | 4546807 geotrader
geotrader's picture

And your kidney. 

Fri, 03/14/2014 - 06:16 | 4546929 Squid-puppets a...
Squid-puppets a-go-go's picture

If you like your kidneys, you can keep your kidneys*

* dependant on whether you were prudent enough to hold precious metals

Fri, 03/14/2014 - 01:31 | 4546727 RafterManFMJ
RafterManFMJ's picture

Everything is already digital and has been since the 1970's...

"Yeah well, I still jerk off manually."

Fri, 03/14/2014 - 09:08 | 4547306 V in PA
V in PA's picture

Best Comment of the day!

Fri, 03/14/2014 - 06:15 | 4546927 ptolemy_newit
ptolemy_newit's picture

Fonstar,

You are just to early, yes there will be a digital curency that is tracable every where.  But is not bitcoin. 

 

 

Fri, 03/14/2014 - 00:39 | 4546654 TheHound73
TheHound73's picture

Bitcoin payments are already pretty much border line illegal in China, although China has said it is legal for their citizens to buy and sell BTC as a commodity.  Only thing is, actually halting decentralized BTC payments takes a lot more than tossing up a PDF to a website and phoning up  some CEO.

Fri, 03/14/2014 - 01:14 | 4546705 disabledvet
disabledvet's picture

LAWYERS UP! Financial Romulens dead ahead.

Set lasers to STUNNING!
On Scream Number Two!

Fri, 03/14/2014 - 02:30 | 4546785 davidgdg
davidgdg's picture

What do you mean "next"? PBOC banned banks from doing BTC business back in early January. It's already priced in.

Fri, 03/14/2014 - 02:50 | 4546798 Missiondweller
Thu, 03/13/2014 - 23:35 | 4546489 TruthInSunshine
TruthInSunshine's picture

Actually, China is making the Fed, ECB, BOE & BOJ look like "banana republic" central banks backstopping banana republics, at his juncture.

Moral hazard and NOT-too-big-to-fail are concepts alive & well in China as of now.

Fri, 03/14/2014 - 00:19 | 4546608 HardlyZero
HardlyZero's picture

We will know its near the End when $500 and $1000 bills come out and it will be like MonopolyTM money on the streets.   Pretty soon demand will rise for $5000 and $10000 bills.

Fri, 03/14/2014 - 00:26 | 4546623 Downtoolong
Downtoolong's picture

Put Bernanke on the first $billion dollar bill. He would be pleased. It would be the ultimate selfie.

 

Fri, 03/14/2014 - 01:34 | 4546731 RafterManFMJ
RafterManFMJ's picture

I cannot FUCKING wait to pay off my mortgage with a Bernanke Billion dollar bill and STILL have enough left over for a tall latte.

Fri, 03/14/2014 - 01:59 | 4546764 Dollarmedes
Dollarmedes's picture

"...a tall latte."

With or without the full release?

Fri, 03/14/2014 - 00:44 | 4546666 Tall Tom
Tall Tom's picture

It will not happen. All US issued currency will be digital at that point. And the totalitarian state will have complete control. That is what this is about. Currency has become the implement of Tyranny. You are enslaved to it.

 

BREAK YOUR CHAINS.

Fri, 03/14/2014 - 00:52 | 4546675 Herd Redirectio...
Herd Redirection Committee's picture

And you will have a microchip imbedded, made and tracked by Freescale Semiconductor.

 

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