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:


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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CPL's picture

Is China a republic or a bank now?

JLee2027's picture

Bitcoin will be next.

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?

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

National Blessing's picture

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

Boris Alatovkrap's picture


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


"No credit for you"

Unpopular Truth's picture

What is a virtual credit card pmt?

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

Boris Alatovkrap's picture

"Virtual Credit Payment"

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

GetZeeGold's picture


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

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.

fonestar's picture

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

Rock On Roger's picture

Have you had an epiphany?


Stack On

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.

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.

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.

Boris Alatovkrap's picture

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

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!

disabledvet's picture

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

FEDbuster's picture

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

Nobody For President's picture






You forgot the booze.


OldPhart's picture

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

Quinvarius's picture

Broads will come cheap after the collapse.

Squid-puppets a-go-go's picture

deflationary pussy?

as if we needed more motive to stop the hyperinflationists

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.

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.

mtl4's picture

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

countryboy42's picture

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

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

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.

Millivanilli's picture

You could also sell your pleasure holes.

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

RafterManFMJ's picture

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

"Yeah well, I still jerk off manually."

ptolemy_newit's picture


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



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.

disabledvet's picture

LAWYERS UP! Financial Romulens dead ahead.

Set lasers to STUNNING!
On Scream Number Two!

davidgdg's picture

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

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.

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.

Downtoolong's picture

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


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.

Dollarmedes's picture

"...a tall latte."

With or without the full release?

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.



Herd Redirection Committee's picture

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