Bitcoin Forum

https://www.reddit.com/r/Bitcoin/comments/4q8eu9/chinese_civil_code_general_provisions_draft/

China’s Proposed New Law Recognizes Bitcoin as ‘People’s Rights’

https://news.bitcoin.com/china-recognize-bitcoin-peoples-rights/

Is this LEGIT? Because this is gigantic.

Great news! I like when I read something positive about btc, it was time for some governments to start accepting btc. This is good thing, and if its really truth I think this will be just beginning. Other countries will start to follow this, in that light this will be huge step for btc and for btc community.
I will follow news about this, and I'm interested to see what will happen about this.

Isn't it strange that of all things, communist country like China recognises
and empowers bitcoin among citizens?
Country that hardly cant accept private property in its ideological core, establishes
bitcoin laws and recognises it, allowing for people to have them...
Is there some government agenda? All the coins from china belong to state?  

Does this means that now everything digital belongs to the government?

All bitcoin mines will be nationalized?

This is good news, I think there is indeed a possibility that bitcoin is going to be one currency that could be used in China, as most of china is also using bitcoin for every transaction done. This might be the beginning where bitcoin will become larger and successful

Whether or not you find it strange depends on your perception of what China is.....

I clearly have a different perception as I'm not that surprised.... It's just the smart thing to do.


It's a smart hing to  better protect the private digital properties of the Chinese citizens by law. This will allow for more rapid development in this field.

It's not clear, what the concept of "civil right" or "People's Right" does really mean. Maybe it is just a translation problem. To me it seems that the term "People's Right" actually means private property right. So it's considered as something similar to a corporate share.

Whatever the law really recognizes, I don't think it does matter much for the average Bitcoin user in China. Bitcoin is decentralized and can't be easily controlled by the government. Even if it was considered illegal, people could still use it. So I don't expect any significant effect from passing this law.

ya.ya.yo!

China is a weird as fuck country, I don't really get it, but nonetheless, this is great news for Bitcoin. Even tho Bitcoin doesn't really need the approval or banning of a country to make it legitimate since its legitimacy depends on the math that runs the algorithm and not some politician idiots saying things about it, this helps the average Joe drone that listens to what the government says about things in order to determine if something is good or bad.

Therefore, this is just more bullish news. Anyone trying to be a smartass by shorting on good news is about to get burned.

You should read the article, it's not very long or complicated. It's about better protecting digital assets that citizens own. This would make it easier to pass judgement in cases of digital theft, for example. People will be better protected when handling digital assets

I'm sure this is a horrible thought to all the libertarians who'd like to see as little 'government interference' as possible haha.

I think that, given most of the daily BTC transaction volume happens in China, they consider Bitcoin as something over which they have a sort of "ownership". Bitcoin is a global currency/store of value and IMO through it they think they can play an even more important role in the future international economy, so they have to make it bigger and bigger.

How to read this news?

They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.

You can have NO bill saying Bitcoin is this or that.  ::)

This bill is very important for adoption... if this passes, it would mean that scams in BTC can be taken to China court. It would also mean that more legitimate investment vehicles are allowed to expose "normal" investors to BTC, etc. It both brings in more "everyday" users and also makes scams more difficult (higher penalties).

Why don't we all follow Switzerland and Denmark example? At least for now. They aren't regulating Bitcoin at all!
Mainly because they don't perceive Bitcoin as a big enough phenomenon to require legislating and I find this approach the ideal way so far.

Governments are so eager to act but most of bitcoin legislation so far is either dead, harsh, or stupid.

Well, they do have the largest mining farms in the world and they have the biggest Bitcoin volumes of all exchanges {If you can believe the stats they offering} The only rational reason for them to do

this, could be to protect their citizens or to classify it as a property so that they can regulate it. I doubt if there are any dark hidden agenda behind this, but it will make it easier for them to seize it, if

it was used for something illegal. { hacked exchanges or money laundering }

Exactly.

The Chinese state is protecting alright: protecting their own tax-slavery protection racket. Chinese Bitcoiners can secure their own property rights perfectly adequately without the Chinese mafia state "protecting" anything. This is exactly how any state works: when they want to start controlling some aspect of the serfs lives, they start writing rules.

The real threat to Chinese (and all people's) BTC holdings is the state. They have no power to arbitrate Bitcoin anyhow; if someone was stolen from, they could do very little to get the BTC back without some physical evidence trail. I hope this sort of public promotion accelerates the rot of these gangs of genocidal jackals who use the pseudonym of "the state" to deceive and enslave.

First they ignore you,
most of us ignored it at first
then they laugh at you,
what? cryptomoney? internet money? you kidding?
then they fight you,
https://bitcointalk.org/index.php?topic=590156.0
then you win.
well, we have not won yet but we are getting there

 ;)

Exactly, I remember when the Chinese govt banned BTC.

This draft is better than old drafts, when china wanted to ban bitcoin, but will be best if they recognize bitcoin as a currency, not a digital virtual property.

How is it no one notices that that proposal doesn't even mention Bitcoin or cryptocurrency?
"Article 104, which states that “Objects” includes “immovables and movables.” Specific rights or virtual properties defined as “property rights objects” by the law shall now be treated accordingly. The second is Article 108.2.8, concerning Intellectual Property and data information."

How did this turn into "China to make Bitcoin (virtual properties) a civil right" ???

Then those fake Chinese trading volume would actually become true?
That's going to be big for China and bitcoin! Other countries would definitely see this and take the opportunity to be the next early adopters.

It depends on what you mean by "fake Chinese trading volume." As I understand it, many of these exchanges have zero fee trades, meaning that I could buy BTC and immediately sell it, as many times as I want, at virtually no cost to myself. If [my bot] does this 1000 times a day, is it real volume?

Chinees money incoming  8)

Its about time to see a country accepting Bitcoin as civil right. I'm not surprised to see China being the first country to do this. However, this may come with a negative outcome, since the governement can force people to declare every business they make with bitcoin

I dont know why people keep saying china have manipulate bitcoin tradin volume or bitcoin chart price,actually they have good price than other exchange,you should try to trade there,and take back your words.

Interesting and surprising news, but as always, you have to be very cautious with any news coming from China. If you go back to the Chinese article:

http://btckan.com/news/topic/20469

You read:
It does not enjoy the same status of a currency in law. It cannot and should not be circulated and used in the market like a currency. But, bitcoin transactions is an online transaction of commodities, ordinary citizen enjoy the freedom of participation on their own risks.

So owning BTC is a civil right but one must not use it as a currency. So it's white and black at the same time...

I anticipate alot of BTC barter deals taking place.

This is a good news. If china will somehow approve its policies pertaining bitcoin as a civil rights the bitcoin industry may stabilize as bitcoin farms based on China will increase and bitcoin production in the market will also increase. THis will lead to faster bitcoin transfers and transactions to bitcoin users all over the world. In overall I am in support to that policy I also hope that the Philippines will also establish that kind of policy also.

It is very, very good news for all of us.

Let me remind you, it is the activity of the Chinese investors concerned about the devaluation of the yuan, largely attributed last significant increase in the value of Bitcoin. This moderately repressive actions of the government, which is trying to stop the economic slowdown and capital flight has left noticeable restrictions on remittances abroad, only contributed cryptocurrency popularity as a financial instrument.

They are not allowed to use it as a currency. You cannot mark goods price in Bitcoin, you can only mark with Yuan.

Awesome news, glad to see this. Getting tired of all the back and forth rumors from China and Russia on is it or isn't it going to be banned. Should show up in the price soon. :)

In the future all countries shoul take some steps that will be in.favour pf Bitcoin and that will lead to the whole acceptance. Bitcoin and other virtual currencies are out inevitable reality, they will grow and develope with the time even more, it is used almost everywhere, so this is the fact that governments just can't ignore.

The Chinese government has to use two currencies, one for mainland China, and the other for trades abroad. Making Bitcoin bigger could save them from the need for that complex system. They could allow trades through Bitcoin for trading abroad.

What transaction volume? It's either going to or leaving an exchange and that's about it. There are virtually no nodes there compared to the West.

Great point, store of value transferred at near to instant speed. Always thought the good ol USA would be the ones to put Bitcoin in the woods view. But with all the regulation I have changed my outlook.

China has the potential to blow the roof off this, along with a major mining stake. They have every incentive to make it a world wide accepted currency.

yes that is a fact. i have heard it from one of my friend. he has a strong knowledge about bitcoin. china are really working on bitcoin. i think it is their aim to make bitcoin a uvivesal crypto currency. they are really working hard on that.

Knowing that fact that this previous weeks, Chinese people are rushing to buy Bitcoin, It's no surprise that Chinese government are taking / considering that digital stuff are personal rights.  The chinese government  is very smart to pass that law that the possibility of their citizen holding majority of the coin means and edge over other country once BTC is recognized as it aims to be.

Maybe part of the reason they are devaluing their currency in an attempt to put a greater weight onto Bitcoin as a national barter system.

I would believe almost anything but that! They should be clever enough to know that bitcoin can not be controlled so why giving chinese a "legal" way to transform ther CNY into BTC?

Because their citizens who they have a fairly tight grip on have a majority stake in hash and most likely wallet/coins.

Giving their citizens the right to legally bypass currency controls is how you lose that "fairly tight grip" on said citizens.

Like KYC in the good ol USA?

Despite the pseudo anon of Bitcoin it's pretty easy to tell who is who once a BTC to USD is made.

You're living up to your name, crazywack.
1. KYC in the good ol' USA doesn't make it easier to bypass capital controls & move money out of the country.
2. US citizens aren't actively trying to turn their USD into CNY, so there's no issue.
3. "it's pretty easy to tell who is who once a BTC to USD is made" if you are stupid and do it wrong. If you do it right, it's damn near impossible.

I swear ::)

1. Are Chinese citezens moving money out of China as a hedge OR to transfer money to family? Yes laws are already in place to prevent money transfer.
2. See above
3. You may be able to hide but can the average internet user do it?

I swear ::)

^
1. Don't know, neither do you, and it doesn't make any difference. What does this have to do with KYC?
2. See above
3. An average internet user who isn't a complete idiot could. Are you telling me that everyone in China is an idiot?

When was the last time you checked in at the crazy house, crazywack?

wow interesting and that is such a good news about crypto currencies. it will really bitcoin in promoting and to stable the position of the bitocoin. and such news causes the increasing rate of bitcoin. i think people will now get more confidence and will try to invest more and more money here.

China is going to take over the economy. Imagine, most of the bitcoins are held by Chinese bitcoin users and if the value of bitcoin goes up, their market value goes very huge. But personally I am glad that a country unveils it's stand on a digital property. It might pave a path to other countries.

This is great news china .if true then it would be a great power. they will be able to compete with bitcoin. bitcoin will get a strong rival. we can see how the population of China today.

Yes, I agree. The strong influence of China's true for Bitcoin industry, and much more than in the case of the traditional economy. The involvement of Chinese investors in cryptocurrency so high that it is the internal processes that take place in this country, have a direct impact on the value of Bitcoin.

Wat do they call the digital code behind fiat???

Virtual Civil BS  :D