Bitcoin Forum

As title said "Chinese citizens could safely hold Bitcoin", just read a article from Ethereumworldnews, you might read that article for more details "China: Hodling Bitcoin (BTC) and P2P OTC Trading is Legal" (https://ethereumworldnews.com/china-hodling-bitcoin-btc-and-p2p-otc-trading-is-legal).

However, this is a good news for Chinese crypto users. They could hold bitcoin legally without fear of government. I think the positive impact of this news would reflect on bitcoin price.

What you think about it?

That's a positive impact on crypto's value for sure, what's the reason for the Chinese government to legalize crypto? Is it only BTC or crypto in general?

What is perhaps somewhat safe to say according to this article is that holding of BTC is not illegally in China, but as for the trading the situation is not clear, although the OTC is mentioned as legal, fact is also that there is "no law that expressly says so". In other words this way of trade can be interpreted as legal or illegal as well, which means that the authorities can act differently, ie that all traders are not equal in the eyes of the law.

Although this news is generally positive, it should be taken with a certain amount of caution for reason we are talking about China here. Their attitude toward cryptocurrency is still fairly unclear, what is legal today does not mean that it will be the same tomorrow.

i really dont understand China politics about cryptocurrency.half of news are positive, half of negative.they cant know what to do or news are mostly lie, im not sure.

I will quote from the article:


So I guess there is our answer for now. There's still no clear cut law, Chinese lawyers and courts doesn't agree on the principle on how to deal with crypto. So this is a never ending debate, in my opinion. Unless the Supreme Court of the Republic of China will step up and will have a concrete and comprehensible law about the nature of crypto in their country.

They've ALWAYS been able to safely hold Bitcoin. What's been prohibited is the centralised trading of it and businesses using it. Anyway government attitudes can turn on a dime, or turn out to be a load of shit all along. We no longer need to care about China and that's a good thing.

China has always been an unstable factor, plus we shouldn't discard how news outlets do a poor job translating articles (which is a big deal considering that context is one of the most important aspects), and in some cases they purposely twist words to make an article look overly negative or positive.

Chinese Bitcoiners have always had enough alternatives to continue buying and selling coins, which just shows that whatever the sanctions were against Bitcoin, they weren't effective at all.

I don't think that it was ever prohibited to hold Bitcoin in China. Or anywhere else in the world. What was against the law and what government tried to stop/ control was organized and centralized trading so Bitcoin related businesses. That is completely difference thing and no ban was applied to individual users.
Still China and its attitude towards Bitcoin and cryptocurrencies in general isn't quite clear and unified defined.

I don't know, the ban is very controversial, and I think it's not clear what is allowed and what is not. And since Bitcoin transactions seem not to be allowed, I guess it created certain obstacles for the holding strategy as well. You have some BTC, and you are holding it. For now, you are not doing anything illegal. But let's assume that Bitcoin reaches the price at which you'd like to sell. Can you do that without violating the laws? China is a dangerous state that does not tolerate the situation where it is not in control. I think it's only a matter of time before the full ban is initialized unless people with different views come to power.

I don't think holding was ever a issue since like other goods , stocks and commodities they also have a value , therefore government couldn't just risk their own personal GDP by killing the valuable asset of may people.
The thing is you could just transfer the money I someone else's account for the time being someone from a different country and still make transactions and stuff , anything is possible also you can just download wallets or run it on nodes or even without internet , till what line would government try and stop people ?
It has to give away some of the freedom that every cryptoholder deserves.

We all know that China has a huge number of holders and traders so it would be an advantage and it would have a big impact on the growth of Bitcoin again.
There are actually ways for them to hold and trade Bitcoin if they would be able to find ways to access exchanges and crypto sites.

Not only Chinese citizens, it is very easy to have Bitcoin all over the world. Internet use became widespread everywhere. We can even own Bitcoin through paper wallets.

Now we have to overcome the problems in this matter.

Problems in China, Bitcoin owner, rather than mining I think. In addition, decisions made by the population in China may have an extra impact on the world.

Well, the scope of their law in regards to crypto is ambiguos. So, it seems participating in ICO is illegal and they have treated bitcoin same as a property making it legal to hold and buy/sell it OTC. They had always been unclear on how will they treat bitcoin in their country.

China are the most population around the world, if I'm not mistaken, it will bring affect on crypto value globally.
Also let say if their government also support, there will be no doubt that the uptrend will continue

All we can do is just hold and the profit will come upon you

It's a positive news and I hope Chinese government don't make a U-turn and start hunting bitcoin investors, It would have been better they just come out straight and state their plan. Congratulation to our Chinese members and bitcoin investors.

i don't see anything new here. the article is rehashing the same old stories with some vague arguments here and there and the author probably has no idea what is going on in China. from day one it has always been legal and safe to trade and hold bitcoin without any problems and 90% of the news that has the word "China" in it is mostly fake news coming from the imagination and exaggeration of the news sites to get more traffic.

This is not surprising in China already between many times and they do not trust cryptocurrencies in their country. But as for as, the legitimacy of the cryptocurrency goes China cannot be trusted maybe they're just planning to allow Bitcoin trading for some time so they can allow their own coin to enter the market and first Chinese people to trade their own coin. And as we know the Chinese government can do whatever they want for the money. As example, they are the biggest mining region in the world they literally squatch economy with their mining rigs.

This would be great now we could expect more investor from China and we all know that Chinese People are known for being a business minded and an investor ,
So I think this would really be great for crypto to have so many great investors in the future.

Bitcoin's reach in China is really extensive.  OF course we know that bitcoin mining is dominated by China but their government is now more open to crypto.  Asian countries seem to have a much more favorable attitude towards crypto than European nations.

China has always given strict regulations to its citizens, including in the matter of investing / buying crypto currencies including bitcoin, the Chinese state used to forbid its citizens to have crypto currencies other than crypto currencies made by the Chinese state itself, this is indeed a good aim to advance the products they have developed, but on the other hand this is a rule that harms its citizens because it is prohibited from using external products, maybe the Chinese government has taken a new strategy where they give freedom to their citizens to hold bitcoin and crypto currencies.

unless they start letting exchanges open up in China and operate in that country while regulating them in a way to prevent them from turning into money laundering machines like before, there is nothing new happening.
Chinese citizens and any other citizens of any other country could always hold bitcoin safely because of bitcoin's security and decentralization itself which has nothing to do with the government and their decisions.
as for OTC trading, it has been legal (again nothing is new) that is how Chinese have been trading bitcoin for nearly 2 years now ever since they shut down Chinese exchanges.

That's a great news for chinese cryptocurrency lovers and holders! china is very large country and new economic super power also! so it's a great news of cryptocurrency they are make legal to use cryptocurreny in their country! mow chinese people can freely use cryptocurrency as a many way and payment gateway also.

Well, the government has no choice. It is hard to prevent  or censor this sort of thing.
Holding your bitcoin private keys in safe devices or paper wallet should be as safe as  writing few numbers on paper or keeping few data in tiny memory card..

Firstly, I believe if the article wrote about Bitcoin news in China is true because I don't trust the link site and we both saw alot of crypto exchange site which evacuated China in the year 2017. Besides, what I read is that There are currently no laws, rulings, or announcements from regulatory bodies such as the People’s Bank of China (PBoC) or the Ministry of Industry and Information Technology (MIIT) on the legality of Bitcoin and its trading. (https://www.forbes.com/sites/leonhardweese/2017/11/29/bitcoin-regulation-in-china-still-unclear-but-chinese-exchanges-thrive-overseas/amp/)
If the news was truth, it will surge the price of Bitcoin market but we still need to wait for confirmation.

Finally the Chinese government stopped being stubborn about preventing Bitcoin usage and let its citizens hold Bitcoin. I don't understand that why they banned Bitcoin usage in the first place ?

As the article says: *there is a very thin line between what is legal and what is illegal*. It's hard to say it's good news or not, as the government interpretation of the events can change suddenly. What I can say is that seems it's legal and safe to hodl bitcoin in China, but for how long?
If chineses start putting their money in btc to protect their wealthy from yuan devaluation, do you really think the local government will keep allowing this practice?

that is good news.  China has a big influence on the growth of BTC and the crypto world.  I think that the Chinese government needs regulations to control each crypto scheme.  we know that 70% of Chinese people have a high enthusiasm for Bitcoin.

I think that this is a really fantastic , since the news about the Chinese government banning bitcoin mining hit a the people over there a lot, and they stared having concernes about whether bitcoin is going to become illegal in China, and that would have been a disaster if it happend and it would have had a really bad impact on the price since there are a lot of bitcoin users coming from china, even though bitcoin is decentralized.

When China legally accepts bitcoin that will be the biggest breakout in cryptocurrencies. I'm sure a lot of Chinese exchanges will emerge.

Chinese has been using bitcoin and other alts more than anyone in the world. Though trading through bank integration and fiat to crypto exchanges are not allowed, people, merchants and shops are freely accepting cryptos more than anywhere you'll find.

And it's totally legal.
https://mp.weixin.qq.com/s/U_qDgQN9hceLBbpQ13eEdQ

Its hard to justify China's stance, previously ASICs machines are turned in metals by regulations, and seems to deter cryptocurrency to prevent unlawful moving of assets. Still IMO its really important for their citizen to not be illegal for simply holding bitcoins or any other tokens. Noted that law can change time to time or interpreted differently, there will be more use case and regulations will come over. Still most china user do trade in foreign exchanges and their identity seems to be pretty safe. Bullish news but i would say bitcoin would stay pretty neutral as there's more crucial factor that drive its growth.

I would say China is still in limbo when it comes to clear guidelines for Crypto currencies. They, like many other countries are trying to catch up to the new technology by defining it properly and then formulating "bulletproof" regulation to control it.

China will never allow Bitcoin or any other Crypto currency for that matter, to give 100% financial freedom to their citizens and that is clear with all other prohibitive legislation and regulations that are applied to people living in China now.

Capital flight and cross border transactions with Crypto currencies are still one of the challenges for countries like China.  ;)

No doubt chinese citizens could hold bitcoin very effectively.. As we know china is the biggest  country in the world as it is biggest so its populations is also ver large...so it will definatly effect on market of Bitcoin..

While the government's policy on bitcoin is negative, there is no way to stop anyone owning some. This is quite true especially if one really has the money as anybody can just visit Hong Kong for the purpose of making sure that one's portfolio is taken cared of. There is always a way when people have the will even in the face of government's animosity. Now, instead of collecting taxes on these transactions the government gets nothing since the government has the fear of losing control if they open up the country for cryptocurrency.

This word is very conflicting
 where does holding Bitcoin borders? Chinese holders should first understand the restrictions because this could turn against him there's still danger holding Bitcoin in that region in my opinion.

Interested to see what happens when the social credit is in full swing supposedly in 2020. If they sniff out you're a crypto fan what effect might that have on your standing? It's going to be so overbearing they could finish crypto off properly there apart from a few fringe nutters.

In a situation where people are limited/bound under some certain laws or rule and regulations in using crypto, I won't say crypto currency is totally legal because the crypto traders and holders there won't have the chance to do whatever they like with their Bitcoin.

Yes, it seems to me that it must have a good effect on Bitcoin. And this is really good news for Chinese crypto users. And now they can hold the Bitcoin legally without fear of government. There are so many of its population so much that Bitcoin is very much like this, so good news for Bitcoin is such a good effect. And I think the effect of this is certainly on Bitcoin.

China never ban Bitcoin ever since therefore every Chinese can hold Bitcoin as many as they could. Holding Bitcoin is legal in China but only the ICOs that are ban and decleared illegal due to increasing scam projects in which most of them are using Bitcoin platform.

It's up to them, and no matter what their government will do, I think the Chinese citizen could save their bitcoin in a safe place. They don't have to worry if somehow their government really ban cryptocurrency because as long as they don't make any illegal transaction especially if that is not related to the cryptocurrency, they will be safe to keep their bitcoin. But I hope that the Chinese government will not prohibit their people from using cryptocurrency for good things.

There are many Chinese people who want to invest in Bitcoin, so the fewer bans and the easier it is to buy it, the better for the entire crypto industry.  Especially now in China is a difficult economic situation and it would be right for them to soften their policy on cryptocurrencies to reduce the impact of sanctions from the USA.

So only exchanges are banned in China and anyone could trade bitcoin with exchanges from outside the country and P2P and OTC trading is legal, right now China is not in the map when it comes to bitcoin, earlier i still remember every news coming out from China could change the market situation and the amount of FUD and FOMO during those times we high, glad that it is all over and the government put an end to all those speculations. :D

in china,many people use otc trading,becase this is personal to personal trading,they cann't stop it,news is faker

Its good for the investors and Chinese government should not also make pressure for cryptomining because they also need to have a good miners. China should be more wise, cryptocurrency can be a great solution for solving the problem but i hope more countries will allow their people to use cryptocurrency.

China is a big country. From technology and they are many tie forward from other countries. If they join, good news. Although this news is generally positive, it should be taken with a certain amount of caution for reason we are talking about China here. Their attitude toward cryptocurrency is still fairly unclear, what is legal today does not mean that it will be the same tomorrow.

Probably this would mean more demand of bitcoin, being one of the biggest country in the world and have a lot of active investors, this would probably mean a positive thing to the market. I wouldn't be surprise to see bitcoin pumping sooner than what we expected due to the big volume that would be coming from them.

Might as well as negative, I guess? *In far far galaxy* Given that the Chinese or China in general is huge in volume, Manipulation could be anywhere near. Given that there are also a lot elites and powerful Chinese, that could easily done it nor connive to the extent of beneficial interests to them.

Though, For us, let's just see brighter side of it. Bitcoin's market would surely be interesting once these Chinese play there money out there. Supply and demand for Bitcoin surely be active at this point *if ever*

Agree to it. China had banned trading and mining of crypptocurrencies but not holding them. Things will matter only when the Chinese government decide to uplift the ban from trading and mining of cryptocurrencies.
China had been a huge contributor in the crypto market. If the trading ban gets uplifted then we could easily see a spike of a few thousand dollars in bitcoin's price.

This is really a good news for Chinese people who trade Bitcoin.
Moreover, the growth of bitcoin may have risen. Because china has a vast population ( traders)  to use Bitcoin as digital currency 

This kind of positive news hype Bitcoin price and the whole crypto market but i think bitcoin is not officially legalize in china.
However, china citizens can trade and hold crypto legally, in case in near future china legalize crypto in their country so we could see big rise in crypto.
https://www.btcwires.com/c-buzz/china-legalizes-peer-to-peer-otc-trading-and-allows-citizens-to-hold-bitcoin/ 

Is this news correct? is this the official statement of the Chinese government to legalize bitcoin?
Sounds a little strange, before China bombarded miners, banned bitcoin and anything about crypto even though it wasn't all. And now I hear this news, just like a joke.

Well if i'm not wrong i think that only mining was banned and not bitcoin, so i think people from China can still buy and trade bitcoin and hold, i read here on forum that only mining will be stopped.

I don't think it matters. THere is also no way the goverment can do anything about it. Noone knows you a bitcoin holder to begin with. This changes nothing.


SO the rest of us can have a chane trying to compete with their free electricty.

I don't think there is anything new to find out here. You want to tell me that before this decision was made no one from China hold Bitcoins in their wallets? I tell you that more than 80% of the bitcoin holders kept their bitcoins even though China banned it before because they knew there is nothing they can do to them. So, dont expect to see any major impact on the price because of this news.

Once China played a big role with bitcoin, even now it has its own contributions. People always with the past thinking exaggerate each and every activity that happen in China. As more and more governments begin to adopt the technology which is the base for the usage of bitcoin provides with a better support in growth.

Yes, it is a positive development for Chinese citizens that they can own bitcoin, and doing so will serve as a store of value similar to gold. These investors then can spend their bitcoin abroad or when finally China has the sense to legalize its trading.

Yes even I agree that if the chinese government uplifts the ban from cryptocurrency trading then there surely would be hike in the price for bitcoins. As per the market research, most of the big whales are from China so their presence really matters a lot in terms of the price. China should take the step to legalize bitcoins and I think that after doing this they could really make a bright future and also the economy of the county would sky reach. There are times when the prices for bitcoins are been affected with any minor news and any huge news from china would surely lead in the huge price fluctuation which might be the start of the bull markets.

this is really good news for every one now chinese investors got clarity regarding holding btc and they can send peer to peer as per chinese lawyer stated

China is already been struggling with various such blockchain network issues. I think china also took the initiative to ban the cryptocurrency exchanges so we could not really know what they are thinking upto. China is a nation with completely different mentality. They don't even use YouTube or facebook. Chinese peoples have showed immense growth in the blockchain technology and also there are a lot of multi-national companies launched in chin which have their successfully completed ICO's which collected billions. The government from china might take a good initiative to make the peoples feel safer with respect to their blockchain transactions.

We could hope that it will still support bitcoin itself because when they still use bitcoin, they are helping bitcoin to grow in their country and I am sure that in the other country, the same thing will happen. We know that China has a large population, and if the number of people who uses Bitcoin is more than 20-30% of the total population, then it really helps the bitcoin growth.

To be honest, the crypto community got tired of China and all the FUD coming from there, ban, no ban, ban again. At this point it doesn't affect the market anymore and frankly it shouldn't, bitcoin is supposed to be a decentralized coin, we should not depend on 1 country, we should not depend on anything but ourselves, as long as there is a few people mining and a few people using it, bitcoin will always exist.

Chinese entraprunars are come up with the more investment on crypto field. Mining, trading, mining equipment selling, lending and so on. In that meanwhile, I have came across the thread which said bitcoin is for scammers.

These people needs to read the thread like this and should know how ideal Chinese are hodling and planning for future utilisation.

This is positive information that helps Chinese investors can continue to invest and hold on to Bitcoin. This is an excellent move to help improve stress when the government makes a draft of the new ban related to Bitcoin mining in this country. I hope that this national government should accept Cryptocurrency and promote it to grow.

I don't think Chinese people can do anything at all safely, Chinese government can easily outlaw anything on a whim and quickly start prosecuting people - they can do this with crypto, they can do it with hobbies, they can do it with religion, political and philosophical opinions and so on. It's cool that they seem to not prosecute Bitcoin today, but I don't trust them to not change their stance in the future.

I completely agree with you. A little more then a year ago what China did seemed to effect bitcoins price and I didn't understand it then even. At least everyone has come around. I say leave them behind.
Them with their big mining machines owning the market with almost free power. It is just not fair.

yes, it might have a positive impact on the price of bitcoin because most of the bitcoin holders are in China. as we saw in the 2017 defense when the Chinese government banned the ICO and it was very bad for the price of bitcoin. and now many things are beneficial if the country uses the blockchain as a tool for present and future transactions. hopefully this will be a better start for crypto investors. ;D

it is true that China affects the price of btc, of course they are mining with almost free power. more terrible if they lead the crypto market

I have repeatedly met in the media news that almost 60 and 70% of the total number of miners are Chinese.  Based on this, it can be assumed that China controls Bitcoin more than anyone.  But there are a lot of questions about the relatively legal use of Bitcoin in China, because the government is making adjustments to the financial freedom of its citizens.

I understand but as long as they have no regulations or law imposed against it or against the use of it then it is still consider legal unless they have issued a written decree to restrict or prohibit then will only be considered illegal.

We constantly hear in the media certain news about problems in the Chinese state, when the government aggravates the activity of users of cryptocurrency.  Nevertheless, more than half of all Bitcoin turns are controlled by the Chinese miners.

And that's one good thing about crypto that we've all been praising for long: no one can actually stop you from holding Bitcoin. Moreover, China's law on cryptos especially pertaining to trading hasn't been so plain until now. I know that trading is banned there but don't know about OTC until now. Anyways, if it's not illegal to hold it, then I guess it isn't illegal to do person to person transfer then.

If only P2P OTC trading is legal, then this will not have any effect on the price of bitcoin. The only give away we can get from here is that this is a positive news coming from China that concerns bitcoin.

Anyway if goverment would not allow you to hold crypto , there is plenty of ways to do it and nobody even will notice . Ok when you want to cash out then you will have to find a peer2peer people to give you cash or you can just travel to another country , cashout there and go back =D There was article about India new law if i remember correctly that you can get 10 years in prison if you are associated in any way with crypto :/