Bitcoin Forum

Virtual Currencies Are Expected to Be Legislated As “Virtual Property” From October 1

Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th.

Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”


Source: https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

Shocker, Charlie Lee told us this a week or two ago :P

For it to be "virtual property", there needs to be an enforcer of property rights.

So is this an admission that the Chinese Government will force their miners
to blacklist and reject valid blocks, to enforce perceived property rights? Or is
this just a worthless legal label that they attached to "Bitcoin" to make
themselves feel in control?

IMO considering it "virtual property" for legal purposes was not the correct
choice. Bitcoin does not fit within the current legal framework and theory.

yes this will be good news for everybody. to the moon we go

Again?

Well, this is far better than the "China will ban everything" news we have been getting.  At least this sounds like they will allow trades, mining, exchanges, etc. to operate, as long they have some control (read taxing authority) over the commerce.  I think it is reasonable for governments to try to impose some regulation.  While most of us don't like the recent direction things are heading, hopefully this will ease the worry about China.

Whatever China government will do only chinese users/investors/people will suffer. In short let they're government officials decide for what is better for there people and let there citizen march if they opposed to it. It won't affect anymore in the market price as what happened last week. Bitcoin is increasing all the way now and it would be a great and promising start this month of October.

Just like other laws,  I thinks there are more flaws in their new laws because of unexperience of the goverment in crytocurrency. But in the end, China will continue this regulation and hopefully the market be stable. Been waiting for the bitcoin to rocket again thsi last quarter.

Well that was quick! I'm glad we're finally getting good news out of China for a change. It's great that the article clarified that China never had any intention to completely ban the use of Bitcoins, but rather to curb money laundering. People can finally shut up with their FUD.

Does anybody know the implications of Bitcoins being classified as virtual property in China though? I initially thought they would have a more heavy handed approach due to how they handled Facebook, etc. in the past, but this actually seems rather reasonable.

I hope this news is true and there is confirmation regarding this, but if it is true,  bitcoin will surely shoot up again. We all know that china banned bitcoin becuase of scam ICOs, i those who have bad mouth bitcoin will now see that they cannot do anyhting  to stop bitcoin, it is all up to the bitcoin users. Hopefully they have now found a way on how to regulate cryptocurrencies and other countries hopefully will follow, i think china will now take the lead when it comes to cryptoccurencies, if this news is real. The regulation of digital currencies is always a debate when it comes to the skeptics, and it is always the reason they use, in order to destroy bitcoin, hopefully now china, will prove them wrong.

More and more governments regulate bitcoins trading it will be good for bitcoin investors means those governments making a clear road for investors so that many more people can join the party and make demand grow means prices go up. After prices go sky high and then governments initiate these steps then it will be a disaster instead let them do regulation now.

By regulating exchanges, the government of that country encourages the investors to invest in bitcoin. Meaning more people will get involved in using cryprocurrency like bitcoin and it will make a huge impact in the growth of bitcoin as technology. And the question of when will the actual use of bitcoin be implemented is nearly possbile rather than a dream of many.

This news give some more hope towards cryptoworld in china . It is far better than china ban rumour and even regularizing crypto currency is a positive sign so there will be huge decrease in scammers in future days also it will protect innocent people hard earn money . Now korea also started to regularize crypto currency. Soon all the counties come up with law.

alright so this is not something new, and as usual there will be pros and cons with this but the good thing is that china will not be banning the bitcoin totally. The chinese government must have realized that there are a lot of chinese that is using bitcoin as a mode of payment. And to add to that the Chinese miners is one of the big players when it comes to mining. There are news spreading or should i say rumour that is saying that Russia is thinking of banning bitcoin payments, with this the russian market may slightly dip. it may affect the bitcoin market in overall. i hope they will just regularize it as to what china is going to do.

Well as ecpected after the rxchanges and ICO banning, regulation follows for taxation, the question is whos property a bitcoin is? If it refers to individual that holds it are they taxed out of holding btc? In this case privacy coin will rise and shine.

i knew it.
they are just going to make things tighter regarding regulations of cryptocurrencies in China and in no time the exchanges will be back and all the same stories will be repeated.
we will only get a couple of months of good days without China and all their drama

Ummm basically they have centralized the coins, not really surprising but we all knew this would come, the drop was to only buy more coins, and now it's legal to own it but, these rules are tricky, considering that hardly any one would know these laws easily, it could be a bit tricky. I feel we should take this news with a pinch of salt, as Chinese laws are not that easy always. Only time will tell if this move, was indeed a good move.

Its great move and also welcome able because there is lots of scam ico and lots of shit coins without any purpose just for the sake of scam otherwisw pump or dump coins it is played by some of the scammers . It should be regulated then crypto currency will be most trustable assets.

as one of largest mining and ICO producer in the crypto world it is good to hear/read a news about the come back of china into crypto world where they have now a more regulated ICO and other virtual currency related business. And as many speculation circulating this forum the ban is not take for long, it was a temporary to eliminate those scamcoin and ICO. WELCOME CHINA.

If cryptocurrencies become Virtual property, does that mean if you own Bitcoin and Altcoins in China they are leasehold property and then they don't belong to you anymore after a number of years? Or are they doing this to tax bracket alts and Bitcoin into an taxation code? Does this also mean they will bring back exchanges or not allow Bitcoin to be exchanged anymore?

Hope this news is true and confirmed. If it happen bitcoin may rise again. Since china banned the ICO ,But still bitcoins is rising and unstoppable. Every country is making there own law. After China Korea start making troubles with it .This news gives more hope. I Hope china realize there mistake and unban the ICO's Soon. :)

If they talk about regulation then it will be a great news for the crypto users worldwide, however, I doubt their intention. Chinese government shows very similar characteristics like North Korean government. They believe in dictatorship. So I doubt that they will try to crack down the crypto users in the name of regulations. However, if they have good intention and imposing tax on crypto currencies, then it will be overall good for the crypto community worldwide. 

I think that's even better news than the rumors going around that China was going to ban bitcoins and other cryptocurrencies,  now that they are going to regulate it, it's expected that owners of cryptocurrencies in China are going to have to pay taxes on their transaction with bitcoins now sucks to be them but the rest of the bitcoin community are going to rejoice.

How effective can they ensure that because Bitcoin transactions can also be effected outside china and if these guys start looking for alternatives outside of china then it's just the same thing or they can even use VPN's beyond detection.

this news shocked my heart.. last month there were a handful of china news and this month chinese made a new news where the news was questioned its authenticity.. my response about china news made price maneuver they made..

Those rumors were no more than FUD spread by people who wanted to buy Bitcoin at a lower price. China never had any intention of ban Bitcoin but to regulate it. The same applies to exchanges.

"Virtual property" is much better than simply banning crypto currency. It seems that China is returning to the world of crypto currency, and without attempting to ban it. Perhaps this was the original purpose of a certain group of people in China, namely, to sharply lower the rate of crypto-currency. If you set the goal for what it was, the conclusion suggests itself: someone decided to buy a good bitcoin at a cheap price. Well, we can say that the one who had weak nerves lost. He dropped the crypto currency at a cheap price. But in vain.

Well, it could have been worse, really. They could have sought to outright ban all of them, but getting only some regulation isn't that bad, for now anyways. It could have been a lot worse for most cases, really. Presuming that they don't try to tax them at insane rates and they allow for relatively free commerce within their borders then there should be no issues. Now, knowing China, that's not what is going to happen at all. But it is nice to dream about.

Indeed, this is welcome news for those that were still concerned about rumors of a "mining ban" or block of the network by the Great Firewall. I wouldn't say they are "returning" per se; they never left. China is the major player in the manufacturing of ASIC miners and their pools control a majority of hash rate. The price action on their exchanges has also always moved Western markets.

I think this news hints at incoming regulating/licensure of Chinese exchanges, which is very good news for the market. I'm not surprised to see the price rallying today.

They cant ban cryptocurrency espcially bitcoin, the only way to stop it is to stop or shut down the electricity and the internet, what they can stop is ICO and centralize exchange, thus they dont have a choice but to embrace the blockchain technology but with regulation for it to be taxed.

So bitcoin will be legalized is china?
I dont understand what are they trying to do bitcoin as an "virtual property" so how do they do it?
Tax every transactions in the blockchain or chose what blocks to be mined by their miners?
Why not just freely use bitcoin like what the japanese did. Well let's see how they tax bitcoin let them try to control bitcoin.

Well i doesn't hear about this before but if that's really happen it's mean one
Bitcoin will go to the moon.
But i don't understand why they to do bitcoin as virtual property.

I don't see this is as a shocking news, I know that one day crypto currencies will be regulated, and if this news is correct it's mean China is legalized Bitcoin, and this news is better than china banning crypto currencies and more people will invest in bitcoin

Let's all hope that China comes to its senses and allows Bitcoin exchanges again so we can continue rising the price like before.

I dont understand what they are trying to do with bitcoin.. seriously.. everyday there are more news abut china and cryptocurrencies, and i am lost with all this mess, i try to understand what the f ck is happening in china but i can not discover it. anyway, i really hope that they are not going to regulate it. maybe all this is a giant fud trying to make us believe it and panic, i dont know..

I partially agree on this idea, it means that bitcoin is much safer to invest with when the government has a hands to it. I think you both right and we can’t deny there convincing power for the investors and financial enthusiast. But until when and what is the limitations on they’re involvement, we all know how greedy governement officials are, they only eyeing worst than regulating but also corruption and self interest. But still I’m still giving each government a chance to prove me wrong. Giving them a benefit of the doubt.

as one of largest mining and ICO producer in the crypto world it is good to hear/read a news about the come back of china into crypto world where they have now a more regulated ICO and other virtual currency related business. And as many speculation circulating this forum the ban is not take for long, it was a temporary to eliminate those scamcoin and ICO. WELCOME CHINA.

Interesting, this is good news for bitcoin. Does anyone have a source to an official Chinese website confirming this?

Bitcoin now are back in the market price without China, it shows that we can stand without the contribution of China government towards cryptocurrencies. The news above isn't beneficial to the community because probably only China will take benefits from that. Their plan to take control all bitcoin supply could probably make their decision change against crypto.

This a definitely a good news although this is my expected going to happen in china that they will be regulate the bitcoin in china and tighten the rules when it comes to virtual currencies so, no more worrying that bitcoin will be banned in china.

This is not surprising at all considering that the laws have been rather easy on the exchanges the last few years. Rather than banning bitcoin and all other crypto currencies, regulation is the best way to go moving forward. The same might be the case for all other countries where bitcoin usage is increasing in volume by the day. This could also mean less money laundering activities that use crytpo currencies as vehicles for such acts.

“They’re tasting the water”, I mean they tried to make uncertainty toward bitcoin but failed. And now the only option have left is regulating it. They want to control bitcoin and that is the prime intentions of rumours and FUD circulating around last September but the bitcoin community sense it that is why China’s failure is an example to other country that they don’t have the capacity to hold our neck just follow what they want.

I think that is left for the China to decide in which world they are living now. Bitcoin will thrive with them or without them
By now they have realized their mistake because bitcoin made more people richer more than anything in China and anything they've ever created!
Saying they banned cryptocurrency exchanges and ICOs in China is almost like banning electricity or mobile phones for their people as investors.
Lucky for them they got their senses back so early... LOL ;D