China to make Bitcoin (virtual properties) a civil right.

[BeefUsher]

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.

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"

[wuvdoll]

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.

[BeefUsher]

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?

[Tinus]

Chinees money incoming 

[LiberOptions]

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

[quentincole32]

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.

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.

[countryfree]

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...

[Carlton Banks]

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.

[groll]

With the publication of the Civil Code General Provisions Draft, virtual properties and data have officially become Chinese people’s rights, what this means is that cryptocurrencies e.g. Bitcoin, virtual currencies e.g. online gaming tokens and data information, e.g. Big Data, shall all be officially recognized as Civil Right Objects. Yesterday(June 27th ), the 21st session of the 12th National People’s Congress Standing Committee(China’s Congress or/and Senate) was held in Beijing. The session reviewed, for the first time, the illustration on the PRC Civil Code General Provisions(Draft) Proposal, which was brought to the floor by the Chairman Meeting of the NPC Standing Committee. Within the draft, we see articles on virtual properties and data information, classifying them as new type of civil right objects, this means that virtual properties and data shall officially become people’s rights.

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

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.

[Enotche]

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.

[Jackling]

That's great news, but it would be better if bitcoiner in china is allowed to use bitcoin as currency

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

[crazywack]

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.

[bitbunnny]

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.

[readysalted89]

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.

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.

[gentlemand]

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.

[crazywack]

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.

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.

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.

[Maesters1-]

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.

[serjent05]

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.

[crazywack]

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.

[Karartma1]

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?