News Bitcoin - Here’s (Most of) What Has Happened to Bitcoin in China So Far in 2017On January 5, the People’s Bank of China (PBoC) spoke with bitcoin exchanges informing them that bitcoin is still not a currency under Chinese laws. Rumors abounded that China would soon act to ban Bitcoin, a nation where the majority of the digital currency is generated via its mining process.
A milder interpretation of the action surmised the central bank was simply clarifying the nation’s laws – no offline promotion, no fake trades, devaluation of the yuan can’t be mentioned to promote digital currency, and they reiterated mandatory know your customer and anti-money laundering laws, among other conditions. PBoC also took this opportunity to warn investors about the digital currency’s volatility and risk.
On January 11, People’s Daily, China’s official paper, published a story on blockchain technology which included a graphic explaining Bitcoin.
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