[2017-09-30] China Is Going To Regulate Cryptocurrencies

[Vialaia]

Chinese media Jinse.com reported that regulators will issue laws to regulate virtual currencies on October 1, 2017. Jinse states that the cryptocurrency rules has included in the "General Principles of the Civil Law of the People’s Republic of China", - the legislation, which adopted on March 15, 2017...

Read more https://bit.news/eng/china-wants-regulate-cryptocurrencies/

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[Granxis]

I do not predict what the new regulation will bring, but it goes to the wrong way to correct the wrong decisions you made.

[Snaic]

This is definitely good information. It is necessary not to prohibit the crypto currency, but to regulate it. The Chinese government seems to have finally realized this. Now bitcoin will go up sharply, and behind it and the other digital coins.

[Elcapsono]

This is definitely good information. It is necessary not to prohibit the crypto currency, but to regulate it. The Chinese government seems to have finally realized this. Now bitcoin will go up sharply, and behind it and the other digital coins.

it is certainly good that China has made such a decision. But it is difficult for me to understand how China will regulate the crypto currency. It seems to me that this is very difficult

[InvoKing]

Chinese media Jinse.com reported that regulators will issue laws to regulate virtual currencies on October 1, 2017. Jinse states that the cryptocurrency rules has included in the "General Principles of the Civil Law of the People’s Republic of China", - the legislation, which adopted on March 15, 2017...

Read more https://bit.news/eng/china-wants-regulate-cryptocurrencies/

Meanwhile BTCChina has stopped its activity and soon huobi and okcoin... Couldn't they make a clear statement and regulate the cryptocurrency system before banning everything? This is ridiculous..

[SvenBomvolen]

I do not predict what the new regulation will bring, but it goes to the wrong way to correct the wrong decisions you made.

What do you mean by "wrong decisions"? The regulation of crypto-currencies is the right step for any country. Japan is starting to giving a license for digital-currencies exchangers and I think it is totally correct.
However, in relation to the ICO fears remain, continuing suspicion by a growing number of international regulators publish official warnings to potential investors. The latter include Canada, the UK and Hong Kong.

[vit05]

Chinese media Jinse.com reported that regulators will issue laws to regulate virtual currencies on October 1, 2017. Jinse states that the cryptocurrency rules has included in the "General Principles of the Civil Law of the People’s Republic of China", - the legislation, which adopted on March 15, 2017...

Read more https://bit.news/eng/china-wants-regulate-cryptocurrencies/

Meanwhile BTCChina has stopped its activity and soon huobi and okcoin... Couldn't they make a clear statement and regulate the cryptocurrency system before banning everything? This is ridiculous..

This article is only the opinion of someone who wrote in WeChat and was reproduced by the blog. It is a particular interpretation of the "General Principles of Civil Law" from March.
http://www.jinse.com/bitcoin/74534.html

[error08]

Cryptocurrency as virtual property, which mean everyone who have bitcoin and altcoins should pay taxes, just like in US that IRS has been regulated it. Well, it is better than nothing, I guess they will regulate exchanges and come back in 3-4 months alter with some licensed exchanges, but on October 1^st is faster than I thought, maybe they do not want out of business for a long time. Hopefully China government legalized bitcoin as legal payment as well, just like in Japan.

[jamids]

Instead of banning it, their choice should be to regulate it. They know that many people are already involve in crytpocurrencies and if they ban it, they would be behind in the innovation of the new technology. Knowing that they like to be independent always and want to have their own, it is possible that they would make a cryptocurrency of their own but then bitcoin has been widely used that it seems impossible for it to be stop immediately. Just like the saying, if you can't beat them, join them.

[White sugar]

Then China didn't banned bitcoin?

Or will they ban it again now?

[InvoKing]

Then China didn't banned bitcoin?

Or will they ban it again now?

Afaik they only banned the exchanges, precisely the trading platform using chinese Yuan. If mining activity will cease then lol

[gentlemand]

They declared it virtual property several years ago unless I'm talking out of my behind. It's the trading that's scuppered.

I do wonder what the deal is with the extension for OKcoin and Huobi is though. What's different about them? Some people reckon they'll get some form of reprieve but they were also responsible for parking customer funds in dodgy investment schemes which isn't going to do much for their long term credibility.

[Karartma1]

I think the Chinese government is testing the grounds for all the other governments that want to do exactly the same. Since Bitcoin cannot be controlled, banned or modified since its protocol works in very peculiar ways they only have one major target to tackle: exchanges (the gateways, the third party involved).
As long as people will need to exchange btc for fiat, governments will always have a say. Let's not be stupid, we all know this.

[bubblebit]

After so many bad news and rumours circulating around in this forum. A well detailed news confirmed that bitcoin in China will be regulated and not be banned. It might be one of the reason of the bull run this few days now. It is a much waited response from all the uncertainty and doubts of how bitcoin will sustained its position on top of the market. I’m still hoping for Chinese bitcoin community to be successful in they’re campaign to fight for a better regulated centralized cryptocurrency.

[hatshepsut93]

It's pretty obvious that cryptocurrencies won't stay in their legal limbo forever - sooner or later every country will decide their legal status - some may prohibit them completely, others will regulate them in their own way. Smaller countries might choose to follow the lead of bigger countries like the US, EU and China. But no government ever would be able to regulate Bitcoin itself - in fact it means that they will regulate services that use Bitcoin, and because of Bitcoin's immutable nature people will always be able to use unregulated unlicensed services at their own risk.

[btc_angela]

Chinese media Jinse.com reported that regulators will issue laws to regulate virtual currencies on October 1, 2017. Jinse states that the cryptocurrency rules has included in the "General Principles of the Civil Law of the People’s Republic of China", - the legislation, which adopted on March 15, 2017...

Read more https://bit.news/eng/china-wants-regulate-cryptocurrencies/

Meanwhile BTCChina has stopped its activity and soon huobi and okcoin... Couldn't they make a clear statement and regulate the cryptocurrency system before banning everything? This is ridiculous..

Huobi and OKCoin will still operated up to the end of this month. Reason being is that they are too big and it will take time before they can close its operation. However, I think there's a chance that they won't be shutdown as long as they follow and comply with the new laws that the Chinese would issue.

After so many bad news and rumours circulating around in this forum. A well detailed news confirmed that bitcoin in China will be regulated and not be banned. It might be one of the reason of the bull run this few days now. It is a much waited response from all the uncertainty and doubts of how bitcoin will sustained its position on top of the market. I’m still hoping for Chinese bitcoin community to be successful in they’re campaign to fight for a better regulated centralized cryptocurrency.

This maybe the reason that we are seeing a spike in the price lately. At least the Chinese bitcoin community has hope and something to hold at this very moment. If I'm a Chinese, I will be nervous as well. But this news will be very welcoming because they have at least live to see another day in trading.

[Taki]

The news about bitcoin banning in China seemed to be gossip without any facts and proves. To me all their politic towards ICOs and exchanges has already looked as regulation of crypto- currencies. Now they must be will follow by the step of Japan in this point, I mean licensing and so on.

[gentlemand]

The news about bitcoin banning in China seemed to be gossip without any facts and proves. To me all their politic towards ICOs and exchanges has already looked as regulation of crypto- currencies. Now they must be will follow by the step of Japan in this point, I mean licensing and so on.

Um, what of the scores of exchanges who've been ordered to close? That's not gossip. None of them are operating any more.

It's possible limited services will return but for now they're on their way to being dead meat and staying that way.

[BitHodler]

It's possible limited services will return but for now they're on their way to being dead meat and staying that way.

Important thing is that the market doesn't care anymore about what's happening in China, and that's how it should be. For years they have been an obstacle where each time the price shoots up, they ruin everything.

It's time for the market to move forward and stop focusing on just one country, especially when you consider that the Asian crypto market counts more important players, and these are actually contributing with growth.

Chances are definitely there that Chinese exchanges will return in whatever form or shape, but I prefer them to stay offline rather than coming back at some point ~ what isn't there can't cause any further problems.

[Siren]

It's possible limited services will return but for now they're on their way to being dead meat and staying that way.

Important thing is that the market doesn't care anymore about what's happening in China, and that's how it should be. For years they have been an obstacle where each time the price shoots up, they ruin everything.

It's time for the market to move forward and stop focusing on just one country, especially when you consider that the Asian crypto market counts more important players, and these are actually contributing with growth.

Chances are definitely there that Chinese exchanges will return in whatever form or shape, but I prefer them to stay offline rather than coming back at some point ~ what isn't there can't cause any further problems.

And imagine the timing of their announcement. We are in a cruise control when suddenly a bump was felt. However, we have already recovered, thanks to everyone. And as time passes, we are going to forgot them. We don't need another Chinese hangover, we are doing good now without them. Enjoying the best week since they have left. So let it be. But if they comeback they are still welcome, however it will not be the same reception as we gave them before. Japan is now the leader and won't give up anytime soon.