Breaking: Virtual Currencies Expected to be Regulated in China on October 1st

[cybersofts]

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/

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[BitWhale]

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

[AgentofCoin]

...
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.”
...

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.

[nocturnalsheet]

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

[BittBurger]

Again?

[HashFace]

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.

[ALT67890]

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.

[criz2fer]

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/

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.

[jseverson]

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.

[ivrynx]

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.

[klf]

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.

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.

[Ilegendph]

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.

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.

[niisarearning]

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.

[lucifochrome]

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.

[xfaqs01]

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.

[pooya87]

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

[Juggy777]

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/

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.

[Prodigan786]

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.

[crismass1225]

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.

[qiwoman2]

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?