[2018-1-9] Buyer beware Chinese citizens can trade bitcoin - at their own risk

[DowBit]

China is causing a stir in the world of cryptocurrency every time it rules on the legality of BTC trade. In September, the Communist nation announcement a ban on ICOs and introduced regulations for crypto exchanges causing one of the most memorable corrections of 2017.

Today, the judgment of the Chinese court gives hope for more trade freedom to Chinese investors.

Mr. Wang invested a large part of his assets in Bitcoin last year and then lost some 40 million yuan. Wang demanded compensation for the losses incurred from the exchanges on which he traded.

Wang’s argument relied on the legal definition that Bitcoin does not exist and it is not regulated by law. According to Chinese law, an asset should have a value and Bitcoin has no value, therefore it is not an asset. Moreover, as bitcoin is not issued by the national authorities, it has no legal monetary or other currency features and therefore cannot be used in trade. In view of the above, Wang is seeking repayment of the amount lost – plus interest.

More:https://dowbit.com/chinese-citizens-trade-bitcoin-own-risk/

[richardsNY]

I seriously don't know what to think of China anymore. One day they are hinting at a looming total ban, then you'll see reports being far milder, where they just discuss regulations, and then we have another round of nonsense. I like the fact that a lot people don't look at China anymore as how they were used to look at it months ago. In reality, China lost its importance at the time the PBOC stepped in and put a stop to their ridiculous way of trading, but people kept seeing China as a leading factor. From millions of traded coins per day to just a few thousand, what a joke. It shows how they have been fooling the entire market.

[Slow death]

China is causing a stir in the world of cryptocurrency every time it rules on the legality of BTC trade.

And it comes the destroyers of the world with their new evil, these Chinese all the corners of the world where they tread only bring destruction, is unbelievable how they are so skilled to cause destruction. Yes they are a bad influence for bitcoin and all altcoins.

I recently read this article:

Confusion Grows Surrounding Official Chinese Position Regarding Bitcoin Mining

PBOC to Limit Power Consumption of Bitcoin Mining Industry

A separate document originating from the Financial Market of the PBOC states that “Local governments shall coordinate with multiple departments to take actions concerning electricity price, land use, tax and environmental protection in an effort to guide miners orderly exit.” Although the extent to which the policy of Xinjiang Province will be replicated in other jurisdictions, many are speculating that a Chinese mining crackdown may be currently underway.

Leading Mining Operations Relocate to Establish Operations Overseas

As I said, these Chinese are a big problem for bitcoin and the best that can be done is that all miners leave china.