[2019-03-13]Chinese Political Leaders Propose Cryptocurrency Regulation

[Vladdirescu87]

The subject of cryptocurrency during the two sessions of the National People’s Congress (NPC) in 2019 has augmented considerably. Numerous representatives said that “cryptocurrency illegally sets the currency” and suggested to reinforce their supervision. Several legislative delegates and political leaders call for efficient, clear and strict cryptocurrency regulations.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/chinese-political-leaders/

[Ozero]

In China, bans on cryptocurrency and its regulation began in the summer of 2017. They periodically prohibit the existence of cryptocurrency exchanges, then force miners to leave the country in search of better places for their work, but the cryptocurrency continues to go in this country. Maybe there already convinced that some bans will not help and decided to regulate its circulation? In any case, the regulation of cryptocurrency is much better than meaningless bans. Maybe China will soon return to us as a country where it will be officially allowed to practice cryptocurrency.

[vit05]

China again. No one ever has a clue what they're really saying or the real intentions. It is always this confusion. It was a stressful period that ended in one of the worst ways. And yet the price only went up after a few drops.

Let's see if the Chinese come back to rescue the prices of this lateralization. Or help make it even harder to end the bearmarket.

[Betwrong]

It appears from the article that Chinese officials are going to give green light to Bitcoin usage, and simultaneously minimize, or even terminate, utilization of other cryptos which they call "digital tokens". If I understand it correctly, this is what the proposed Cryptocurrency Regulation in China is all about, and I personally think it's going to be not that bad if implemented. It can be even very good actually because indeed a lot of that negative aura around crypto is coming from those "digital tokens".

[Slow death]

Several legislative delegates and political leaders call for efficient, clear and strict cryptocurrency regulations.

" efficient; clear and strict  "

they are saying: We just have to make sure no one in china will use cryptos. they are not going in the direction of accepting cryptos. Am I the only one who noticed this? or does anyone think the Chinese government wants to accept cryptos in their country?

the real intentions.

the real intention of them is make sure that all their citizens do not use cryptos

[bL4nkcode]

Maybe there already convinced that some bans will not help and decided to regulate its circulation? In any case, the regulation of cryptocurrency is much better than meaningless bans.

Or maybe they realized that there are huge benefits of accepting and regulate crypto in china for the sake of their political leaders?

This may be good a piece of news for most of CT but I dunno how it affects with the people in the mainland china where their government want to control all aspects that will give them benefits.

[magneto]

The subject of cryptocurrency during the two sessions of the National People’s Congress (NPC) in 2019 has augmented considerably. Numerous representatives said that “cryptocurrency illegally sets the currency” and suggested to reinforce their supervision. Several legislative delegates and political leaders call for efficient, clear and strict cryptocurrency regulations.

Keyword here is probably strict.

I don't think that it's likely that they are going to all of a sudden do a complete 180 reverse their stance on cryptocurrencies.

They might subsidise the blockchain projects that are not necessarily "currencies" domestically, and potentially the central bank may want to issue its own blockchain based tokens, but that's pretty much as far as I can see the regulations going. They've already driven out all the bitcoin exchanges and bitcoin miners, and it's clear that they don't want them to stay even though there may be tax revenue to be made at that front. It's probably best to be realistic here.

[LeGaulois]

It appears from the article that Chinese officials are going to give green light to Bitcoin usage, and simultaneously minimize, or even terminate, utilization of other cryptos which they call "digital tokens". If I understand it correctly, this is what the proposed Cryptocurrency Regulation in China is all about, and I personally think it's going to be not that bad if implemented. It can be even very good actually because indeed a lot of that negative aura around crypto is coming from those "digital tokens".

What the article surely don't say is the fact that China makes a difference between Bitcoin and Altcoins, ICOs. The country isn't purely against Bitcoin but tends to be radical when it's about ICOs. People often make mistakes when they say that Bitcoin is banned in China. China has been ok but its problem is if the funds leave the country then.

[Kemarit]

China again. No one ever has a clue what they're really saying or the real intentions. It is always this confusion. It was a stressful period that ended in one of the worst ways. And yet the price only went up after a few drops.

Their real intentions is really control everything. So I'm not buying this whole regulations coming from then. And if ever they allow such framework, there could be lots of limitations for Chinese crypto enthusiast.

Let's see if the Chinese come back to rescue the prices of this lateralization. Or help make it even harder to end the bearmarket.

Unless China makes a 180 degree turn, then they could make it easier to end the bear market. But I don't think they will suddenly change their hard line stance.

[btyco]

Lots of chinese people are investing right now into crypto, it is the best investment since it is not yet banned completely. Neo is still doing well and thekey is creating lots of new partnerships