Chinese citizens could safely hold Bitcoin

[BrewMaster]

unless they start letting exchanges open up in China and operate in that country while regulating them in a way to prevent them from turning into money laundering machines like before, there is nothing new happening.
Chinese citizens and any other citizens of any other country could always hold bitcoin safely because of bitcoin's security and decentralization itself which has nothing to do with the government and their decisions.
as for OTC trading, it has been legal (again nothing is new) that is how Chinese have been trading bitcoin for nearly 2 years now ever since they shut down Chinese exchanges.

[Rahman11]

That's a great news for chinese cryptocurrency lovers and holders! china is very large country and new economic super power also! so it's a great news of cryptocurrency they are make legal to use cryptocurreny in their country! mow chinese people can freely use cryptocurrency as a many way and payment gateway also.

[Ucy]

Well, the government has no choice. It is hard to prevent  or censor this sort of thing.
Holding your bitcoin private keys in safe devices or paper wallet should be as safe as  writing few numbers on paper or keeping few data in tiny memory card..

[posi]

As title said "Chinese citizens could safely hold Bitcoin", just read a article from Ethereumworldnews, you might read that article for more details "China: Hodling Bitcoin (BTC) and P2P OTC Trading is Legal".

However, this is a good news for Chinese crypto users. They could hold bitcoin legally without fear of government. I think the positive impact of this news would reflect on bitcoin price.

What you think about it?

Firstly, I believe if the article wrote about Bitcoin news in China is true because I don't trust the link site and we both saw alot of crypto exchange site which evacuated China in the year 2017. Besides, what I read is that There are currently no laws, rulings, or announcements from regulatory bodies such as the People’s Bank of China (PBoC) or the Ministry of Industry and Information Technology (MIIT) on the legality of Bitcoin and its trading.
If the news was truth, it will surge the price of Bitcoin market but we still need to wait for confirmation.

[Reosta_]

Finally the Chinese government stopped being stubborn about preventing Bitcoin usage and let its citizens hold Bitcoin. I don't understand that why they banned Bitcoin usage in the first place ?

[uneng]

As the article says: *there is a very thin line between what is legal and what is illegal*. It's hard to say it's good news or not, as the government interpretation of the events can change suddenly. What I can say is that seems it's legal and safe to hodl bitcoin in China, but for how long?
If chineses start putting their money in btc to protect their wealthy from yuan devaluation, do you really think the local government will keep allowing this practice?

[kamBlanV]

that is good news.  China has a big influence on the growth of BTC and the crypto world.  I think that the Chinese government needs regulations to control each crypto scheme.  we know that 70% of Chinese people have a high enthusiasm for Bitcoin.

[Shenzou]

As title said "Chinese citizens could safely hold Bitcoin", just read a article from Ethereumworldnews, you might read that article for more details "China: Hodling Bitcoin (BTC) and P2P OTC Trading is Legal".

However, this is a good news for Chinese crypto users. They could hold bitcoin legally without fear of government. I think the positive impact of this news would reflect on bitcoin price.

What you think about it?

I think that this is a really fantastic , since the news about the Chinese government banning bitcoin mining hit a the people over there a lot, and they stared having concernes about whether bitcoin is going to become illegal in China, and that would have been a disaster if it happend and it would have had a really bad impact on the price since there are a lot of bitcoin users coming from china, even though bitcoin is decentralized.

[Roukawa]

When China legally accepts bitcoin that will be the biggest breakout in cryptocurrencies. I'm sure a lot of Chinese exchanges will emerge.

[Shova]

As title said "Chinese citizens could safely hold Bitcoin", just read a article from Ethereumworldnews, you might read that article for more details "China: Hodling Bitcoin (BTC) and P2P OTC Trading is Legal".

However, this is a good news for Chinese crypto users. They could hold bitcoin legally without fear of government. I think the positive impact of this news would reflect on bitcoin price.

What you think about it?

Chinese has been using bitcoin and other alts more than anyone in the world. Though trading through bank integration and fiat to crypto exchanges are not allowed, people, merchants and shops are freely accepting cryptos more than anywhere you'll find.

And it's totally legal.
https://mp.weixin.qq.com/s/U_qDgQN9hceLBbpQ13eEdQ

[waynechong1995]

Its hard to justify China's stance, previously ASICs machines are turned in metals by regulations, and seems to deter cryptocurrency to prevent unlawful moving of assets. Still IMO its really important for their citizen to not be illegal for simply holding bitcoins or any other tokens. Noted that law can change time to time or interpreted differently, there will be more use case and regulations will come over. Still most china user do trade in foreign exchanges and their identity seems to be pretty safe. Bullish news but i would say bitcoin would stay pretty neutral as there's more crucial factor that drive its growth.

[Kakmakr]

I would say China is still in limbo when it comes to clear guidelines for Crypto currencies. They, like many other countries are trying to catch up to the new technology by defining it properly and then formulating "bulletproof" regulation to control it.

China will never allow Bitcoin or any other Crypto currency for that matter, to give 100% financial freedom to their citizens and that is clear with all other prohibitive legislation and regulations that are applied to people living in China now.

Capital flight and cross border transactions with Crypto currencies are still one of the challenges for countries like China.  

[Lily_Olive]

No doubt chinese citizens could hold bitcoin very effectively.. As we know china is the biggest  country in the world as it is biggest so its populations is also ver large...so it will definatly effect on market of Bitcoin..

[CryptoBry]

Well, the government has no choice. It is hard to prevent  or censor this sort of thing. Holding your bitcoin private keys in safe devices or paper wallet should be as safe as  writing few numbers on paper or keeping few data in tiny memory card..

While the government's policy on bitcoin is negative, there is no way to stop anyone owning some. This is quite true especially if one really has the money as anybody can just visit Hong Kong for the purpose of making sure that one's portfolio is taken cared of. There is always a way when people have the will even in the face of government's animosity. Now, instead of collecting taxes on these transactions the government gets nothing since the government has the fear of losing control if they open up the country for cryptocurrency.

[coin-investor]

As title said "Chinese citizens could safely hold Bitcoin", just read a article from Ethereumworldnews, you might read that article for more details "China: Hodling Bitcoin (BTC) and P2P OTC Trading is Legal".

However, this is a good news for Chinese crypto users. They could hold bitcoin legally without fear of government. I think the positive impact of this news would reflect on bitcoin price.

What you think about it?

This word is very conflicting
 

The government maintains its ban and there is a very thin line between what is legal and what is illegal.

where does holding Bitcoin borders? Chinese holders should first understand the restrictions because this could turn against him there's still danger holding Bitcoin in that region in my opinion.

[gentlemand]

Interested to see what happens when the social credit is in full swing supposedly in 2020. If they sniff out you're a crypto fan what effect might that have on your standing? It's going to be so overbearing they could finish crypto off properly there apart from a few fringe nutters.

[posi]

As title said "Chinese citizens could safely hold Bitcoin", just read a article from Ethereumworldnews, you might read that article for more details "China: Hodling Bitcoin (BTC) and P2P OTC Trading is Legal".

However, this is a good news for Chinese crypto users. They could hold bitcoin legally without fear of government. I think the positive impact of this news would reflect on bitcoin price.

What you think about it?

Chinese has been using bitcoin and other alts more than anyone in the world. Though trading through bank integration and fiat to crypto exchanges are not allowed, people, merchants and shops are freely accepting cryptos more than anywhere you'll find.

And it's totally legal.
https://mp.weixin.qq.com/s/U_qDgQN9hceLBbpQ13eEdQ

In a situation where people are limited/bound under some certain laws or rule and regulations in using crypto, I won't say crypto currency is totally legal because the crypto traders and holders there won't have the chance to do whatever they like with their Bitcoin.

[BL46K 7193R]

Yes, it seems to me that it must have a good effect on Bitcoin. And this is really good news for Chinese crypto users. And now they can hold the Bitcoin legally without fear of government. There are so many of its population so much that Bitcoin is very much like this, so good news for Bitcoin is such a good effect. And I think the effect of this is certainly on Bitcoin.

[marcbitcoins]

China never ban Bitcoin ever since therefore every Chinese can hold Bitcoin as many as they could. Holding Bitcoin is legal in China but only the ICOs that are ban and decleared illegal due to increasing scam projects in which most of them are using Bitcoin platform.

[michellee]

It's up to them, and no matter what their government will do, I think the Chinese citizen could save their bitcoin in a safe place. They don't have to worry if somehow their government really ban cryptocurrency because as long as they don't make any illegal transaction especially if that is not related to the cryptocurrency, they will be safe to keep their bitcoin. But I hope that the Chinese government will not prohibit their people from using cryptocurrency for good things.