Chinese citizens could safely hold Bitcoin

[The Cryptovator]

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?

[Fabienne_ayy]

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?

That's a positive impact on crypto's value for sure, what's the reason for the Chinese government to legalize crypto? Is it only BTC or crypto in general?

[Lucius]

What is perhaps somewhat safe to say according to this article is that holding of BTC is not illegally in China, but as for the trading the situation is not clear, although the OTC is mentioned as legal, fact is also that there is "no law that expressly says so". In other words this way of trade can be interpreted as legal or illegal as well, which means that the authorities can act differently, ie that all traders are not equal in the eyes of the law.

Although this news is generally positive, it should be taken with a certain amount of caution for reason we are talking about China here. Their attitude toward cryptocurrency is still fairly unclear, what is legal today does not mean that it will be the same tomorrow.

[antisocial77]

i really dont understand China politics about cryptocurrency.half of news are positive, half of negative.they cant know what to do or news are mostly lie, im not sure.

[Baofeng]

I will quote from the article:

However, there is still no need to be overexcited. The government maintains its ban and there is a very thin line between what is legal and what is illegal.

So I guess there is our answer for now. There's still no clear cut law, Chinese lawyers and courts doesn't agree on the principle on how to deal with crypto. So this is a never ending debate, in my opinion. Unless the Supreme Court of the Republic of China will step up and will have a concrete and comprehensible law about the nature of crypto in their country.

[gentlemand]

They've ALWAYS been able to safely hold Bitcoin. What's been prohibited is the centralised trading of it and businesses using it. Anyway government attitudes can turn on a dime, or turn out to be a load of shit all along. We no longer need to care about China and that's a good thing.

[1Referee]

i really dont understand China politics about cryptocurrency.half of news are positive, half of negative.they cant know what to do or news are mostly lie, im not sure.

China has always been an unstable factor, plus we shouldn't discard how news outlets do a poor job translating articles (which is a big deal considering that context is one of the most important aspects), and in some cases they purposely twist words to make an article look overly negative or positive.

Chinese Bitcoiners have always had enough alternatives to continue buying and selling coins, which just shows that whatever the sanctions were against Bitcoin, they weren't effective at all.

[bitbunnny]

I don't think that it was ever prohibited to hold Bitcoin in China. Or anywhere else in the world. What was against the law and what government tried to stop/ control was organized and centralized trading so Bitcoin related businesses. That is completely difference thing and no ban was applied to individual users.
Still China and its attitude towards Bitcoin and cryptocurrencies in general isn't quite clear and unified defined.

[kryptqnick]

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 don't know, the ban is very controversial, and I think it's not clear what is allowed and what is not. And since Bitcoin transactions seem not to be allowed, I guess it created certain obstacles for the holding strategy as well. You have some BTC, and you are holding it. For now, you are not doing anything illegal. But let's assume that Bitcoin reaches the price at which you'd like to sell. Can you do that without violating the laws? China is a dangerous state that does not tolerate the situation where it is not in control. I think it's only a matter of time before the full ban is initialized unless people with different views come to power.

[fiulpro]

I don't think holding was ever a issue since like other goods , stocks and commodities they also have a value , therefore government couldn't just risk their own personal GDP by killing the valuable asset of may people.
The thing is you could just transfer the money I someone else's account for the time being someone from a different country and still make transactions and stuff , anything is possible also you can just download wallets or run it on nodes or even without internet , till what line would government try and stop people ?
It has to give away some of the freedom that every cryptoholder deserves.

[Genemind]

We all know that China has a huge number of holders and traders so it would be an advantage and it would have a big impact on the growth of Bitcoin again.
There are actually ways for them to hold and trade Bitcoin if they would be able to find ways to access exchanges and crypto sites.

[Nadziratel]

Not only Chinese citizens, it is very easy to have Bitcoin all over the world. Internet use became widespread everywhere. We can even own Bitcoin through paper wallets.

Now we have to overcome the problems in this matter.

Problems in China, Bitcoin owner, rather than mining I think. In addition, decisions made by the population in China may have an extra impact on the world.

[Ailmand]

i really dont understand China politics about cryptocurrency.half of news are positive, half of negative.they cant know what to do or news are mostly lie, im not sure.

Well, the scope of their law in regards to crypto is ambiguos. So, it seems participating in ICO is illegal and they have treated bitcoin same as a property making it legal to hold and buy/sell it OTC. They had always been unclear on how will they treat bitcoin in their country.

[izanagi narukami]

China are the most population around the world, if I'm not mistaken, it will bring affect on crypto value globally.
Also let say if their government also support, there will be no doubt that the uptrend will continue

All we can do is just hold and the profit will come upon you

[betty11]

It's a positive news and I hope Chinese government don't make a U-turn and start hunting bitcoin investors, It would have been better they just come out straight and state their plan. Congratulation to our Chinese members and bitcoin investors.

[BitcoinHodler]

i don't see anything new here. the article is rehashing the same old stories with some vague arguments here and there and the author probably has no idea what is going on in China. from day one it has always been legal and safe to trade and hold bitcoin without any problems and 90% of the news that has the word "China" in it is mostly fake news coming from the imagination and exaggeration of the news sites to get more traffic.

[jak3]

This is not surprising in China already between many times and they do not trust cryptocurrencies in their country. But as for as, the legitimacy of the cryptocurrency goes China cannot be trusted maybe they're just planning to allow Bitcoin trading for some time so they can allow their own coin to enter the market and first Chinese people to trade their own coin. And as we know the Chinese government can do whatever they want for the money. As example, they are the biggest mining region in the world they literally squatch economy with their mining rigs.

[xvids]

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 would be great now we could expect more investor from China and we all know that Chinese People are known for being a business minded and an investor ,
So I think this would really be great for crypto to have so many great investors in the future.

[BitBustah]

Bitcoin's reach in China is really extensive.  OF course we know that bitcoin mining is dominated by China but their government is now more open to crypto.  Asian countries seem to have a much more favorable attitude towards crypto than European nations.

[yusupjatigumilar]

China has always given strict regulations to its citizens, including in the matter of investing / buying crypto currencies including bitcoin, the Chinese state used to forbid its citizens to have crypto currencies other than crypto currencies made by the Chinese state itself, this is indeed a good aim to advance the products they have developed, but on the other hand this is a rule that harms its citizens because it is prohibited from using external products, maybe the Chinese government has taken a new strategy where they give freedom to their citizens to hold bitcoin and crypto currencies.