Moments Of Clarity: Owning Bitcoin Is Not Illegal In China After All

2019-5-22 13:45

China is currently one of the countries with heavily regulated markets, and most especially the crypto market. In fact, the Chinese government seems to be heavily anti-cryptos and mining, although it does encourage the propagation of blockchain technology.

Back in 2017, the Chinese authorities imposed a ban on all crypto-related activities, prompting exchanges like Huobi, BTC China, and OkCoin to exit the Chinese market.

Trading Ban

However, according to a recent statement by a council member of the Bank of China’s Law Research Association, the authorities aren’t really against owning Bitcoin, meaning that one can still have ownership of cryptos without being deemed a lawbreaker.

To clarify further, Sa Xiao, who is the member in question quoted by CnLedger, a Chinese crypto news outlet, the authorities are just against trading Bitcoins. It’s this heavy-handed restriction that led to the 2018 issuance of a directive to have entities like Alipay cease facilitation of Over-The-Counter (OTC) Bitcoin trading.

Occasional Transfer Is Okay

However, according to the official quoted, occasional P2P transfer of cryptos is legal – as long as no trading is involved. The Bank of China argues that it’s very risky for any entity to facilitate Bitcoin trading in the country because it would be subject to strict legal redress in the event that its customers lose money as a result of its operations.

Just recently, about 100 people were scammed out of around $56 million by a crook who promised to invest the money in exchanges and earn them profits.

Investors Still Have Some Tricks Up Their Sleeves

Still, it’s not impossible for smart investors to deal cryptos in China. For one, the authorities have cracked down on any crypto-related field that they can control, but they’re yet to influence direct ownership. In that sense, it’s not possible to crack down on Bitcoin ownership, especially considering that Bitcoin is decentralized and untraceable.

Is It A Reboot?

To many, the move by Chinese authorities to try to control the crypto space rings a bell back to what they did with the internet. By initially strangling the industry, the authorities may be aiming at rebooting it under more government control in the long run.

The post Moments Of Clarity: Owning Bitcoin Is Not Illegal In China After All appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Chinese Yuan (CNY) на Currencies.ru

$ 495473.11 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $476743.98 - H: $497552.86
Капитализация $0 Rank 99999
Цена в час новости $ 54693.08 (805.92%)

china all chinese moments heavily clarity owning

Источник: zycrypto.com

china all → Результатов: 126


China Calls All Crypto Transactions Illegal, Bitcoin Drops $4k In Response

China’s central bank has announced that all crypto-related transactions and services are now illegal. In response, Bitcoin drops down to $41k from $45k. China Announces All Crypto Transactions And Activities Are Illegal As per a report from Bloomberg, China has intensified its crackdown on crypto and Bitcoin as the nation’s central bank says all digital […]

2021-9-25 15:04


Фото:

Carrefour wants to track 20% of its products on the blockchain by 2020

Carrefour is betting big on distributed ledger tech. The french supermarket behemoth wants to track 20 percent of all of its in-house products on the blockchain by the end of 2019. The retailer already uses the technology to track 20 out of its 300 Carrefour-branded products across the supply chain, but it plans to add about 40 more goods to the list over the coming months, Carrefour blockchain program director Emmanuel Delerm told Hard Fork.

2019-4-17 14:13


Hong Kong: ICO & STO Only For The Rich Investors With At Least $1M In Portfolio – The Type Of Regulation Crypto Really Needs?

Recently, China’s Beijing Finance Industry Association released a notice saying that all individuals and banks must stop engaging in… The post Hong Kong: ICO & STO Only For The Rich Investors With At Least $1M In Portfolio – The Type Of Regulation Crypto Really Needs? appeared first on Invest In Blockchain.

2019-4-1 10:37


Фото:

It’s Officially Alt Season!

This morning a plane crashed en route from Addis Ababa to Nairobi killing 157 people.   Given the cause of the crash is still unknown, and this is the second such incident involving Boeing’s new 737 Max 8 plane, several countries including China and Indonesia have ordered all 737 Max 8s grounded until further notice.

2019-3-12 02:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

MrBeast faces allegations of crypto insider trading

MrBeast allegedly made $23 million from insider trading in crypto projects. He reportedly used 50 wallets to promote and dump tokens, misleading investors. Evidence includes a publicly shared Ethereum address linked to $13 million in trades.

Bitrue gets Virtual Asset Service Provider approval in Lithuania

Bitrue has received VASP approval in Lithuania to offer crypto exchange services. The company aims for EU expansion by pursuing the Markets in Crypto-Assets license. Lithuania plans regulatory changes to reduce the presence of crypto firms in the country.

Bitpanda eyeing a potential initial public offering (IPO)

Bitpanda is considering a potential IPO in Frankfurt, backed by Peter Thiel. The company reported €100 million in Q1 2024 revenue, rebounding from previous losses. Discussions are ongoing, with a possible timeline for the IPO set for 2025.