Breaking: Virtual Currencies Expected to be Regulated in China on October 1st

cybersofts

copper member

Activity: 658

Merit: 284

Quote from: criz2fer on September 30, 2017, 09:30:26 PM

Quote from: cybersofts on September 30, 2017, 04:55:41 PM

Virtual Currencies Are Expected to Be Legislated As “Virtual Property” From October 1

Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th.

Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”

Source: https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

Just like other laws, I thinks there are more flaws in their new laws because of unexperience of the goverment in crytocurrency. But in the end, China will continue this regulation and hopefully the market be stable. Been waiting for the bitcoin to rocket again thsi last quarter.

I think that is left for the China to decide in which world they are living now. Bitcoin will thrive with them or without them
By now they have realized their mistake because bitcoin made more people richer more than anything in China and anything they've ever created!
Saying they banned cryptocurrency exchanges and ICOs in China is almost like banning electricity or mobile phones for their people as investors.
Lucky for them they got their senses back so early... LOL Grin

ALT67890

full member

Activity: 126

Merit: 100

Quote from: Lpim01 on October 01, 2017, 08:48:56 PM

Quote from: ALT67890 on September 30, 2017, 09:18:41 PM

Whatever China government will do only chinese users/investors/people will suffer. In short let they're government officials decide for what is better for there people and let there citizen march if they opposed to it. It won't affect anymore in the market price as what happened last week. Bitcoin is increasing all the way now and it would be a great and promising start this month of October.

Bitcoin now are back in the market price without China, it shows that we can stand without the contribution of China government towards cryptocurrencies. The news above isn't beneficial to the community because probably only China will take benefits from that. Their plan to take control all bitcoin supply could probably make their decision change against crypto.

“They’re tasting the water”, I mean they tried to make uncertainty toward bitcoin but failed. And now the only option have left is regulating it. They want to control bitcoin and that is the prime intentions of rumours and FUD circulating around last September but the bitcoin community sense it that is why China’s failure is an example to other country that they don’t have the capacity to hold our neck just follow what they want.

Doms

hero member

Activity: 714

Merit: 500

This is not surprising at all considering that the laws have been rather easy on the exchanges the last few years. Rather than banning bitcoin and all other crypto currencies, regulation is the best way to go moving forward. The same might be the case for all other countries where bitcoin usage is increasing in volume by the day. This could also mean less money laundering activities that use crytpo currencies as vehicles for such acts.

lighpulsar07

sr. member

Activity: 518

Merit: 271

This a definitely a good news although this is my expected going to happen in china that they will be regulate the bitcoin in china and tighten the rules when it comes to virtual currencies so, no more worrying that bitcoin will be banned in china.

Lpim01

full member

Activity: 700

Merit: 117

Quote from: ALT67890 on September 30, 2017, 09:18:41 PM

Whatever China government will do only chinese users/investors/people will suffer. In short let they're government officials decide for what is better for there people and let there citizen march if they opposed to it. It won't affect anymore in the market price as what happened last week. Bitcoin is increasing all the way now and it would be a great and promising start this month of October.

Bitcoin now are back in the market price without China, it shows that we can stand without the contribution of China government towards cryptocurrencies. The news above isn't beneficial to the community because probably only China will take benefits from that. Their plan to take control all bitcoin supply could probably make their decision change against crypto.

hitlab

member

Activity: 88

Merit: 10

Interesting, this is good news for bitcoin. Does anyone have a source to an official Chinese website confirming this?

alisa20172020

member

Activity: 149

Merit: 10

as one of largest mining and ICO producer in the crypto world it is good to hear/read a news about the come back of china into crypto world where they have now a more regulated ICO and other virtual currency related business. And as many speculation circulating this forum the ban is not take for long, it was a temporary to eliminate those scamcoin and ICO. WELCOME CHINA.

ALT67890

full member

Activity: 126

Merit: 100

Quote from: Ilegendph on September 30, 2017, 11:41:06 PM

Quote from: klf on September 30, 2017, 11:23:24 PM

Quote from: ALT67890 on September 30, 2017, 09:18:41 PM

Whatever China government will do only chinese users/investors/people will suffer. In short let they're government officials decide for what is better for there people and let there citizen march if they opposed to it. It won't affect anymore in the market price as what happened last week. Bitcoin is increasing all the way now and it would be a great and promising start this month of October.

More and more governments regulate bitcoins trading it will be good for bitcoin investors means those governments making a clear road for investors so that many more people can join the party and make demand grow means prices go up. After prices go sky high and then governments initiate these steps then it will be a disaster instead let them do regulation now.

By regulating exchanges, the government of that country encourages the investors to invest in bitcoin. Meaning more people will get involved in using cryprocurrency like bitcoin and it will make a huge impact in the growth of bitcoin as technology. And the question of when will the actual use of bitcoin be implemented is nearly possbile rather than a dream of many.

I partially agree on this idea, it means that bitcoin is much safer to invest with when the government has a hands to it. I think you both right and we can’t deny there convincing power for the investors and financial enthusiast. But until when and what is the limitations on they’re involvement, we all know how greedy governement officials are, they only eyeing worst than regulating but also corruption and self interest. But still I’m still giving each government a chance to prove me wrong. Giving them a benefit of the doubt.

dead_m92

hero member

Activity: 650

Merit: 500

I dont understand what they are trying to do with bitcoin.. seriously.. everyday there are more news abut china and cryptocurrencies, and i am lost with all this mess, i try to understand what the f ck is happening in china but i can not discover it. anyway, i really hope that they are not going to regulate it. maybe all this is a giant fud trying to make us believe it and panic, i dont know..

Zagitta

full member

Activity: 302

Merit: 100

Presale is live!

Let's all hope that China comes to its senses and allows Bitcoin exchanges again so we can continue rising the price like before.

xuan87

legendary

Activity: 1666

Merit: 1001

I don't see this is as a shocking news, I know that one day crypto currencies will be regulated, and if this news is correct it's mean China is legalized Bitcoin, and this news is better than china banning crypto currencies and more people will invest in bitcoin

wellsontheja

full member

Activity: 210

Merit: 100

Quote from: cybersofts on September 30, 2017, 04:55:41 PM

Virtual Currencies Are Expected to Be Legislated As “Virtual Property” From October 1

Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th.

Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”

Source: https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

Well i doesn't hear about this before but if that's really happen it's mean one
Bitcoin will go to the moon.
But i don't understand why they to do bitcoin as virtual property.

Sadlife

sr. member

Activity: 1400

Merit: 269

So bitcoin will be legalized is china?
I dont understand what are they trying to do bitcoin as an "virtual property" so how do they do it?
Tax every transactions in the blockchain or chose what blocks to be mined by their miners?
Why not just freely use bitcoin like what the japanese did. Well let's see how they tax bitcoin let them try to control bitcoin.

xfaqs01

full member

Activity: 490

Merit: 100

Quote from: Snaic on October 01, 2017, 05:05:36 PM

"Virtual property" is much better than simply banning crypto currency. It seems that China is returning to the world of crypto currency, and without attempting to ban it. Perhaps this was the original purpose of a certain group of people in China, namely, to sharply lower the rate of crypto-currency. If you set the goal for what it was, the conclusion suggests itself: someone decided to buy a good bitcoin at a cheap price. Well, we can say that the one who had weak nerves lost. He dropped the crypto currency at a cheap price. But in vain.

They cant ban cryptocurrency espcially bitcoin, the only way to stop it is to stop or shut down the electricity and the internet, what they can stop is ICO and centralize exchange, thus they dont have a choice but to embrace the blockchain technology but with regulation for it to be taxed.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: Snaic on October 01, 2017, 05:05:36 PM

"Virtual property" is much better than simply banning crypto currency. It seems that China is returning to the world of crypto currency, and without attempting to ban it. Perhaps this was the original purpose of a certain group of people in China, namely, to sharply lower the rate of crypto-currency.

Indeed, this is welcome news for those that were still concerned about rumors of a "mining ban" or block of the network by the Great Firewall. I wouldn't say they are "returning" per se; they never left. China is the major player in the manufacturing of ASIC miners and their pools control a majority of hash rate. The price action on their exchanges has also always moved Western markets.

I think this news hints at incoming regulating/licensure of Chinese exchanges, which is very good news for the market. I'm not surprised to see the price rallying today.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Well, it could have been worse, really. They could have sought to outright ban all of them, but getting only some regulation isn't that bad, for now anyways. It could have been a lot worse for most cases, really. Presuming that they don't try to tax them at insane rates and they allow for relatively free commerce within their borders then there should be no issues. Now, knowing China, that's not what is going to happen at all. But it is nice to dream about.

Snaic

full member

Activity: 658

Merit: 102

"Virtual property" is much better than simply banning crypto currency. It seems that China is returning to the world of crypto currency, and without attempting to ban it. Perhaps this was the original purpose of a certain group of people in China, namely, to sharply lower the rate of crypto-currency. If you set the goal for what it was, the conclusion suggests itself: someone decided to buy a good bitcoin at a cheap price. Well, we can say that the one who had weak nerves lost. He dropped the crypto currency at a cheap price. But in vain.

bartolo

hero member

Activity: 1176

Merit: 501

Quote from: grermezter on October 01, 2017, 12:16:20 PM

Quote from: cybersofts on September 30, 2017, 04:55:41 PM

Virtual Currencies Are Expected to Be Legislated As “Virtual Property” From October 1

Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th.

Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”

Source: https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

I think that's even better news than the rumors going around that China was going to ban bitcoins and other cryptocurrencies, now that they are going to regulate it, it's expected that owners of cryptocurrencies in China are going to have to pay taxes on their transaction with bitcoins now sucks to be them but the rest of the bitcoin community are going to rejoice.

Those rumors were no more than FUD spread by people who wanted to buy Bitcoin at a lower price. China never had any intention of ban Bitcoin but to regulate it. The same applies to exchanges.

Apes

sr. member

Activity: 1316

Merit: 257

this news shocked my heart.. last month there were a handful of china news and this month chinese made a new news where the news was questioned its authenticity.. my response about china news made price maneuver they made..

megynacuna

sr. member

Activity: 756

Merit: 253

Quote from: grermezter on October 01, 2017, 12:16:20 PM

Quote from: cybersofts on September 30, 2017, 04:55:41 PM

Virtual Currencies Are Expected to Be Legislated As “Virtual Property” From October 1

Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th.

Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”

Source: https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

I think that's even better news than the rumors going around that China was going to ban bitcoins and other cryptocurrencies, now that they are going to regulate it, it's expected that owners of cryptocurrencies in China are going to have to pay taxes on their transaction with bitcoins now sucks to be them but the rest of the bitcoin community are going to rejoice.

How effective can they ensure that because Bitcoin transactions can also be effected outside china and if these guys start looking for alternatives outside of china then it's just the same thing or they can even use VPN's beyond detection.

Topic: Breaking: Virtual Currencies Expected to be Regulated in China on October 1st (Read 927 times)