Topic: China and cryptocurrency (Read 157 times)

Correct you: China only banned ICO and did not ban cryptocurrency. This is your biggest misunderstanding of China's crypto policy.

In fact in China, people in their country holding/trading bitcoin is not illegal, on the contrary, trading bitcoin is also protected by law.
Why is there such a contradiction, it is very simple, because their financial laws clearly indicate that bitcoin is not recognized as "currency" and that bitcoin is prohibited as a settlement method，but their civil law also stipulates that virtual assets should be treated as property.  So when someone trades Bitcoin to be cheated, who can apply civil law to protect rights.
The same case in many countries where their law does not recognize bitcoin as “currency,” but generally recognizes the value of “virtual goods”.

There is a basic principle in chinese criminal law: The crime must be express clearly in article , which means that if the transaction/holding of bitcoin is not clearly defined a crime act in the criminal law, then it is not a crime.
There is also a basic principle in chinese civil law: If not prohibited by civil law is free act, which means that if the civil law does not explicitly prohibit transaction/holding of bitcoin, then you are free to do it.
Judging from the combination of criminal law and civil law, China have no any written rule about transaction/holding bitcoin as a criminal act in criminal law, and no prohibits bitcoin transactions in civil law. So in my opinion, The act for transaction/holding bitcoin is legality in China.

China govt/private entities have a strong interest in blockchain technology and its development is encouraged. Cryptocurrencies are directly banned, as are all exchanges. Among the reasons for the ban include way way too many scam ICOs, no regulatory framework, maintaining control over cross-border currency movements.

I don't know if CCs will be "unbanned" in the future but you can guess that there is some sort of regulatory framework being built behind the scenes to better formalize the industry. The P2P industry experience has also not been a great precursor for crypto and likely makes everyone act even more conservatively towards crypto.

In fact, blockchain technology in China is very popular, but cryptocurrency is a backward industry, because China has realized cashless transactions through other means, and it is very convenient to use!

China placed a total ban on cryptocurrencies,i do not think they did that to the blockcahain technology,china happens to be creating it's own national cryptocurrency that's definitely gonna work using the blockchain technology..

TRON and BAIDU partnership has nothing to do with the trade or exchange of cryptocurrencies,baidu happens to be an internet sensation in that part of the world and they are looking to capitalize on the widespread effect of the blockchain network by partnering with one of the biggest block chain networks(Tron),To provide it's users better services,considering how decentralized the system is, it'll make it's services more accessible and open to its customers/users
It's a total/absolute ban on cryptocurrency and cryptocurrency related activities,but it didn't place any ban whatsoever on the blockchain technology, don't mix them up.

To know，China has established the Digital Currency Institute last year，They are being recruiting digital currency specialists and plan to issue state cryptocurrency.
So on the surface, China has banned cryptocurrencies, but in fact, the Chinese government is really developing the country’s cryptocurrency. I don’t know if this is a conspiracy, but in any case, this is a good thing for cryptocurrency.

News links：
https://blockonomi.com/pboc-recruiting-digital-currency-specialists/
https://www.ccn.com/pboc-digital-currency-chief-calls-for-government-cryptocurrency/

China is one country that has an indirect ban on cryptocurrency but I stand to be corrected the have the highest bitcoin mining percentage.

China seems to be active in cryptocurrency the have gone even further

I came across a news that tron is in partnership with  Baidu a Chinese internet powerhouse to make use of there cloud solution

Tron which is a blockchain based foundation aims to decentralise the internet and partnership with Baidu is a great step to achieving that

Read more here.. https://cryptoticker.io/tron-partnership-baidu/