That's great news, but it would be better if bitcoiner in china is allowed to use bitcoin as currency 
They are not allowed to use it as a currency. You cannot mark goods price in Bitcoin, you can only mark with Yuan.
Topic: China to make Bitcoin (virtual properties) a civil right. - page 2. (Read 1791 times)
They are not allowed to use it as a currency. You cannot mark goods price in Bitcoin, you can only mark with Yuan.
It is very, very good news for all of us.
Let me remind you, it is the activity of the Chinese investors concerned about the devaluation of the yuan, largely attributed last significant increase in the value of Bitcoin. This moderately repressive actions of the government, which is trying to stop the economic slowdown and capital flight has left noticeable restrictions on remittances abroad, only contributed cryptocurrency popularity as a financial instrument.
Let me remind you, it is the activity of the Chinese investors concerned about the devaluation of the yuan, largely attributed last significant increase in the value of Bitcoin. This moderately repressive actions of the government, which is trying to stop the economic slowdown and capital flight has left noticeable restrictions on remittances abroad, only contributed cryptocurrency popularity as a financial instrument.
Quote
With the publication of the Civil Code General Provisions Draft, virtual properties and data have officially become Chinese people’s rights, what this means is that cryptocurrencies e.g. Bitcoin, virtual currencies e.g. online gaming tokens and data information, e.g. Big Data, shall all be officially recognized as Civil Right Objects. Yesterday(June 27th ), the 21st session of the 12th National People’s Congress Standing Committee(China’s Congress or/and Senate) was held in Beijing. The session reviewed, for the first time, the illustration on the PRC Civil Code General Provisions(Draft) Proposal, which was brought to the floor by the Chairman Meeting of the NPC Standing Committee. Within the draft, we see articles on virtual properties and data information, classifying them as new type of civil right objects, this means that virtual properties and data shall officially become people’s rights.
https://www.reddit.com/r/Bitcoin/comments/4q8eu9/chinese_civil_code_general_provisions_draft/
This is a good news. If china will somehow approve its policies pertaining bitcoin as a civil rights the bitcoin industry may stabilize as bitcoin farms based on China will increase and bitcoin production in the market will also increase. THis will lead to faster bitcoin transfers and transactions to bitcoin users all over the world. In overall I am in support to that policy I also hope that the Philippines will also establish that kind of policy also.
So owning BTC is a civil right but one must not use it as a currency. So it's white and black at the same time...
I anticipate alot of BTC barter deals taking place.
Interesting and surprising news, but as always, you have to be very cautious with any news coming from China. If you go back to the Chinese article:
http://btckan.com/news/topic/20469
You read:
It does not enjoy the same status of a currency in law. It cannot and should not be circulated and used in the market like a currency. But, bitcoin transactions is an online transaction of commodities, ordinary citizen enjoy the freedom of participation on their own risks.
So owning BTC is a civil right but one must not use it as a currency. So it's white and black at the same time...
http://btckan.com/news/topic/20469
You read:
It does not enjoy the same status of a currency in law. It cannot and should not be circulated and used in the market like a currency. But, bitcoin transactions is an online transaction of commodities, ordinary citizen enjoy the freedom of participation on their own risks.
So owning BTC is a civil right but one must not use it as a currency. So it's white and black at the same time...
Then those fake Chinese trading volume would actually become true?
That's going to be big for China and bitcoin! Other countries would definitely see this and take the opportunity to be the next early adopters.
I dont know why people keep saying china have manipulate bitcoin tradin volume or bitcoin chart price,actually they have good price than other exchange,you should try to trade there,and take back your words. That's going to be big for China and bitcoin! Other countries would definitely see this and take the opportunity to be the next early adopters.
Its about time to see a country accepting Bitcoin as civil right. I'm not surprised to see China being the first country to do this. However, this may come with a negative outcome, since the governement can force people to declare every business they make with bitcoin
Chinees money incoming 
Then those fake Chinese trading volume would actually become true?
That's going to be big for China and bitcoin! Other countries would definitely see this and take the opportunity to be the next early adopters.
That's going to be big for China and bitcoin! Other countries would definitely see this and take the opportunity to be the next early adopters.
It depends on what you mean by "fake Chinese trading volume." As I understand it, many of these exchanges have zero fee trades, meaning that I could buy BTC and immediately sell it, as many times as I want, at virtually no cost to myself. If [my bot] does this 1000 times a day, is it real volume?
Then those fake Chinese trading volume would actually become true?
That's going to be big for China and bitcoin! Other countries would definitely see this and take the opportunity to be the next early adopters.
That's going to be big for China and bitcoin! Other countries would definitely see this and take the opportunity to be the next early adopters.
It's not clear, what the concept of "civil right" or "People's Right" does really mean. Maybe it is just a translation problem. To me it seems that the term "People's Right" actually means private property right. So it's considered as something similar to a corporate share.
How is it no one notices that that proposal doesn't even mention Bitcoin or cryptocurrency?
"Article 104, which states that “Objects” includes “immovables and movables.” Specific rights or virtual properties defined as “property rights objects” by the law shall now be treated accordingly. The second is Article 108.2.8, concerning Intellectual Property and data information."
How did this turn into "China to make Bitcoin (virtual properties) a civil right"
This draft is better than old drafts, when china wanted to ban bitcoin, but will be best if they recognize bitcoin as a currency, not a digital virtual property.
They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
Exactly.
The Chinese state is protecting alright: protecting their own tax-slavery protection racket. Chinese Bitcoiners can secure their own property rights perfectly adequately without the Chinese
The real threat to Chinese (and all people's) BTC holdings is the state. They have no power to arbitrate Bitcoin anyhow; if someone was stolen from, they could do very little to get the BTC back without some physical evidence trail. I hope this sort of public promotion accelerates the rot of these gangs of genocidal jackals who use the pseudonym of "the state" to deceive and enslave.
First they ignore you,
most of us ignored it at first
then they laugh at you,
what? cryptomoney? internet money? you kidding?
then they fight you,
https://bitcointalksearch.org/topic/say-something-about-china-and-chinese-btc-ban-590156
then you win.
well, we have not won yet but we are getting there
Exactly, I remember when the Chinese govt banned BTC.
They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
Exactly.
The Chinese state is protecting alright: protecting their own tax-slavery protection racket. Chinese Bitcoiners can secure their own property rights perfectly adequately without the Chinese
The real threat to Chinese (and all people's) BTC holdings is the state. They have no power to arbitrate Bitcoin anyhow; if someone was stolen from, they could do very little to get the BTC back without some physical evidence trail. I hope this sort of public promotion accelerates the rot of these gangs of genocidal jackals who use the pseudonym of "the state" to deceive and enslave.
First they ignore you,
most of us ignored it at first
then they laugh at you,
what? cryptomoney? internet money? you kidding?
then they fight you,
https://bitcointalksearch.org/topic/say-something-about-china-and-chinese-btc-ban-590156
then you win.
well, we have not won yet but we are getting there
They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
Exactly.
The Chinese state is protecting alright: protecting their own tax-slavery protection racket. Chinese Bitcoiners can secure their own property rights perfectly adequately without the Chinese
The real threat to Chinese (and all people's) BTC holdings is the state. They have no power to arbitrate Bitcoin anyhow; if someone was stolen from, they could do very little to get the BTC back without some physical evidence trail. I hope this sort of public promotion accelerates the rot of these gangs of genocidal jackals who use the pseudonym of "the state" to deceive and enslave.
Isn't it strange that of all things, communist country like China recognises
and empowers bitcoin among citizens?
Country that hardly cant accept private property in its ideological core, establishes
bitcoin laws and recognises it, allowing for people to have them...
Is there some government agenda? All the coins from china belong to state?
and empowers bitcoin among citizens?
Country that hardly cant accept private property in its ideological core, establishes
bitcoin laws and recognises it, allowing for people to have them...
Is there some government agenda? All the coins from china belong to state?
Well, they do have the largest mining farms in the world and they have the biggest Bitcoin volumes of all exchanges {If you can believe the stats they offering} The only rational reason for them to do
this, could be to protect their citizens or to classify it as a property so that they can regulate it. I doubt if there are any dark hidden agenda behind this, but it will make it easier for them to seize it, if
it was used for something illegal. { hacked exchanges or money laundering }
You should read the article, it's not very long or complicated. It's about better protecting digital assets that citizens own. This would make it easier to pass judgement in cases of digital theft, for example. People will be better protected when handling digital assets
I'm sure this is a horrible thought to all the libertarians who'd like to see as little 'government interference' as possible haha.
Why don't we all follow Switzerland and Denmark example? At least for now. They aren't regulating Bitcoin at all! I'm sure this is a horrible thought to all the libertarians who'd like to see as little 'government interference' as possible haha.
Mainly because they don't perceive Bitcoin as a big enough phenomenon to require legislating and I find this approach the ideal way so far.
Governments are so eager to act but most of bitcoin legislation so far is either dead, harsh, or stupid.
This bill is very important for adoption... if this passes, it would mean that scams in BTC can be taken to China court. It would also mean that more legitimate investment vehicles are allowed to expose "normal" investors to BTC, etc. It both brings in more "everyday" users and also makes scams more difficult (higher penalties).
How to read this news?
They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
How to read this news?
They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
They can't make anything of Bitcoin.
Bitcoin itself is a civil right, maybe the most amazing one.
You can have NO bill saying Bitcoin is this or that.
I think that, given most of the daily BTC transaction volume happens in China, they consider Bitcoin as something over which they have a sort of "ownership". Bitcoin is a global currency/store of value and IMO through it they think they can play an even more important role in the future international economy, so they have to make it bigger and bigger.
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