Chine has always approached crypto space with strictness and it has recently introduced a ban on it too. Sa Xiao is a council member at the Bank of . stating that owning is is illegal. However, in is legal.
Crypto enthusiasts in have always had a hard time keeping up with the Chinese regulations on crypto. Some activities like initial coin offerings were banned in as the scam rates were rising. In this strict environment, it is a breath of fresh air to know isn’t banned.
Although has banned exchanges from functioning in the country it is legal to make transactions using in .
If we analyze the current framework made for dealing with such cases the citizens can own and other as well. By connecting the dots we can also conclude that owning and making occasional peer to peer is legal in .
A report regarding crypto was released in some time ago. In this report, it was revealed that over seven thousand (7,000) units were scammed from more than a hundred (100) people.
Most scammers baited the using the classic ‘high return on investment’; trick. But the investor will not get the share of whatever they signed up for and the scammer would have been on his way by that time.
Sia Xiao also tried to warn people in crypto space that were hurting the customer and disrupting the market. Such people would have to face severe consequences for their actions under the law.
1/ “It is legal to own bitcoins in ” says Sa Xiao, Council Member at Bank of Law Research Association, cited by The Beijing News. Besides, Xiao considers occasional exchange of bitcoins between individuals and individuals is legal
Source(in CN):— cnLedger (@cnLedger)
Recently has been considering banning crypto as well. NDRC, which is the top economic entity in supports this decision and states that crypto wastes resources and is not eco-friendly.
Banning crypto is a good decision for according to NDRC. Right now, we can not predict what would be the eventual verdict.
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Published at Fri, 24 May 2019 01:02:09 +0000
