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Bank of China council explains Bitcoin possession is legal in China

Bank of china council explains bitcoin possession is legal in china

Bank of China council explains Bitcoin possession is legal in China
Bank of china council explains bitcoin possession is legal in china

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 China. He recently commented on cryptocurrencies stating that owning bitcoin is China is illegal. However, trading bitcoin in China is legal.

Crypto enthusiasts in China have always had a hard time keeping up with the Chinese regulations on crypto. Some activities like initial coin offerings were banned in China as the scam rates were rising. In this strict environment, it is a breath of fresh air to know bitcoin trading isn’t banned.

Although China has banned cryptocurrency exchanges from functioning in the country it is legal to make transactions using bitcoin in China.

If we analyze the current framework made for dealing with such cases the citizens can own bitcoin and other cryptocurrencies as well. By connecting the dots we can also conclude that owning and making occasional peer to peer trading is legal in China.

A report regarding crypto was released in China some time ago. In this report, it was revealed that over seven thousand (7,000) bitcoin units were scammed from more than a hundred (100) people.

Most scammers baited the customers 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.

Recently China has been considering banning crypto mining as well. NDRC, which is the top economic entity in China supports this decision and states that crypto mining wastes resources and is not eco-friendly.

Banning crypto is a good decision for China according to NDRC. Right now, we can not predict what would be the eventual verdict.

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Bank of china council explains bitcoin possession is legal in china

Published at Fri, 24 May 2019 00:51:15 +0000

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Chinese Chicken? Spooked Investor Sell-Offs Spark Crypto Price Slump

bitcoin and altcoins have taken another serious dive Monday as a Chinese sell-off sent prices plunging up to 15% in hours.

bitcoin Back Below $2600, Ethereum Heads Towards $350

In what was a widely-predicted move downwards, bitcoin fell from highs of over $3000 on GDAX to drop through $2700, trading around $2580 at press time according to average prices on CoinMarketCap.

Talk among experts pointed the finger at futures sales from Chinese exchange Okcoin, with charts showing Ethereum also reversing its recent surge over $400.

In line with behavior witnessed in recent weeks, the majority of leading altcoins followed bitcoin, losing up to 15% of face value.

End Of The Latest bitcoin Bullrun?

Nonetheless, reactions to the falls showed confusion among commentators. Responses to ARK’s Chris Burniske highlighted the simple fact that bitcoin’s recent bull market would sooner or later need to end.

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bitcoin had breached the psychological barrier of $3000 per coin on some exchanges prior to Monday, yet compared with $2000 in May, traders appeared to find keeping above that level considerably more daunting.

While forecasts from figures such as Vinny Lingham and Max Keiser gave the impression the real hurdles would be $5000 and upwards, the lack of momentum to sustain ‘B3K’ suggests that crypto optimism is finally finding its new niche. This, others point out, may not be such a bad thing.

Riches to Rags Ethereum

Ethereum’s Riches-To-Rags Monday

The timing of the sell-off for Ethereum is particularly poignant.

Monday saw the ICO from ETH Blockchain startup Bancor raise an astonishing $150 million in three hours, a new record for even the hugely successful fundraising campaigns seen in the Blockchain industry this year.

On Sunday, Twitter personality and cryptocurrency bagholder WhalePanda published an extended blog post detailing why Ethereum’s “sole use case at the moment is ICOs and token creation.”

The post further reads:

What’s driving the Ethereum price? Greed. Greed from speculators, investors, and developers […] Can you blame them? Speculators and investors: No. Developers: Absolutely.

As of press time, neither bitcoin nor Ethereum appeared to have “bottomed out,” continuing on to test $2500 and $300 respectively.

Rounding out the Ethereum post, WhalePanda delivered some timely advice for traders across crypto assets:

If you’re a trader or investor, be realistic about the bubble. I know you hear this 100 times when you’re trading but: don’t invest what you can’t afford to lose.

What do you think about bitcoin, Ethereum’s latest price drops? Let us know in the comments below!

Images courtesy of OKCoin, AdobeStock, ICanHazGIF

 

The post Chinese Chicken? Spooked Investor Sell-Offs Spark Crypto Price Slump appeared first on Bitcoinist.com.

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