UPCOMING EVENT

Let's Meet during iFX EXPO International 2024 in Limassol, Cyprus (18-20 June)

Book a Meeting
  • +357 2425 0808
  • Login
  • English

Home

Blog

Bitcoin will not be regulated in China a...

Bitcoin will not be regulated in China any time soon

Bitcoin will not be regulated in China any time soon

NetShop ISP

NetShop ISP · Blog Author

Jan 11, 2017 · Archive

It may be 2-3 years before bitcoin regulation in China, says the chief executive of digital currency exchange BTCC China Bobby Lee. His estimations were announced following the meetings between the People’s Bank of China (PBOC) – China’s central bank – and the major bitcoin exchanges in the country.

According to Reuters, Bobby Lee revealed that in contrary to the reports, PBOC did not cause pressure to curb the exit Chinese capital through bitcoin.
“No. Not as of yet… Nothing verbal or written to us,” Lee told the news agency.

Last week, the officials of PBOC met with BTCC, Huobi and OKCoin, China’s big bitcoin exchanges, and reportedly “urged the platform to behave in accordance with relevant laws and regulations.” The central bank also ordered BTCC China to perform “self-examination”. This directive was requested following “abnormal price fluctuations” of bitcoin, when the price had reached record highs followed by a steep drop.

You can buy bitcoin with yuan and then sell it abroad in exchange for foreign currencies. However, Lee pointed out that “to be honest, not many” investors were doing it. The Chinese yuan‘s price of bitcoin carries a premium to the price in other currencies, he noted.

“For that range, you’re not going to be able to do it at a good rate. You’re going to lose 10 percent of your money,” Lee said. “Maybe the individual household might buy 20,000 more dollars worth of bitcoin than their $50,000 (forex) quota, but that’s a drop in the bucket.”

The next step is for PBOC to discuss new or planned rules involving bitcoin. Bobby Lee estimates “it will be two to three years before China regulates bitcoin.”

Press Releases
74

Free VPS Trial

No Credit Card Required.

Recent Posts

How To Extend Root Partition using Home Partition space in CentOS

How To Extend Root Partition using Home Partition space in CentOS

30 May, 2024

NetShop ISP to Attend iFX EXPO International 2024 and Announce Global Infrastructure Expansion

NetShop ISP to Attend iFX EXPO International 2024 and Announce Global Infrastructure Expansion

23 May, 2024

TNFX Broker Partners with NetShop ISP to Offer Low-Latency Forex VPS to Traders

TNFX Broker Partners with NetShop ISP to Offer Low-Latency Forex VPS to Traders

14 May, 2024

How to Install Nginx, MySQL, PHP on Ubuntu 22.04 (LEMP)

How to Install Nginx, MySQL, PHP on Ubuntu 22.04 (LEMP)

10 May, 2024

How To Migrate from MongoDB Atlas to self-hosted Ubuntu 22.04 Server

How To Migrate from MongoDB Atlas to self-hosted Ubuntu 22.04 Server

15 April, 2024

#letushostyou

Award Winning Hosting Provider established in 2004.

120 Faneromenis Avenue, Imperial Tower, 2nd Floor, Larnaca 6031, Cyprus

Products

Bare Metal Servers

Customized Servers

Virtual / Cloud Servers

Forex VPS

Storage VPS

cPanel Web Hosting

Reseller Web Hosting

Colocation

Addons

Premium DNS

Email Hosting

Cloud Backup

DDoS Protection

Licenses

SSL Certificates

Domain Names

Premium SLAs

About Us

Data Center Locations

Looking Glass

Our Company

Contact Us

Careers in Cyprus

Become a Partner

Awards

Certifications

© 2024 S.S. NetShop Internet Services Ltd. All rights reserved.  Terms & Conditions  |  Privacy Policy
CY Reg. Number: HE 217340 | EU VAT Number: CY10217340J

Visa
Mastercard
PayPal
Revolut
Wire Transfer