Enable Remote Collaboration - FREE 30 DAYSOrder Work@Home Bundle
Enable Remote Collaboration - FREE 30 DAYS

Order Work@Home Bundle

Bitcoin will not be regulated in China any time soon

Bitcoin will not be regulated in China any time soon

Bitcoin will not be regulated in China any time soon

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.”

Related Articles

Recent Posts

Amsterdam Netherlands Data Center NETSHOP ISP
NetShop ISP Shortlisted in SBC Awards 2020
SiGMA Group Launches SiGMA Europe VIrtual Summit for iGaming

© Copyright 2004-2020 S.S. NETSHOP INTERNET SERVICES LTD trading as “NetShop ISP”. All rights reserved.

If you have found a spelling error, please notify us by selecting the text and pressing Ctrl+Enter.

Insights iGaming

Webinar Series

29 October 2020
15:00 CET

Forgot Password? Click here

Not a Client Yet?

Spelling error report

The following text will be sent to our editors: