Bitcoin may be Considered Virtual Property Under new Chinese Regulation

It looks as if we may finally see official cryptocurrency regulation in China. Although this discussion has gone on for some time, the conclusion may arrive in a day from now.Chinese sources claim the new guidelines will go into effect on October 1st of 2017. Although no one knows for sure what the regulation entails, speculation is running wild. China has lost its dominance in the cryptocurrency world, though, and new guidelines won’t change that by any means.

A lot of people are waiting to see what China will do with cryptocurrencies. With all exchanges halting CNY trading, some changes will be introduced, We do not know what these changes will entail exactly. JInse, a Chinese media outlets, seems to think cryptocurrencies will be classified as virtual property. That would be a rather interesting turn of events, as China would set a rather unusual precedent in this regard.

Chinese Cryptocurrency Regulation Remains a Mystery

More specifically, if this is true, all cryptocurrency will be legally protected in the country. Some experts claim the country’s regulators have always been working on making Bitcoin legal. However, there has been plenty of evidence clearly pointing in the other direction. The Asian country seemingly has a love-hate relationship with cryptocurrencies as of right now. Virtual property classification does make a lot of sense, though.

Moreover, it is unclear if the new regulation will be presented tomorrow. Insiders claim the process is expected to be finalized “soon”, yet there is no official date whatsoever. It is possible tomorrow will bring more clarity or more confusion. Only time will tell which of the two will turn out to be true in the end. All surviving exchanges should reopen their doors relatively quickly as well. Again, there is no official timeline or confirmation.

One thing a lot of people have forgotten is how China will not ban cryptocurrency. That has never been the intention, nor will it be in the future. Exchanges are scrutinized for money laundering concerns first and foremost. However, cryptocurrency trading was never halted. This means there is a bright future ahead for Bitcoin and altcoins in the Asian country. For now, no one knows what we can expect from the new regulation. All of this is a temporary measure, though, that much is certain.

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