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I've been wondering if/when China would start tightening their rules. However I'm not entirely clear from the article exactly what the status of crypto in chin
by noneeeed 5y ago
I've been wondering if/when China would start tightening their rules.
However I'm not entirely clear from the article exactly what the status of crypto in china now is. It's not clear to me from the quoted statement if it is actually illegal to use crypto to pay for something or to hold or transfer it, or if it's something a bit more subtle and limited.
- powerapple 5y agobitcoin in China is mainly for speculation and money laundering. It is illegal for business to take bitcoins and operate exchanges. I don't think holding it or transferring it would be a problem, that's the base of bitcoin's decentralization. There are A LOT scams going on with all coins, people put money into it without knowing anything about cryptocurrency. If you read recent news about Evergrande, when Chinese people invest money for speculation, no one is considering the risk of losing money. I wonder if this has something to do with this.