The Chinese authorities do not plan to completely ban bitcoin in the country

The arbitration Commission of Beijing, a non — profit organization that deals with disputes of economic entities, — said her analysis of the situation in China shows that the country’s authorities do not intend «to ban bitcoin». Their understanding of how the legal regulation of cryptocurrency in China, the Commission outlined in a special report.

The report States that, as in other countries, China’s Central Bank is considering local currency (in the case of China digital yuan) as the only means of payment. A similar status of cryptocurrencies de facto exists in the United States, which recently confirmed Washington lawyer Jake Czerwinski.

However, unlike the US, China prohibits those companies that use the process of issuing tokens as a funding tool, «get out» of cryptomeria in the field of conventional funds. Exactly the same limitation exists for work of trading platforms. Thus, the Chinese authorities forbid us to consider the cryptocurrency as a form of money, but recognized her the status of «virtual goods».

This de facto and the status is not accurate in nature, judging how to apply the civil law of China against bitcoin, as one of the most popular cryptocurrencies in China. We are talking about the fact that in each case, the courts of China consider the specific economic argument and based on all of the nuances to determine how to treat bitcoin and other cryptocurrencies.

Unlike Switzerland, where the authorities decided to directly apply the General commercial law for the regulation of cryptocurrencies in China, the question of digital assets rendered as if the brackets of the existing civil law with the amendment that the whole sphere of the amount of cryptocoins should administer a special law. However, China has not adopted such legislation. All this, however, did not prevent the development of bitcoin mining in the country, with the result that local miners the oldest cryptocurrencies in the world now control 65% of the total hash rate yet this kryptonite.


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