China Releases First Regulatory Report on Bitcoin Businesses
After months of regulatory uncertainty in the Chinese Bitcoin community, the People's Bank of China has announced their first major report regarding the legal and regulatory status of Bitcoin. The document, which can be seen as a parallel of the similar report drafted by FINCEN in March this year, is the first to officially classify Bitcoin in the eyes....
Related News
China's crackdown on bitcoin threatens to undermine the industry's global economy, according to a new US government report. Drawing a contrast between the actions of domestic authorities to "investigate and regulate bitcoin without restricting its use" and the recent, restrictive steps taken by the Chinese government, the United States-China Economic and Security Review Commission report concluded: "If Chinese regulators successfully prevent Chinese users from accessing bitcoin, the global bitcoin market will face continued price declines, significantly decreased trading volumes and....
The folks over at BTC China - now the world's largest bitcoin exchange - are apparently in talks with Chinese regulators in hopes of getting Bitcoin accepted and approved as an "official currency", according to a Monday report by Business Week. These talks, described as "low-level", would allow the use of the digital currency for the buying and selling of goods in the People's Republic of China, Reported members of these talks include officials from the "People's Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission." BTC China head honcho....
The Bitcoin Foundation on Wednesday announced they are releasing what they are calling a 'Primer on the Law of Jurisdiction', which aims to assist both small businesses and start-ups manage their regulatory obligations. The five-page document was commissioned by Robert A. McFarlane, partner and chair of technology law practice at Hanson Bridgett LLP in San Francisco. The primer is designed to help businesses in the digital currency realm avoid making themselves subject "burdensome" regulations that would be considered as unfriendly to both bitcoin and digital currency altogether. The....
In mid-May, a report stemming from residents in Shenzhen, China explained that the digital yuan wasn’t seeing widespread participation, which the Chinese government has alluded to in many press releases. Now a handful of China’s state-owned banks have asked staff to recruit 200 to 300 digital yuan users. The banks are also giving away small presents in order to tempt the customers into leveraging the central bank digital currency (CBDC) wallet. Chinese Banks Are Now Luring Customers Toward the Digital Yuan Similar to how banks try to sell services to customers like loans,....
According to the International Monetary Fund (IMF), China needs to control its corporate debt before the situation becomes unmanageable. Does bitcoin hold the answer? A report from the IMF has found that at $25 trillion, China’s debt accounts for 254 percent of GDP. As a consequence, startups and businesses could soon turn their attention to the growing popularity of bitcoin. Of course, China isn’t the only country that is experiencing a high percentage of GDP. CNN reports that the U.S. also has a similar percentage, but what sets China apart is the rate at which it has been growing. A....