Virtual currencies to be regulated in China From 01 October

[Ripplestil]

https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/?utm_source=OneSignal+Push&utm_medium=notification&utm_campaign=Push+Notifications

[kenrino]

Journalism is really bad nowadays, they write purely on speculation or what is in their best interest.

China won't probably allow exchanges for a long time, the two remaining exchanges (who already stopped accepting new clients & funds) will close for sure. China wants to focus on their local currency / economy. Now sure they won't/can't ban crypto per se.

Edited September 30, 2017 by kenrino

[GiddyUp]

I guess we'll know more tomorrow, it may be the case that the Chinese government found the two most compliant exchanges and will allow them to operate under strict regulation.

From the article:

Jinse (Chinese media outlet) has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law.

The Chinese government’s decision to cease the operations of all cryptocurrency exchanges except for Okcoin and Huobi right before the nation’s virtual currency regulations are set to come into effect, has led to speculation that the surviving exchanges may be the only cryptocurrency exchanges permitted to operate in China moving forward.

 

[kenrino]

The english article is mixing fact from the chinese article with rumors, the chinese article says nothing about the exchanges. All the documents I read in chinese point to a shutdown of those last two exchanges next month (well they're already nearly closed anyway).