Banking Regulatory Commission doesn’t plan to regulate Bitcoin in China for now, says article

Last updated on January 2nd, 2018 at 12:00 am

China’s Banking Regulatory Commission will not regulate Bitcoin in the country for now. At least, that’s what an article published on the Chinese website Sina says.

After the giant Baidu started accepting cryptocurrency this week, it wouldn’t be so strange if China started looking at the virtual coin with a new set of eyes, but apparently that won’t be happening so soon. Brian Cohen, from the Bitcoin Magazine, broke the news to the cryptocurrency community via Twitter, this Thursday (17), with the message “China Banking Regulatory Commission: “no plans to introduce regulatory policies for Bitcoin”.

The message came with a link to the Chinese article, where it’s possible to read that a reporter called the Banking Regulatory Commission during this week and the institution told him there were currently no plans to regulate cryptocurrency in the country.

However, the article also says that several experts are encouraging the Chinese government to quickly decide whether Bitcoin should be considered legal or not. These same experts talked about more supervision and management improvement, in case the authorities decide Bitcoin is legal.

On the other side, if the verdict determines cryptocurrency will be illegal, trading must be shut down as quickly as possible to prevent further damage to the interests of investors.

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