{"id":311,"date":"2013-12-02T15:29:00","date_gmt":"2013-12-02T15:29:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/btc-china-in-discussion-with-regulators\/"},"modified":"2020-11-22T03:34:55","modified_gmt":"2020-11-22T01:34:55","slug":"btc-china-in-discussion-with-regulators","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2013\/12\/btc-china-in-discussion-with-regulators.html","title":{"rendered":"BTC China in discussion with regulators over Bitcoin recognition"},"content":{"rendered":"

(CoinDesk<\/a>) The world\u2019s busiest bitcoin exchange, BTC China, has been in talks with regulators to approve bitcoin as an official currency, according to<\/a> Bloomberg Businessweek<\/em>.
\nWhile there have been some \u2018lower-level\u2019 discussions, the company has not yet had any success arranging high-level meetings, said BTC China<\/a>\u00a0CEO, Bobby Lee.
\nThis isn\u2019t surprising, given the reluctance of governments worldwide to make official statements about the currency\u2019s legal status.<\/p>\n

<\/div>\n

To grant official approval would likely cause a spike in activity, with many fearing activity on such a grand scale could undermine one of government\u2019s key economic powers: overseeing fiat currencies. This hasn\u2019t stopped a recent flurry of interest from high-level government officials, as bitcoin\u2019s value soars too high to ignore. At the time of writing, the bitcoin price on BTC China was 6,267 CNY, or $1,027. Mt. Gox<\/a>\u2019s price was $1,050, and it was around $990 on the Coindesk BPI<\/a>. The upper echelons of government feature many opinions on bitcoin, including some that have shifted over the years. Senator Chuck Schumer, who in 2011 described bitcoin<\/a> as \u201can online form of money laundering,\u201d and called for a crackdown, recently tweeted<\/a> that the cryptocurrency had \u201csignificant potential\u201d. Deputy governor of China\u2019s People\u2019s Bank, Yi Gang, hinted at<\/a> a personal (unofficial) approval of bitcoin exchanges and people\u2019s ability to trade in and out of digital currencies, but also said it would be impossible for the central bank to recognise bitcoin \u201cin the near future\u201d.<\/p>\n

BTC China has taken Gang\u2019s comments on board, and Lee has continued to hold discussions with local regulators. He has also answered questions about how bitcoin should be regulated, remaining optimistic about the long-term, describing bitcoin\u2019s current status as:<\/p>\n

\u201cNot on the black list and not on the white list. It\u2019s in the grey area.\u201d<\/i><\/p><\/blockquote>\n

In the bitcoin universe, anything short of a call for blacklisting can be taken as progress. But while its \u201cgrey area\u201d status allows exchanges and payment processors to function reasonably well at the moment, many think some form of recognition and subsequent regulation is necessary for bitcoin to gain widespread acceptance.<\/p>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(CoinDesk) The world\u2019s busiest bitcoin exchange, BTC China, has been in talks with regulators to approve bitcoin as an official currency, according to Bloomberg Businessweek. While there have been some \u2018lower-level\u2019 discussions, the company has not yet had any success arranging high-level meetings, said BTC China\u00a0CEO, Bobby Lee. This isn\u2019t surprising, given the reluctance of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,153,542],"tags":[764,840,1201],"yoast_head":"\nBTC China in discussion with regulators over Bitcoin recognition -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2013\/12\/btc-china-in-discussion-with-regulators.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC China in discussion with regulators over Bitcoin recognition\" \/>\n<meta property=\"og:description\" content=\"(CoinDesk) The world\u2019s busiest bitcoin exchange, BTC China, has been in talks with regulators to approve bitcoin as an official currency, according to Bloomberg Businessweek. 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