Post
Topic
Board Legal
Re: What would people face in china if they buy crypto ?
by
iamTom123
on 05/10/2017, 04:50:08 UTC
What would people face in china if they buy crypto ?

Nothing,there is no law or even a newspaper article that forbids people to trade or buy cryptocurrencies it is the banks and the trading platforms such as exchanges that are targeted if you cannot convert or sell/buy cryptocurrency,you will not be using it,so there is no reason to punish common folks it is much easier and effective to ban exchanges and banks from dealing with it and then punish those that do not comply

So far, I still have to read any news that the government filed a case or penalized anybody who retained his share of any cryptocurrency. What I understand is that the government knows that banning Bitcoin itself can be so hard to implement so they did it indirectly by banning ICOs and Bitcoin exchanges as certainly without these infrastructure people can start getting out from their crypto investments. However, we understand that the Chinese government retains full control of the lives of its people, there can still be many who will continue on dealing with cryptocurrency but they also feel the pressure. We are then hoping that soon the government would reverse its decision and instead would come up with a strict and better regulatory framework which crypto players can do business in.