Can you translate your findings for the rest of the group
Pulling it through google translate, it ain't great news.
- Business and Financial instruments banned from bitcoinThis is COMPLETELY wrong. It only targets financial institutions, i.e. banks, insurance companies, etc.
What remains then ?! Its banned and its not a currency .
People can still trade and spend bitcoin. Exchanges will be regulated, not banned. ONLY financial institutions can not touch it.
People can trade it so what , so Bitcoin is just a speculative instrument ? What happens to mass adoption ? What happens to China lead ? What happens to a world currency ?
It is only financial institution can't involve bitcoin. Other business like Starbucks can accept it
Who cares ? Starbucks can accept what ever they want its like a coupon , that being said i doubt big businesses in China will accept BTC after this news , we shall see ...
Bottom line it is not a currency and it will not be treated as one ( according to China ) .