Re: Did China just legalize Bitcoin, clarify regulation, for its free market use?
Please "analyze what it legally says", aside from the translations you provided, which state that it should not be treated like a currency, and can not be used as a currency, but rather as a speculation vehicle at their own risk.
Does china also say that their Yuan should not be treated like a currency, that purchases cannot be made with it like currency, and it is a speculation vehicle to be used at their own risk?
Does china also say that their Yuan should not be treated like a currency, that purchases cannot be made with it like currency, and it is a speculation vehicle to be used at their own risk?
My father once told me that a contract can't take advantage of any party, otherwise it is invalid. In other words, everything must be transparent, otherwise we can go to court.
You are assuming that the legal definition of a currency is that "all things on the market can only be purchased using currency and never with barter".
That is a patently false assumption.
The typical definition of legal tender has to do with finance not what merchants can accept:
Quote
noun
1.
coins or banknotes that must be accepted if offered in payment of a debt.
1.
coins or banknotes that must be accepted if offered in payment of a debt.
The document clearly communicates the purpose which is to identify Bitcoin as a (virtual) commodity (without any backing) and not as a currency that can participate in the government backed financial system i.e. a financial system created out of debt and based on debt. It communicates that the government has an obligation to control currencies, because it safeguards the public interest (with for example deposit insurance and central bank liquidity). Thus it is not appropriate for the government to be responsible for backing up losses due to financial activities on Bitcoin when in fact it is a global and the government has no capacity to create BTC liquidity out-of-thin-air. And the document communicates that the best the government can do is education, money laundering oversight, and exchange regulation.
The document is more of an admission of defeat (that the government can't control the backing of Bitcoin any more than it can mine gold at 0-cost) and defining the limitations of government w.r.t. to decentralized proof-of-work.
China could shutdown QQQ because it was completely created within the country. They can't stop the creation and use of Bitcoin outside their borders (or even within), thus it is fruitless for them to attempt to shut it down, they would just force all activity to the underground economy. Much better for China they regulate the exchanges.
Note I worked with the English translation on Reddit, and I assume it has been peer reviewed by many who do speak Mandarin.
Dude, Anonymint's Dad is a lawyer. Get it? :-D
You make a fool of yourself for everyone to see.
You were the only one without the ignore in two pages 
, ruining the scenery.
, ruining the scenery. Enjoy the ignor(ing)ant bliss.