BTC China Attempting to Legalize and Obtain Official Status for Bitcoin

The BTC China is actively involved in making the bitcoin recognized by the country and its government. The idea is to ensure the stability for users, who would like to make regular everyday payments for goods and service with the virtual coin.

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BTC China Attempting to Legalize and Obtain Official Status for Bitcoin

The BTC China is actively involved in making the bitcoin recognized by the country and its government. The idea is to ensure the stability for users, who would like to make regular everyday payments for goods and service with the virtual coin. Now the board of the exchange holds discussions with the regulators. As the spokes partner are seen the People’s Bank of China, the China Regulatory Commission and the China Securities Regulatory Commission. These organizations were named by the BTC China representative Bobby Lee on the 29th conversations held could be named as low-level and might lead to meeting with higher-level specialists.

The tendency around the virtual coin community is very favorable to start some new movements towards the legalization of the matter and acceptance as a currency that can be used under the same conditions as any other fiat. Sometime earlier the deputy governor of the China’s People’s Banks, Yi Gang has said that the bitcoin is not a fair method of exchange that will be now recognized by the country, but the population of the country is allowed to use it. The opinion voiced sees the currency as a commodity, but not a payment method. Still, it is not impossible that in the closest future the position and attitude might change in favor of the coin.

Another voice speaking of progress and positive future is the exchange rate of the coin – the price has risen and reached an all0time high in the beginning of December. The officials’ statements on the situation removed the currency from the black list, but still were unable to introduce it to the white list. It is still somewhere in the middle, in the grey area. As we now there are at least “fifty shades of grey” that have to be passed for the virtual money.

Current happening as the closing of Silk Road and several others do not make the good reputation of the coin. Now the exchange GBL, which was supposed to be from Hong Kong, but was found in the midland of China, has suddenly stopped working and the developers have disappeared with about 4 million dollars. The weighted lifetime of such exchange service is believed to be around 380 by the experts of the field. This statistics also do not contribute to creation of a shining and bright image of the crypto currency branch.

Still the authorities of China plan to continue to monitor the environment as they see it as a good instrument to support China’s financial reforms aiming to diversify the currencies offered and used by the population.

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