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Virtual Currencies Expected to be Regulated in China on October 1st

Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th.

Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”

The incorporation of virtual currencies into China’s “General Principles of the Civil Law” legislation suggests that China’s recent crackdown on virtual currency exchanges will not be expanded into a nationwide prohibition on the use and possession of cryptocurrencies.
http://www.stocksmarketnews.com/virtual-currencies-expected-to-be-regulated-in-china-on-october-1st/