By Roger Kim
Jinse, a Chinese media outlet, has reported that legislation regulating the use of cryptocurrency will come into effect on October 1, 2017, initially approved on March 15. Under the new law, cryptocurrencies such as Bitcoin will be classified as virtual property. However, this suggests that China will not completely ban cryptocurrency, as evidenced by Jinse: “regulators have never mentioned the issue of prohibiting bitcoin from beginning to end, that is to say, the government level does not think that there is a problem with the bitcoin itself.” Amidst the new legislation, China has also extended its ban on ICOs and forced the closure of all cryptocurrency exchanges within its borders.
Reference: Bitcoin.com
