Keep up with the news by installing RT’s extension for . Never miss a story with this clean and simple app that delivers the latest headlines to you.

 

Bitcoin's largest exchange wants recognition for virtual currency

Published time: December 02, 2013 14:12
Software engineer holds physical Bitcoins (AFP Photo / George Frey)

Software engineer holds physical Bitcoins (AFP Photo / George Frey)

Bitcoin’s biggest exchange in China – BTC China - has begun discussions with the authorities over regulation of the crypto currency. It hopes more recognition will allow bitcoins to be used to buy goods and services in the country.

BTC China is trying to promote bitcoins in a nation of savers, and has had low-level discussions with regulators, including the People’s Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission, Bloomberg quotes BTC China Chief Executive Officer Bobby Lee as saying.

So far attempts to arrange high–level meetings have failed, Lee added.

Bitcoin is “not on the black list and it’s not on the white list. It’s in the gray area,” Lee said commenting on talks that the virtual currency is strongly connected with illegal trading. 

The anonymous virtual currency has been booming, its value having gone up 80–fold in a year to a new record above $1000 per unit.

The growth comes despite concerns that regulators may ban trading in the currency, after some bitcoin exchanges were shut down. However, these fears eased after Deputy Central Bank Governor Yi Gang said the Chinese were free to trade bitcoins.

In late October an online trading platform GBL that attracted about 1,000 Chinese investors was shut down.

The normal “life expectancy” of a bitcoin exchange averages 380 days and about half of such exchanges close within a year of their opening, Lee explained.

Last month the US Committee on Homeland Security and Governmental Affairs said the digital currency was a “legal means of exchange.”


Comments (8)

 

Joop Kiefte (LaPingvino) 06.03.2014 12:06

Abinico Warez 05.12.2013 21:39

Bitcoin is a fake, a fraud, a scam, and an illusion. Try buying something tangible like gold bullion or land with bitcoin - good luck, not that it's impossible, just have to find a seller who's as bitcoin deluded as you.

  


There are a lot of people offering gold for Bitcoin actually. About buying land: it doesn't make a lot of sence to sell land online in any currency, but how about going into space?

 

Peter Luis Venero 09.12.2013 06:18

Abinico Warez 05.12.2013 21:39

Bitcoin is a fake, a fraud, a scam, and an illusion. Try buying something tangible like gold bullion or land with bitcoin - good luck, not that it's impossible, just have to find a seller who's as bitcoin deluded as you.

  


And what do you think the USD dollar, and all other fiat currency is? That's not backed by any gold or bullion, so why would bitcoin be any different?

 

Peter Luis Venero 09.12.2013 06:17

DHS said the digital currency was legal?? *shock* And there I thought they would jump on it like it was nobody's business.

View all comments (8)
Add comment

Authorization required for adding comments

Register or

Name

Password

Show password

Register

or Register

Request a new password

Send

or Register

To complete a registration check
your Email:

OK

or Register

A password has been sent to your email address

Edit profile

X

Name

New password

Retype new password

Current password

Save

Cancel

Follow us