China and Crypto

Legal Notice: I am not a lawyer, nor am I any sort of legal council for anyone.

China and CryptoIf you have been online at all in the past few weeks and are at all present in the cryptocurrency community. You may have noticed a great deal of news and misinformation about the legal status of cryptocurrency in China. Everything I am writing here is accurate as of October 7th, 2017 at the time 11:50 CST.

The Facts:

  1. There is a ban on the sale and purchase of cryptocurrencies on exchanges and in person. Source (WSJ)
  2. There is a large amount of money and hashpower based in China, so there is economic incentive to not completely ban the currency.
  3. Exchanges will be blocked

The Not-So-Facts

  1. Trusted Sources close to the Chinese Government may allow for licensing of exchanges and coins. Source (CryptoCoin & CNNews)

The Speculation

Below is some information that is being speculated by a large amount of the cryptocurrency community.

  1. China will create it’s own currency
  2. Licensing will require backdoors

This is not an exhaustive list, comment what you want added with a source if applicable.