News Snapshot:
China’s policy approach to cryptocurrency is pretty clear. It’s not allowed. While there have been ways to skirt the rules the vice has been tightening for quite some time now. A recent statement by the People’s Bank of China clarified things: “Bitcoin and other virtual currency transaction hype activities … [have been] disrupting economic and financial order, breeding money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities, and seriously endangering the safety of people’s property.” [translated] The “notice” stated that virtual currencies that are issued by non-monetary authorities, use encryption technology, distributed accounts or similar technologies,...
