“Sporadic” P2P Bitcoin trading is likely legal in China, a senior lawyer told the national press in unusually optimistic comments this week.
Keep Bitcoin Exchange ‘Occasional’ in China
Speaking to BJ News, Sa Xiao, Council Member at the Bank of China Law Research Association, argued that China’s current regulation of virtual property includes the right to trade it as the owner sees fit.
The perspective runs in sharp contrast to the current mood among authorities in China, who have enacted an official ban on cryptocurrency trading, ICOs and more.
Ownership of crypto, including Bitcoin, has never been illegal as defined by law, meanwhile, something Xiao confirmed.
“Xiao considers occasional exchange of bitcoins between individuals and (other) individuals is legal,” Twitter-based Chinese crypto news resource cnLedger summarized, paraphrasing BJ News.
…Xiao also believes if one runs BTC trading as a business and has caused significant customer losses (with) serious consequences, the possibility of punishment…