Bitcoin is Not Illegal in China, Says BTC China chief executive Bobby Lee

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Bitcoin is Not Illegal in China, Says BTC China chief executive Bobby Lee
Bitcoin is Not Illegal in China, Says BTC China chief executive Bobby Lee

Bitcoin is Not Illegal in China, Says BTC China chief executive Bobby Lee

BTC China chief executive Bobby Lee says that even though the PBoC (People’s Bank of China) has done everything within its power to dissuade businesses and individuals from using Bitcoins, there’s still no law on the books saying it’s banned. He says that Bitcoin is not illegal in China; however, the government must not kill the Bitcoin companies.

The various activities that forced some Bitcoin companies to shut their operations have been condemned by Bobby Lee. A general observation is that the average lifespan of mainland-based virtual currency businesses is just nine months. This is an indication that there is always a Damocles’ sword hanging on Bitcoin companies.

Though Beijing has been successful in limiting financial activity outside the official banking system, a dozen Chinese Bitcoin exchanges have gone bankrupt or shut down in the past 12 months. This has horrified many investors who want to put in their money in Bitcoin startups that can give life to Bitcoin ecosystem in China.

A lot of Bitcoin companies have been forced to operate under losses and many of them could not survive and had to shut their offices. Bobby Lee said that the People’s Bank of China wants to suppress and control Bitcoin so it doesn’t go crazy or wild. This according to him is actually a sad story as in each case people lose their money as no money is left with exchanges.

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Hong Kong Emerging as the Choicest Place for Bitcoin Companies

Bobby Lee was speaking at Inside Bitcoin Conference in Hong Kong which saw more than 500 participants. He said the exchange failures had damaged the industry and prevented wider adoption of the currency. He is not entirely wrong as on Sunday itself, police were investigating the Hong Kong Crypto Exchange.

According to reports Hong Kong Crypto Exchange allegedly took away Bitcoins worth tens of thousands of dollars. Lee who has also worked as Walmart China executive has a piece of suggestion for ordinary people as he says that they should not buy Bitcoin as it is extremely volatile and this is going to continue for a decade and more.

A dramatic change in Bitcoin landscape in China is that a crackdown by the PBOC has resulted in Hong Kong emerging as a possible haven for the virtual currency community. Lee says that the number of salons, Meetup, and other events has remained steady or even increased, recently and that show, Bitcoin is going to stay here.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com