China's digital currency legislation is expected to be approved in this month

Chinese media news website said that the laws governing the use of digital currency in China will be enacted

on October 2017.

The website stated that regulations concerning Chinese digital currencies were listed under the "General Principles of Civil

Law of the People's Republic of China", which was voted on March 15.

Digital currency legislation in the name of "digital ownership" as of October

The news website said that the general principles of the Civil Code of the People's Republic of China, which is expected to

come into force on October will implement regulations against digital currencies for the first time news report also notes that

digital currencies will be treated as "digital ownership" under Chinese law. "The digital currency of the Bitcoin can be classified

as a hypothetical asset," said Deng Jianping, a Chinese academic.

On the other hand, the inclusion of digital currencies in China's General Principles of Civil Law indicates that China's recent

campaign on digital currency platforms will not be expanded to include a nationwide ban on the use and possession of

encrypted digital currencies. According to the news report, this finding suggests that "the regulators never mentioned the

prohibition of the currency of the Bitcoin throughout this period, meaning the government has no problems with the currency

of the Bitcoin itself."

At the beginning of the month, (news.bitcoin.com) reported the Chinese government's announcement that it would extend its

ban on initial currency support operations (ICOs) and authorize the closure of all digital currency platforms operating in China.

All platforms were required to close their operations by October 1. However, there have been reports that both the Okcoin and

Huobi platforms will allow work to continue until the end of October. This week, the leading Betiquin trading platforms

stopped accepting deposits in Chinese yuan and digital currencies as well.

Although all trades will be suspended by September 31, 2017, the BTCC said it will continue to audit the drawbacks as of

October 31, 2017. The Chinese government's decision to stop all exchanges except for the Okcoin platform and Huobi led to

speculation that These two platforms will be the only exchange platforms that will allow them to continue working in China

after passing legislation.

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