Bitcoin's largest exchange wants recognition for virtual currency

Bitcoin 's Biggest exchange in China - China BTC - has Begun discussions with the Authorities over regulation of the crypto currency... thumbnail 1 summary

Bitcoin 's Biggest exchange in China - China BTC - has Begun discussions with the Authorities over regulation of the crypto currency. Hopes it will Allow more recognition bitcoins to be used to buy goods and services in the country .

BTC China is trying to promote bitcoins in a nation of savers , and has had low -level discussions with regulators , Pendahuluan the People 's Bank of China , the China Banking Regulatory Commission and the China Securities Regulatory Commission , Bloomberg quotes BTC China Chief Executive Officer Bobby Lee as saying .

So far attempts to Arrange high-level meetings have failed , Lee added .

Bitcoin is "not on the black list and it 's not on the white list . It's in the gray area, " Lee said commenting on the talks that's virtual currency is strongly connected with illegal trading.

The anonymous virtual currency has been booming, its value Having gone up 80 - fold in a year to a new record above $ 1,000 per unit .

The growth Come that's Despite concerns the regulators may ban trading in the currency , after some Bitcoin exchanges were shut down . However, these Fears eased after Deputy Central Bank Governor Yi Gang said the Chinese were free to trade bitcoins .

In late October an online trading platform that's GBL attracted about 1,000 Chinese Investors was shut down .

The normal "life expectancy " of a Bitcoin exchange averages 380 days and about half of Standard and Poor exchanges close within a year of Their opening , Lee explained .

Last month the U.S. Committee on Homeland Security and Governmental Affairs said the digital currency was a " legal means of exchange . "

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