2-3 Years Before Bitcoin Regulation in China, Says BTCC Chief

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Following the much-publicized meetings between China’s central bank and the country’s major bitcoin exchanges, the head of BTCC has claimed that it’ll be a few years yet before the bitcoin is regulated in the country.

The opinion comes alongside the notable revelation that the People’s Bank of China – the central bank – has not explicitly demanded that BTCC check capital outflows from the country.

Bobby Lee, the chief executive of BTCC made the revelations in an interview with Reuters. In response to a question if BTCC had received any direct pressure by the PBOC to curb the exit of Chinese capital through bitcoin, he stated:

No. Not as of yet…Nothing verbal or written to us.

Last Friday, the PBOC revealed meetings with BTCC, Huobi and OKCoin, China’s big bitcoin exchanges and warned the platforms to perform “self-examination” following “abnormal price fluctuations” of bitcoin. Prior to the warning, bitcoin price had reached record highs followed by a steep drop, showcasing the volatility that some naysayers have often pointed to.

Is the PBOC Sweating over

Read more ... source: CryptoCoinsNews

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