Bitcoin regulation another two to three years: expert

It may be another two to three years before Bitcoin is regulated in China, says Bobby Lee, head of major bitcoin exchange BTCC.

Bitcoin has for a long time, been perceived to be an enabler for capital outflow in China given its soaring value and anonymity. 

Bobby’s comments come at a time when chinese capital outflow has been a particularly touchy subject - the most recent announcement coming from the Chinese currency regulator, imposing extra requirements for citizens to buy foreign exchange.

Bobby Lee - in his comments with Reuters, said while he and his company has not received any direct pressure on Bitcoin’s (and indirectly, his platform’s) perceived role in circumventing capital controls, Lee said he recently had a meeting with the Shanghai office of the People's Bank of China (PBOC), who came to better understand the platform and its operations.

In Beijing, the PBOC reportedly told two of China's other major bitcoin exchanges, not to mention the depreciating yuan when advertising their platforms.

However, according to Lee, while it is possible to buy bitcoin with yuan and exchange it with foreign currency - it’s generally not a viable option because of costs. Bitcoin is particularly expensive when buying with renminbi, he noted.

Lee says there wasn’t any new or planned rules regarding bitcoin discussed in his latest meeting, estimating it will be two to three years before China regulates bitcoin.

The price of bitcoin rose $8.62 on Tuesday, to US$908.53.

More news from this jurisdiction

South Korea, Mainland China, JapanTuesday, Mar 20, 2018

Mobile games are likely to grow by more than 8 percent per year through 2020, far outstripping growth for the PC and consoles, according to Daniel Kashti, chief marketing & commercial officer of Kama Games.

Macau, Mainland ChinaMonday, Mar 19, 2018

Zhuhai airport plans to add more flights to improve connectivity to the Macau region.

Mainland ChinaTuesday, Mar 06, 2018

Online sports lottery company,, said it has entered an accord with the China Sports Lottery Administration Center to jointly develop a physical ticket sales network.

Mainland ChinaMonday, Mar 05, 2018

MGM celebrated the start of the Chinese New Year with senior members of the Women’s General Association of Macau on March 3 with an exhilarating lion dance performed by MGM’s Junior Lion Dance Troupe and singing performances.

Mainland ChinaFriday, Mar 02, 2018

Sales in China lottery tickets surged 31.4 percent year-on-year in January, reaching around CNY38.3 billion, or US$6.1 billion, according to China’s Ministry of Finance.

Mainland ChinaSunday, Feb 25, 2018

A recent hike in price of the Macau transit visa issued in Zhuhai will have a minimal impact on overall visitation and GGR, said Morgan Stanley in a note on Friday.

Mainland ChinaSunday, Feb 11, 2018

Mainland Chinese police have busted an illegal casino in China’s Guangxi Zhuang Autonomous Region, arresting 104 gamblers, and seizing 535 gambling devices.