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

Chinese media website Jinse.com said that the laws governing the use of digital currency in China will be enacted on October 1, 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 were voted on March 15.

Digital currency legislation in the name of "digital ownership" as of October 1
Jane's 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 1, will implement regulations against digital currencies for the first time. Jane's report also notes that digital currencies will be treated as "digital ownership" under Chinese law. "The digital currency of Betquin can be classified as a virtual asset," said Chinese academic Professor Deng Jianping.

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 Jane's report, this finding suggests that "the regulators never mentioned the prohibition of the currency of the Betquin throughout this period, meaning the government has no problems with the currency of the Betquin itself."

Jeans said the stop-shop campaign was motivated by "small platforms that do not seriously implement AML requirements and customer knowledge policy." The report also refers to the decision to allow the reopening of China's major digital exchange platforms after the People's Bank of China (PBOC) investigations, which means that the recent campaign on the trading platforms was temporary and should not be interpreted as a general ban on digital currencies.

Two Chinese Bitquin trading platforms will be operational after the legislation is announced
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.