Chinese state TV: OTC bitcoin trade violates the law

Chinese state TV: OTC bitcoin trade violates the law

OTC (peer to peer) trading bitcoin could violate Chinese law.

At least, so say the leading China Central television (CCTV). This view was expressed on channel Financial Channel this week, during a discussion of the recent rise of the price of bitcoin above $ 10,000.

Recalling the growth of the OTC business in China as one of the possible reasons for growth, the presenters expressed concern about this practice.

Known Chinese presenter and financial analyst, even If Kanu was reached that stated that the function of some of the cryptocurrency exchanges on the market, such as Huobi Pro, which even provides a detailed guide on how to do it, bypassing law enforcement and violate the PBoC regulation, which prohibits any transactions between cryptocurrencies and Fiat money.

Another commentator, Wang zhe, chief economist of China National Gold Group Corp., Central state company which manages the gold production in the country, supported the view Whether.

Not every peer-to-peer trade is necessarily illegal, but to provide guidance on peer-to-peer trading no doubt is a violation of law.

The CCTV channel is a public channel and one of the official mouthpieces of the government and the Communist party of China. Although the program itself was not voiced statement of the government on this subject, the General tone of the transmission and the statements of leading a lot of talk about the attitude of the official authorities of China to the OTC trade bitcoin.

After the ban of the Central Bank of China on the holding of ICO and the suspension of cryptocurrency exchanges in China, the major exchanges, including Huobi and OKCoin, have changed focus and moved on to peer-to-peer trading – Huobi Pro and OKEx, providing opportunities for residents of mainland China to buy and sell crypto-currencies with the Chinese yuan through Bank transfers.

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