China's BTCC Welcomes Greater Bitcoin Exchange Oversight

In the face of increasingly diverse rumors, bitcoin exchange BTCC is taking an optimistic view of how domestic regulation may progress.

AccessTimeIconJan 10, 2017 at 5:00 a.m. UTC
Updated Sep 11, 2021 at 12:59 p.m. UTC

At least one bitcoin exchange in China is open to the idea that the digital currency could become more well-regulated domestically.

Speaking to CoinDesk today, BTCC CEO Bobby Lee greeted rumors that the People's Bank of China is considering ways to better supervise the industry with enthusiasm, while pushing back against the idea that recent conversations between its executives and the central bank were anything but ordinary.

The comments come in response to a report from China Securities Journal today in which the news source cited undisclosed sources that hinted a "third-party hosting platform" might be set up to better protect local investors.

Though Lee indicated he was not aware of such plans, he spoke to why a common platform may be beneficial.

"In China, stock exchanges are regulated and they have common settlement platforms," he said. "But for bitcoin we're starting at zero."

But, Lee said changes must go deeper than that. Since it was founded in 2011, Lee noted that his firm has been operating without a license.

He told CoinDesk:

"It's just like people who sell hats on the street, or sell umbrellas. Selling alcohol is a regulated activity, but bitcoin is not."

Lee voiced his enthusiasm the new attention the industry has received in the wake of notable price benchmarks would prove positive.

Lee said:

"This might be the magic year where the PBOC works together with us to have better regulation in China. We know bitcoin is not merely a virtual good, it's more important."

Yuan image via Shutterstock


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