CEO (Bobby Lee) of the world’s largest bitcoin exchange, BTC China, laid out the implications of the Chinese crackdown on the virtual currency, speaking at Inside Bitcoins conference/expo in Las Vegas:
“If bitcoin is not a currency in China, as a state, only recognizes one single currency, which is the RMB. So, therefore all merchants, stores, and services can only accept the RMB. And since bitcoin is not a recognized currency, it’s a logical conclusion that China, for now, will not allow goods and services to be sold and paid for by bitcoin.”
Bobby Lee says that he’s not expecting the ban to be lifted any time soon, and clarifies that the Chinese government has made it clear that goods and services are not to be priced in bitcoin. This, according to Lee, applies to both financial institutions as it were, along with other businesses.
BTC China remains safe, however, given they’re not actually pricing a product, and only serve as an exchange. With this news, some are left wondering what interest the Chinese could possibly have in bitcoin anymore.
The answer may only come with time.