When the BTCC Founder (A Chines Bitcoin Exchange) embraces government regulations, you might want to consider how ‘liberty enabling’ Bitcoin really is. For those who seek to use digital currency to go outside ‘the system,’ Bitcoin, in the long run, might not be the ‘safe’ place to go.
This isn’t the first embrace by leaders in the BItcoing community, and, I’m betting, it won’t be the last.
This week Bobby Lee, founder and CEO of the China-based bitcoin exchange BTCC, warned that cryptocurrencies should be regulated or they will “run amok from society.” The conversation follows the recently introduced bitcoin-related regulatory policies administered by China’s central bank.
Bobby Lee, CEO of the Chinese Bitcoin exchange BTCC.
Since January the People’s Bank of China (PBOC) has been enforcing strict rules towards bitcoin trading platforms in the country.
The central bank worked with the top three Chinese bitcoin exchanges Okcoin, Huobi, and BTCC to establish new AML/KYC regulatory requirements. This included the ending of margin trading and zero-fee trades, alongside video identification requirements and the possibility of onsite verification for opening an exchange account. This week Bobby Lee, CEO of exchange BTCC, told CNBC’s broadcast “Squawk Box” that if cryptocurrencies are not regulated, things might get out of hand.
“I think regulation is much needed for this new asset class because otherwise, it’ll run amok from society,” explains Lee. “But the challenge is how to craft the rules around this new technology.”
“I think it’s taking the lawmakers and regulators some time to wrap their minds around it, and to come up with the appropriate rules and laws to govern companies, how we do business, to govern individuals and how people conduct business online.”
This week Bobby Lee founder and CEO of the China-based bitcoin exchange BTCC warned that cryptocurrencies should be regulated or they will “run amok from s