Chinese Court Recognizes Bitcoin as Property

Asia Blockchain Review
July 31, 2019

A ruling handed down by China’s Hangzhou Internet Court on July 18th, 2019 recognizing Bitcoin (BTC) as digital property has sent ripples through China’s cryptocurrency community, raising questions of whether the Chinese government will shift its position on virtual currencies, crypto exchanges, and Bitcoin mining in the future.

Chinese Internet Court: Crypto is “Valuable, Scarce, and Disposable”

According to a report by Cointelegraph, BTC is now legally recognized by the local Chinese court, causing excitement for local members of the crypto community as the move might signal a positive policy shift by Chinese authorities.

Court documents revealed that the Hangzhou Internet Court ruled that cryptocurrency should be considered virtual property as it is “valuable, scarce, and disposable.”

Still, virtual currency experts remain doubtful as to the stance of the Chinese government, which recently announced a ban on local exchanges as well as initial coin offerings (ICOs). Due to these legal restrictions, residents in China are unable to trade crypto to fiat money.

China’s Strict Regulations for Digital Currencies

Meanwhile, other players in the cryptosphere are concerned that other crypto-related activities, such as mining and marketing may face a clampdown from the government. There have been reports that certain local government agencies in China have been discussing the possibility of banning crypto mining outright, with some administrative areas in the country having entirely banned the organizing of any event related to digital currencies.

Though the future of the crypto landscape in China remains unclear, this latest court ruling has complicated China’s stance on virtual currencies and has given hope to crypto enthusiasts.

Source: https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korea’s KT Develops Blockchain Halal Certification
Major South Korean telecom firm KT has announced its partnership with the Korea Muslim Foundation an...

October 18, 2019

WS Asia Pacific Opens New Office in Cambodia 
A new business consultancy with a focus on bringing small and medium-sized enterprise (SME) investme...

October 18, 2019

UAE Land Registry Makes Use Of Blockchain
The UAE government and private sectors are using blockchain technology to record and manage land reg...

October 18, 2019

Walmart Initiates Blockchain Project for Indian-sourced Seafood
Walmart has announced it is introducing a blockchain traceability project which will ensure the supp...

October 17, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us