Individuals and Businesses in China Can Now Own and Transfer Bitcoin Legally

2018-10-30 18:13

CoinSpeaker
Individuals and Businesses in China Can Now Own and Transfer Bitcoin Legally

Chinese crypto ban is already in the past, with the recent news reported by CnLedger, a trusted cryptocurrency news source in China, according to which cryptocurrencies have been legally accepted as a payment method by the Shenzhen Court of International Arbitration.

Chinese authorities have always stayed negative to innovations, which could possibly threaten the country’s stability. In order to protect the national fiat currency Yuan from devaluation and to control spiraling fraud and scams in the sector that would destabilize the economy, a strict ban was put on all kinds of crypto transaction operated within the region.

Now, according to the Shenzhen Court of International Arbitration, Bitcoin has been officially recognized as a  property. This resolution lifts the ban and allows individuals and businesses to own and transfer Bitcoin without being in conflict with existing financial regulations:

“Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because ofits property nature and economic value.”

This demonstrates that Chinese authorities are now ready for opening the country to the technological innovations by blockchain technology.

Having analysed the court documents, Katherine Wu, a cryptocurrency researcher at Messari, stated that due to the decentralized nature of Bitcoin that provides financial freedom and economic value to the owner, the asset can be officially recognized as a property:

“The Party contends that Bitcoin has characteristics of a property (SOV), can be controlled by the owner, and has economic value to the owner. It does not break any laws. This arbitrator agrees. In the arbitrator’s view, whether or not bitcoin is legal, the circulation and the payment of bitcoin is not illegal. Bitcoin does not have the same rights as fiat, but that does not mean that holding or paying with crypto is illegal.”

The news follows the recent draft of the policy release, which was published by Cyberspace Administration of China, the country’s internet regulator.  This regulation forces blockchain services to request the real names of their users as well as their national IDs.

Cryptocurrencies are becoming officially accepted across China. Early in October, China’s oldest technology publication Beijing Sci-Tech Report (BSTR), a respected media company in the country, has announced that its readers will be able to purchase yearly subscribtion to the magazine for Bitcoins, starting from the year 2019. The magazine has estimated the price at 0.01 BTC (around $65), and promised to prevent the readers from the cryptocurrency’s volatility by compensating them the relevant sum in case Bitcoin’s rate rises.

Several hotels across Chinese big cities have also started to accept crypto payments. Ethereum Hotel even provides merits and discounts to those that pay for their services using Ethereum.

Individuals and Businesses in China Can Now Own and Transfer Bitcoin Legally

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