China is important to the future of Cryptocurrency. It is home to the largest Bitcoin mining companies and their citizens are fast adopters. Therefore, when the govenrnment of Mainland China’s put a blanket ban on cryptocurrencies everyone was worried.
Chinese authorities have always stayed negative to innovations, which could possibly threaten the country’s stability.They issued multiple crackdowns on the blockchain market in September 2017, including blanket bans on cryptocurrency trading and initial coin offerings
Circulation and Bitcoin Payments now Legal
Court documents obtained by cnLedger, China’s leading blockchain news outlet confirm that ownership of bitcoin is legal in China. According to the Shenzhen Court of International Arbitration, bitcoin and other digital assets are recognized as property, which allows individuals and merchants to store and pay with them without breaking any laws.
In a tweet that appeared on Oct. 25, cnLedger reported:
“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 of its property nature and economic value.”
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.”
This demonstrates that Chinese authorities are now ready for opening the country to the technological innovations by blockchain technology. While this news coming out of China could go a long way in steadying and even encouraging market participation.
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.
Bank of China to adopt blockchain technology
The People’s Bank of China (PBoC) is looking to recruit blockchain tech and legal experts as it continues development of its central bank digital currency. The job posts were made public as part of the central bank’s annual hiring for 2019.
Hotels accept Crypto
Crypto debit cards
Hong Kong blockchain start-up Crypto.com rolled out Asia’s first cryptocurrency Visa debit card. These cards will be usable whearever Visa cards are accepted. Kris Marszalek, Crypto.com co-founder and chief executive said,
“To holders of cryptocurrencies, having the peace of mind that you can readily convert back into fiat currencies and cash out is very important,”