Crypto News

Bitcoin legal status in China

Chinese law officially acknowledged the possession of military-technical cooperation and associated legal rights.

Provincial court of Hangzhou has confirmed the status of Bitcoin as a “virtual property” in accordance with the principles of civil law of the people’s Republic of China.

It doesn’t make the first cryptocurrency legal tender in the country, but only recognizes its virtual property and protects holders of VTS from litigation over the ownership of an asset.

The people’s Bank of China, the main regulator of cryptocurrency in the country, confirmed that the PTS actually received the status of ownership, however, was not currency. This is not the first positive decision regarding the legality of possession of digital assets. Last year,the arbitration Commission Shenzhen ruled that “cryptocurrency should be protected by law”, and the possession and transmission from one person to another – legal.

However, China is taking more measures to combat the various activities associated with the cryptocurrency, starting from the prohibition of Soi obstacles for the activities of miners,and ending with a nationwide ban on access scriptability resources. China, apparently, can be considered the most strict regulator. That is why the adoption of the legality of the possession of a digital asset in this market is extremely important for the entire industry.
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