China warms up to Bitcoin and cryptocurrencies: Holding and transacting now legal
|- Business to receive payments in Bitcoin while individuals allowed to hold and transact the asset.
- Mainland China is slowly but steadily warming up to the cryptocurrencies.
China has in the past one year been a no-go region when it comes to cryptocurrencies. There has been a series of crack downs targeting businesses and individuals involving themselves with the 21st century unicorn.
In spite of the pro-crypto approach the authorities have been having towards crypto, the government is steadily opening up to the virtual currencies. Last week a court in mainland China outline that merchants in the country were not banned from accepting Bitcoin as a means of payment. Similarly, citizens have been given the go ahead to hold and transact digital assets as a form of property.
Although this may seem as an insignificant step towards the adoption cryptocurrencies in China. It will definitely pave the way for future of cryptocurrencies in the world’s largest manufacturing hub. It seems that Chain banned the assets in order to control how the assets are used within its borders. The legalization of the assets could be a mirage for now, but it could come sooner than people expect.
The Shenzhen Court of International Arbitration ruled in a recent case stating that:
“CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”
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