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Bitcoin and other crypto coins in China are legally acceptable

With a court decision in China, Bitcoin was recognized as a property and this allowed Chinese vendors to accept legally crypto coins.

According to CnLedger, a reliable source of crypto money developments in China , sellers in the country can accept crypto coins as a legal means of payment.

Shenzhen International Court of Arbitration recognized Bitcoin as a property. In this way, individuals and businesses will be able to own and transfer Bitcoins without conflicting with the existing financial regulations.

”Chinese laws do not prohibit the possession and transfer of Bitcoin, which must be protected by law, because of the nature and economic value of the property, the Shenzhen Court ruled.

The court also confirmed that Bitcoin was protected by law.

The use of Bitcoin in China as a method of circulation and payment is not illegal

Katherine Wu, who was doing research on the crypto-money field, analyzed the court’s decision and explored the rationale behind the judge’s definition of Bitcoin as a property.

Wu said that Bitcoin could be considered as property because of its centralized structure and financial value, providing financial freedom. Wu said that Bitcoin did not violate any law because it met the conditions of the property – having one owner and one economic value for the property to be property – and that the judge was in that opinion.

For this reason, the court emphasized that Bitcoin and other major crypto currencies are not illegal, rather than the legality and the means of payment. This means that sellers can freely accept crypto coins as a payment method without violating local laws.

Earlier this month, China’s respected media company BTSR announced plans to accept Bitcoin for its annual subscription. This is aimed at encouraging and implementing Blockchain. BSTR has announced that starting from 2019, the annual subscription to its magazine will be sold at a price of $ 65 BTC for $ 65. Although the price of BTC has risen significantly in the future, it will compensate its customers.

Many hotels in China’s largest cities also began accepting crypto coins. One of them is the Ethereum Hotel. This hotel also provides a discount for those paying to Ethereum.

What does this data tell us about China?

Given the optimistic stance against China’s Blockchain technology and the positive comments made by government-related government agencies, it has become more evident that China’s prohibitions on crypto money are aimed at preserving the value of Yuan and trying to limit speculation.

Generally speaking, it is seen that the Chinese government is open to crypto coins and it cares about Blockchain to improve infrastructure and to solve software problems.

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