Chinese Court Provides Legitimacy to Bitcoin by Claiming It Is Virtual Property

  • Chinese court rules Bitcoin is considered virtual property
  • China is one of the most important countries for the crypto market

According to data provided by Dovey Wan, a Chinese crypto enthusiast and founding partner at Primitive, Bitcoin is currently legally protected in China. A court in the country confirmed the “virtual property” attribute of Bitcoin (BTC).

Chinese Court Confirms Bitcoin Is Legal Property

As Wan explains, the case marks a significant milestone for Bitcoin in China and all over the world. In the country, there is a ban on crypto trading that started back in September 2017 and it keeps until today.

The most popular digital asset reacted positively after a few weeks in which it dropped under $10,000.

Dovey Wan explained that this case shows that Bitcoin is actually legal in China despite the comments that many individuals and analysts give about the Chinese market. Wan translated what the court said:

“Bitcoin holds the attributes as property – valuable, scarce and disposable. We should recognize it as a virtual property.

According to “The General Civil Law”, virtual property is legally protected by laws of People’s Republic of China”

It is worth mentioning that it is not legal to trade Bitcoin in the country and that this means that it is possible to hold Bitcoin as private property. That means that exchanges are not allowed to be operative in China until further clarification on the matter.

China is home of around 70% percent of Bitcoin mining activities. Miners settle their operations in the country to gain competitiveness. China has cold temperatures in some regions, cheap electricity, and a relatively stable economic situation.

At the moment, it does not seem to be a disagreement with what the Hangzhou court ruled, which is something that should be considered positive for the whole crypto market.

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