“It is Legal to Own Bitcoins in China” while “Beat America Out of its Wits” Goes Viral
- China has a clear definition of the legal nature of Bitcoin as a property
- “If the perpetrator wants to fight, we will beat him out of his wits,” China’s song on Trade WarRecently, Hangzhou, Zhejiang province exposed a case involving over 7,000 Bitcoin scam that affected more than 100 users. The scammer claimed they would borrow the BTC of users to arbitrage between exchanges and will distribute the profits back to users. However, the scammer disappeared after the users’ made the last and a large deposit.
In regards to this news, Chinese publication, The Beijing News reported Xiao Wei, the director of the Bank of China Law Research Association saying
“owning Bitcoin is legal in China.”
Additionally, the exchange of Bitcoin between individuals is also legal.
“The “ownership” in our country's law contains the important right of “disposition of power”. How to dispose of it is the private right of the owner, and others have no right to interfere,”
reports The Beijing News as Wei clarifying.
Per the rough translation, the publication says, the ICOs are “expressly banned”. To this, it has been mentioned that in 2013, China gave a clear definition of the legal nature of Bitcoin, “a specific virtual commodity, that is, its status as a ‘property.’”
4/ Xiao's views were based on current legal framework which protects ppl's rights of virtual properties (Bitcoin included). Occasional P2P tradings of bitcoin is in nature "disposition right", one of the rights of "ownership". Therefore owning & occasional P2P trading is legal
— cnLedger (@cnLedger) May 22, 2019
While some think it doesn’t matter as China’s stance has not’ been cleared yet and that it’s enough of China's ban, no ban, others say,
“This is an individual's opinion on the legal status of Bitcoin. This is not an official government position. But I do not expect the government to allow for Bitcoin to thrive as it is an excellent way to circumvent the tightening control they are applying to money.”
US-China Trade War
China’s stance on Bitcoin might not be clear but one thing that is becoming clear is the trade war between the US and China is turning out to be good for the leading cryptocurrency.
For the past two weeks now, in the wake of this trade war that keeps on escalating as we have been keeping you posted has taken the global markets down and in contrast, BTC has been surging, going from about $5,200 to over $8,200.
Now, things have further progressed as a song titled, “Trade War” has gone viral on WeChat, one of the largest Chinese social media platform.
The song that you can find here starts with a chorus singing, “Trade war! Trade war! Not afraid of the outrageous challenge! Not afraid of the outrageous challenge! A trade war is happening over the Pacific Ocean!”
“if the perpetrator wants to fight, we will beat him out of his wits,”
are the lyrics the song also includes. Song producer Zhao Liangtian told Bloomberg,
“Since the trade war broke out, I felt the urge to do something.”
CCTV 6 has gone trending on Chinese social media today for changing its schedule and playing three anti-American movies for three days in a row, sending out a clear anti-US message while the trade war is heating up. Read: https://t.co/w5aju3vMDs pic.twitter.com/21mEfC5Ha5
— What's on Weibo (@WhatsOnWeibo) May 18, 2019
Chinese state media also broadcasted anti-US propaganda to millions of its citizens on Tuesday as analysis from Xinhua, a state-owned news agency said,
“Facing the US which is going against the trend of the times, China resolutely showed the sword. We are forced to take necessary measures and are prepared for a protracted war.”