- Bitcoin is legally protected as property.
- PBOC had banned ICOs and cryptos in 2017.
In what seems to be a positive development for the cryptocurrency world, Shenzhen Court of International Arbitration ruled that Bitcoin and other cryptocurrencies are legally protected as a property, in a case of equity transfer dispute.
This comes as a relief long after the world’s second biggest economy had banned ICOs and blanket ban in trading in cryptocurrencies last year that resulted in crypto volumes all but vanishing from the country. The arbitrator said:
“There is no law or regulation that explicitly prohibits parties from holding bitcoin or private transactions in bitcoin, [only warnings to] the public about the investment risks. The contract in this case stipulates the obligation to return the bitcoin between two natural persons, and does not belong to the [Sept. 2017 ban].”
This ruling may pave way to the re-emergence of crypto trading in China and in turn should be viewed as a positive development for the crypto world. (Read the official WeChat order here)
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