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Media Reported no Ban on Bitcoin in China

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Bitcoin in China

Media Reported no Ban on Bitcoin in China

Bitcoin-related activities are not banned in China if the cryptocurrency is used as a digital commodity. This was reported by 8BTC regarding an article by the Beijing Arbitration Commission (BAC).

Сurrent legal status of Bitcoin in China

Bitcoin in China

In it, the institution clarifies the current legal status of Bitcoin and other cryptocurrencies. From the law, BTC is considered a virtual commodity and is not the equivalent of fiat money.

It is also prohibited to exchange cryptocurrencies for fiat through exchanges or sell them for legal currency through token sales.

In conclusion, BAC points out that bitcoin does not fall under the current prohibitions as long as it is used as a virtual commodity and is not used as a means of payment.

Other recent crypto news China

Last week, the Chinese authorities defined blockchain technology and mentioned digital currencies. Read more here.

In mid-June, the media reported that the country’s largest banks did not intend to block accounts through which legal transactions for the purchase and sale of cryptocurrencies took place.

At the end of April, a court in China recognized Ethereum as legal property.

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