Bitcoin Forum

https://bitcoinist.com/bitcoin-permitted-law-china-court/
The Shenzhen Court of International Arbitration recently issued a ruling saying there is no prohibition against Bitcoin ownership and transfer in China. The decision means that despite the ban on ICOs and virtual currency trading, Bitcoin and other cryptocurrencies are legally regarded as property in the country.
Unsurprising since they basically mine the majority of bitcoin in the world. We will see how this would influence other countries.

All bans, which wrote articles and news, nothing but a means of manipulating the market, nothing more. China is the first to extract Bitcoin and spread panic in their hands.

China really wants to control Bitcoin and manipulate it as you said. Well, I think because of this news, we will see another surge in bitcoin price within the year.

If China has already permitted bitcoin by law then it will be soon enough for the US and other countries to follow. They won't let themselves fall behind. They would see why China is doing it and adopt it as well. Letting one country dominate cryptocurrency after all will not be good for everybody.

“Officially authorized” and “non-prohibited” are two different things. But nevertheless, this means that China is open to cryptocurrencies, and the ban on ICO is most likely introduced in order to avoid the possible influx of fraudsters that could undermine the potential market.

Aren't we tired of all the news in the Chinese scene? It's quite unusual for a country to be the leader when it comes to mining while their citizens can't own it. It's like saying you can produce guns but you can't own it, which is quite ironic IMO. This new wave of nonsense coming from China seems to be a way to establish confidence from traders and another bait for the traders to bite.

Anything coming out of China is irrelevant by now, though it still can mean something that's worth noting i.e. short-term market movements.

China is trying to dominate in cryptocurrency. It is also trying to dominate in artificial intelligence. Other countries should already monitor China if they are not yet doing it because knowing China, there is something more happening behind all these. They have been allegedly manipulating their own economy. They are also known to spread propaganda to their own citizens. With crypto and AI, they can do those things more easily.

You are allowed to own Bitcoin in China. :D Are they really making a big deal out of it? This country banned Bitcoin trading and Bitcoin mining and now people have to go to court to confirm that they can own a digital asses obtained on the Internet. What's next? They'll be asking the court if they're allowed to enter a www address or read a forum? This country is plain stupid and people are afraid to stand up for themselves.

Does it mean, it's going to be less strict there with crypto (I exclude the ICOs)? It will give a breath to the crypto market at least.

1. ownership AND transfer
meaning exchanging is allowed (but you might want to avoid using chinese exchanges that also accept fiat. as thats a different kettle of fish of regulation debate(stick to altcoin exchanges)

2. china basically DO NOT mine the majority of bitcoin
firstly. in 2012 10.5mill bitcoins were mined using CPU/GPU. total got to ~13mill coins(more than 50%) GPU mined..BEFORE ASICS
as for the pools tagged as "china" the majority are not actually in china.
take antpool. you will notice their coin rewards go to half a dozen known addresses. these addresses are different facilities in places like iceland, georgia, san fran, and mongolia. they are also not managed by one person but separate. again you can tell as there is one address thats bech32 (countering th notion that its all controlled by Wu and wu hates segwit) because that facility is run, located and managed by people unrelated to "china"..
take slushpool. thats managed in thailand. f2pool. thats world wide. btcc.. well thats just dropped off the planet lol

have a nice day

I wouldn't say China is irrelevant. Chinese mining hardware producers, mining farms and mining pools are a very big part of the ecosystem. There's really no hardware producers that begin to compare to Bitmain's scale. China is also a huge market for cryptocurrency investment with its 1.4 billion strong population.

The old "China bans Bitcoin" tricks might not have the same effect as they did in 2013, but they're still a big part of the market. The rest of the world is just catching up.

It feels, I will not care about China. Whatever the government says, or whatever regulations have been made for crypto by the Chinese government, I don't care

It remains to be seen how much weight this news has. As they still have a ban on ICOs but that could be for the prevention of fraudsters which cause influx that would undermine the market. If this does pan out positively it could mean a lot of traction for the crypto markets expansion as more big countries could take the same step in order to maintain competiton. We'll see what happens in time.

you just need to start accepting cryptocurrencies to pay for any goods and show others that it is not difficult

Never mind the chinese. Permitted or not in china, Bitcoin will prevail. That is the fact. No need to argue.

I was tired of all the news from China about the cryptocurrency because the news had no effect on the crypto movement other than playing on the psychological crypto users to be used by some greedy people.

This is really a big news. Investors can still keep their bitcoin, so store bitcoin in the water is legal. I was very surprised when they banned the ICO project and traded with bitcoin but they allowed everyone to own bitcoin. I think this news will benefit bitcoin operators in China. And this is opening up opportunities for the banning of bitcoins to be broken in the future

hahaha i feel you man, weve been hearing negative news for a long time from china but now is different, who knows this one would be differrent, the price might react because its a positive news.

This will be very good news because then the Chinese state becomes more open to Bitcoin transactions. That way, Bitcoin and Crypto will grow and as we know that the Chinese market is the largest in the world. With this support, it is not possible that crypto will experience a much more positive phase next year, namely 2019.

I stopped caring about crypto news from China a long time ago. News from
there creates short term market movements which dont really affect me and
there may be a positive reaction to this news . . . Or maybe not.

The main thing is there are people other countries trying to do positive things
with crypto, its not all about China.

They had banned ICO's since many ICO's had scammed people so they tried to protect their citizens

I don't know why almost every people look at China as a threat to the Crypto Currency industry and every news that comes from China people/investors easily get panic.
There's nothing wrong if that country wants to use crypto currencies such as Bitcoin and if they want to legalize it will be better. I think these people think China controls the market because they have the majority of mining farms in the world and people think that if a country owns a lot of mining farm most of the crypto currency flow goes through that country which is correct but it doesn't mean that they have the power to control the value of Bitcoin because all of those mining farms and crypto currencies don't belong to a single person or company it belongs to different people with different points of view and way of thinking.
Manipulation is done by Whales that hodls a huge amount of Bitcoin and a huge amount of fiat and in this way can easily control the market if you know what I mean. 8)

Well Chinese court might approve of Bitcoin but this decision does not apply to other countries. There are strict reles in other countries that needs to be decimated.

While the ban was effective in China we still saw the majority of miners still living there inspite the law. So with these news I do not think nothing will change rather than the fact that the cryptocurrency enthusiasts living there will be relieved.

Nothing really changes exccept the fact it is legal in that state now. Despite ban, chinese people have been well into the cryptoworld. The goverment struggled in their effort to control the cryptocurrency in their country.

China has already banned crypto. So anything coming from the country is a bait I think. They won't be less strict in this regard.

Crypto is going to be bigger than the silicon valley because it's a global revolution while the silicon valley was only witnessed in the United States. Well, that is not the main point as we're discussing the latest China's action on bitcoin. it appears China started following the trend and the most advanced technology of our time "bitcoin" the digital currency with the power to change the world. Also, the bitcoin was originally invented as a digital store of value and a payment system as well, in regards to what China is legalizing now.

Well it still has a very long way to go for btc in china. It's one step ahead of course and probably a ray of hope for chinese crypto enthusiasts but i don't think it's time for them to celebrate yet.

This is very good news because most recently, China has acted as an opponent of Bitcoin and everything connected with it. I think that is not far off a new wave of growth

What I understand here is that China accepts bitcoin ownership but is not allowed to trade, people can still store them on their wallets. It will not change the market as well

Not only that, but today on Coindesk news you can see that Hong Kong's Securities and Futures Commission will bring crypto funds under its securities regulations.

So it seems to me like they are stepping it up a notch beyond just allowing crypto.

As you know, China is an ambitious country that always wants to dominate everything including cryptocurrency. They do not want to overwhelm any country so they are trying to dominate the bitcoin market by creating the best conditions for it to work.

I am very happy to hear this news, because we all know that many large investors come from China, and I am optimistic that crypto will return to success if many Chinese investors return to the crypto market.

This is interesting news. I wonder how much weight such a ruling carries for real.

Although if it is true citizens are free to hold and transact in bitcoin that is actually great news for the future.

Banning icos is not that big of an issue.

The legalization of bitcoin in China with its huge population is a very important step in the development of bitcoin. The decision of the court approved the already obvious truth that Bitcoins are property of value.

So it is legal to own bitcoin in China, and it's been confirmed in a legal judgement. However there is still a prohibition on ICO's which will limit the potential of new coins to reach a large and enthusiastic market. Perhaps the confirmation of the legality is the start of a more liberal official stance on crypto in general.   

Bitcoin is legal in China but they want to know who owns how much for capital controls in the country.

The underground market for buying and selling bitcoin in China is only going to grow the more it affects the yuan.

The value of the yuan is going to have problems in future and they won't want people having sovereign money that can be used worldwide like bitcoin. It will be huge political issue in every country but nobody can control or stop bitcoin.

I am believe this decision is good for cryptomarket. China investor will investing their fund in cryptocurrency much more because its legal. Many big exchanger from china and i am believe much more investor from china. I am believe this will influence to others country

the attitude and status of cryptocurrency and bitcoin is very fast changing in China and maybe this is one strategy to change market values / prices because as we know the community and Chinese investors are the most market players

if they wanted to do that then they would have never banned/closed exchanges without opening a new one themselves. by closing exchanges they closed any chance of them having any kind of control over capital in their country.

and it is not much of "underground market" in China. it is either foreign exchanges like using Japanese exchange or P2P ways like localbitcoins or equivalent.

as for Yuan value, it is the same argument as always; bitcoin is not big enough to make a difference.

I draw conclusions from China, which is positive for Bitcoin,
Why don't other countries take one example of the Chinese state? all know that China is great at trade.
Hopefully this news can encourage other countries to take part in legalizing Bitcoin.

If the Chinese government would like to prohibit Bitcoin and other cryptocurrency from visiting them, they would have done it a long time ago. However, since the summer of 2017, they are only threatening to ban it, impose some minor restrictions, but the cryptocurrency in China is still free to go there. Now another panic has arisen related to the possible prohibition of Bitcoin mining. This panic has been going on for so long that many miners have long since left this country with their farms, and there is still no prohibition. Or maybe not?