Bitcoin Forum

Chinese Court Rules in Favor of Bitcoin, Calls Crypto Transactions Legal


https://blokt.com/news/chinese-court-rules-in-favor-of-bitcoin-calls-crypto-transactions-legal

I was quite surprised to read this news because we all know that the Chinese has made its U-turn against Bitcoin since last year. So its interesting if one of their courts rule in favor of bitcoin. But I still have mix emotions though, we all know that the Chinese governments is hostile towards crypto so I don't think that this will set any precedence in Chinese court though. Pressure will be put on the courts to go against crypto, that's for sure.

I don't think it's any surprise that they're in favor of Bitcoin. Maybe they finally realized that universal cryptocurrency use takes some of the dollar's leverage. Considering the implications of trade wars, and the fact that they're trying to take care of their debt situation, they have every reason to be in favor of Bitcoin, which is great news for universal acceptance of digital payment. 

I don't think this is anything too novel, China never banned bitcoin or another cryptocurrency, just multiple exchanges and ICOs because they were outside of their jurisdiction and their control. I think the main issue the Chinese government had is its residents using exchanges that were unregulated or that came under the domain of other jurisdictions. Before long I think we'll see a major exchange which is backed by the Chinese government and only serves Chinese citizens.

The article says that the Court confirmed that owning and transferring of btc was not forbidden by law and I don't think it contradicts the ban of exchanges and hostile attitude. If people want to mine some stuff as a game, they can do it. They can even transfer this thing to one another. But if they dare sell it for KRW and vice versa, it might get them into trouble. That's the way I see it, at least. Furthermore, I don't think China wants to lose valuable human capital and respected position it gets from mining farms and tech, so they need to be careful about what they're banning. I think that eventually they'll just put huge taxes and profit extremely.

i think this is great news for bitcoin and you know that china is a major factor country for bitcoin.
if china fully support bitcoin then we will see good market soon.
and i know china will realize the important of bitcoin and they will legalize it.

Not sure how much of a positive effect this will do. Cryptocurrencies are not banned in China. They have banned their citizens from participating in ICOs and they have banned offshore trading for Chinese residents but Bitcoin is not illegal.
The article also states that the Chinese are interested in the Blockchain technology.

Good news coming from China for the development of bitcoin is more widespread, maybe there is a truth they are aware of the potential of bitcoin in the future. Therefore, it needs to be considered more thoroughly. I think this is a wise decision. Thanks.

i wouldn't call this exactly a U-turn because the Chinese "government" has never been on the opposite of this current position to now want to change it.
think about it, what did they do? they closed exchanges that were shady! that is all. the news however told a different story than the actions the government took. such as saying China banned bitcoin!!!

This is good news, China has a big population and if more people there are getting involved in bitcoin then maybe we can see a rise in price.

They've actually been fairly consistent in that they simply wanted to prevent capital flight. Now that that's closed off, they're simply being rational with what's left.

I guess this really is a good thing though, because you'd think the authoritarian Chinese Communist Party, which wants complete control of everything they can have their hands on, would be against immutable irreversible financial transactions. Maybe they're fine with it because they can keep watch of the blockchain records anyway? I'm probably just overthinking it.


Yeah, this won't affect the price at all. The stance clarity could lead to more Chinese crypto businesses popping up though, and that's always good for the community.

Why is this news?

China never banned the possession of cryptos or transactions in cryptos as long as it didn't involve fiat and the court just made that clear once more.


Time for another China does ....something wave!!!!!

not surprising at all. we all know most of the bitcoin hold by Chinese at China. since Bitcoin secure its value for quite some time. China is smart, they know other country deem Bitcoin have a value, a currency, which can be trade and hold value. it would be too stupid if you ban something so valuable and your country hold the most. even a trash in your country is prize resource to others, you can sell it to other in a high price.

Besides, Chinese are wealth hoarder. Chinese will collect anything that be valuable. Business, Gold, Land, property, stocks, including Bitcoin.

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They do U-turns like this every year, personally I think it is calculated so that friends of government officials can make huge money knowing beforehand of a planned U-turn.

Good news from china is always affected bitcoin price, but this time make market down.
I'm sure something big will happen soon, hope it will bull run

Slowly it began to appear that bitcoin would also be needed in China. If the crypto holder and transfers using Bitcoin are legal in China, then the growth of bitcoin and crypto will increase again. China is the biggest bitcoin holder before government regulations are implemented and next year the people in China will adopt bitcoin again.

This is nice. The hostility of the Chinese government towards bitcoin and other cryptocurrencies is much and the fact that this is coming from their court speaks volume. I just hope this court ruling can stand. I think the Chinese can deal freely in cryptocurrency in the meantime

China has been a major part for the crypto community as the majority of the crypto holdings are from China. Also, China has contributed a lot towards the crypto community.
Whether it is by mining, trading or even scamming. Now since China have started to support bitcoin or cryptocurrencies in general, it might increase the money flow towards crypto.
This will not only increase the price of bitcoin in the long run but also improve the stability of the bitcoin network as miners will be able to start the mining operations too.

They have should have used the government power over court the first place if they dont really want this court decisions..but this i think this is another chinese propaganda.because in this field they ate experts let us hope that this is really happening and the court decision will be favor the crypto community as china is one big help for the market to grow higher again

No indeed, but they did go after various miners and exchanges. Though it could be argued that they went after them for tax related issues.
Aside from that they've also banned foreign exchanges from doing business in China, so they're definitely not completely in favour of crypto.

I'd say they allow cryptocurrencies, as long as they can keep a tight grip on the industries around them.

Sources:
https://www.forbes.com/sites/sarahsu/2018/01/15/chinas-shutdown-of-bitcoin-miners-isnt-just-about-electricity/
https://cointelegraph.com/news/ban-complete-china-blocks-foreign-crypto-exchanges-to-counter-financial-risks

After almost a year the Chinese government banned crypto activities in its territory, finally the Chinese government realized that the importance of Bitcoin to be legalized again, I think this is good news for crypto because we all know that the crypto market in China is very influential on crypto price movements.