On October 25, 2018, the Shenzhen Court of International Arbitration (the “SCIA”) published a case analysis detailing its decision on a business contract dispute involving the possession and transfer of cryptocurrencies.
Bitcoin (BTC) is now recognized as a legal asset to be owned, transferred and utilized as a medium of payment for goods and services in China as decreed by the Shenzhen Court of International Arbitration. The same court ordered Bitcoin ban in 2017. The Shenzen Court of International Arbitration was quoted as saying;
“Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”
News source:
https://www.btcnn.com/china-lifts-bitcoin-ban-individuals-and-businesses-can-now-own-cryptocurrencies-legally/Excited to see the next bull run??