Bitcoin is permitted by Law, Chinese Arbitration Court Says

[Sherwood_Archer]

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.

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[qwerty1337]

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.

[silent17]

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.

[UconBit]

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.

[reverseflash]

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.

[dothebeats]

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.

[SnowAugustine]

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.

[pixie85]

You are allowed to own Bitcoin in China. 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.

[Conasse]

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.

[franky1]

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.

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

[squatter]

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.

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.

[ribowo76]

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

[Fredsaw]

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.

[kenel]

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

[Manuj]

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

[daarul50]

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.

[sidebyside]

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

[xfaqs01]

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.

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.

[gilangIDR]

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.

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.

[aoluain]

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.

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.

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.