[2018-10-27] Cryptoslate: Chinese Court Classifies Bitcoin as Property

[Spectator11]

"A Chinese arbitration court declared crypto-assets such as Bitcoin must be treated as legal property, despite an infamous blanket ban on cryptocurrencies in the country. [ . . . ] As reported by a local news outlet, the Shenzhen Court of International Arbitration ruled cryptocurrencies must be legally protected as a property with “economic values.” The ruling came after a recent business conflict over the possession and transfer of crypto-assets surfaced in the region."

Source: https://cryptopanic.com/news/3477249/Chinese-Court-States-Bitcoin-is-Property-of-Economic-Value

This is good news in terms of mainstream adoption in China.

[BitHodler]

I think it's more "good news" for people here than for people in China. We have been reading about China bans this or that form of use all the time, but never knew the actual extent of these bans.

Maybe in some cases there hasn't been an actual ban at all. China has always been a major source of where Bitcoin's demand comes from, while most people here think China is no longer relevant in this industry.

China is an immense country in terms of their population count. If even 1-2% (in reality it's likely much higher) there has still some level of involvement here, that's up to 25 million users. How is that not relevant?

[KryptoKai]

The reason it is good news is that they are legally allowed to hold it, and then as property it can be traded. However, i'm sure there will be regulation that follows but this is better than an outright ban on bitcoin in China. It means they can start buying again

[Kaznachej123]

"A Chinese arbitration court declared crypto-assets such as Bitcoin must be treated as legal property, despite an infamous blanket ban on cryptocurrencies in the country. [ . . . ] As reported by a local news outlet, the Shenzhen Court of International Arbitration ruled cryptocurrencies must be legally protected as a property with “economic values.” The ruling came after a recent business conflict over the possession and transfer of crypto-assets surfaced in the region."

Source: https://cryptopanic.com/news/3477249/Chinese-Court-States-Bitcoin-is-Property-of-Economic-Value

This is good news in terms of mainstream adoption in China.

   Really this is very much the news! Now that China is progressing with crypto and Bitcoin, i wonder when India will realize this? I hope this will happen with change in Government.

[J_Crypto]

the ban on ICO and virtual currency trading by the regulator means that transfers in digital currency are illegal, and therefore their agreement is invalid. The ban also appeared on many trading services, and the defendant could not transfer cryptocurrency back to the plaintiff in accordance with the terms of the contract.