Partial Adoption of Cryptocurrency (Bitcoin/Litecoin) by China Court

[Mate2237]

China Court Partial Approved Cryptocurrency (Bitcoin/Litecoin) to be used in the country. In spite of the ban of Crypto  in the country, China court finally rules in favour of litecoin to be used in the country as a digital asset and not a currency. China court said, Bitcoin was not  brought by the Monetary Authority in the country therefore, it cant be used as a currency but only as a digital asset.

Chinese court approves crypto trading but not its use as a cash substitute

Although the court acknowledged the existing Chinese ban on cryptocurrency trading, the presiding judge noted that Litecoin could not be treated as a currency. According to the court, the crypto is not issued by a monetary authority alongside a lack of backing from legal and financial frameworks.

“According to real administrative regulations and cases, our country only denies the monetary attributes of virtual currency and prohibits its circulation as currency, but the virtual currency itself is a virtual property protected by the law,” the court ruled.

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[Oshosondy]

The case was about litecoin loan, but not only litecoin that is accepted. Bitcoin and other cryptocurrencies are accepted, only that they do not accept cryptocurrencies as a currency, but citizens can have it as a property.

China Court Partial Approved Cryptocurrency (Bitcoin/Litecoin) to be used in the country. In spite of the ban of Crypto  in the country, China court finally rules in favour of litecoin (Bitcoin) to be used in the country as a digital asset and not a currency. China court said, Bitcoin was not  brought by the Monetary Authority in the country therefore, it cant be used as a currency but only as a digital asset.

I guess that was a mistake, bitcoin is not litecoin.

[Apocollapse]

Another person that wrote nonsense subject, if you didn't know the difference between Bitcoin and Litecoin, you should ask first and don't make stupid conclusion if Bitcoin and Litecoin is a same coin. Litecoin is Bitcoin fork, similar like other forked coins e.g. Bitcoin Cash, Bitcoin SV etc.

I wonder what's behind the reason they consider to allow Litecoin while they ban Bitcoin? I'd think the government have accumulated many portion of LTC.

Interestingly, amid the existing ban on Bitcoin (BTC), the court considered Litecoin, noting that the country has laws governing such assets.

In the case, the judge cited a lack of laws prohibiting the perception of Litecoin as an illegal asset. Therefore, the judge ruled in favor of the complainant for proving that the defendant borrowed a cryptocurrency and ordered him to return Litecoin.

[Z-tight]

I don't know for other shitcoins, but if bitcoin can't be used as a currency but only as a trading instrument, then they are limiting its use and its users, bitcoin is a currency, it doesn't have to be issued by their monetary authority that they control for it to be that, 'consensus' works very fine in it being issued, and that is what makes it a currency that gives 'freedom' of use to people, but freedom is not a word that the Chinese government like to hear too often.

[Detritus]

According to what the Beijing Number One Intermediate People’s Court ruled, they stated that interested investors can only trade cryptocurrencies but should be treated as virtual assets and not act as a currency, knowing they still had ban on Bitcoin why do they not mention Bitcoin as well rather than the Litecoin? I think there ban will still stand unless they have come to rule out the ban on Bitcoin, because if trading of Bitcoin is allowed, trading of other crypto assest is not a problem.

[Nrcewker]

The case was about litecoin loan, but not only litecoin that is accepted. Bitcoin and other cryptocurrencies are accepted, only that they do not accept cryptocurrencies as a currency, but citizens can have it as a property.

China Court Partial Approved Cryptocurrency (Bitcoin/Litecoin) to be used in the country. In spite of the ban of Crypto  in the country, China court finally rules in favour of litecoin (Bitcoin) to be used in the country as a digital asset and not a currency. China court said, Bitcoin was not  brought by the Monetary Authority in the country therefore, it cant be used as a currency but only as a digital asset.

I guess that was a mistake, bitcoin is not litecoin.

Yep it’s great to know that finally Bitcoins are accepted in china. I am now only worried, how they gonna impose tax on it.
As government anything does only when it sees profits for itself, so definitely in the next few days you will hear the news about imposing tax on bitcoins.
Nevertheless thanks to the decentralised nature of the coin, for which no government can ever find out how many Bitcoins a person has in in his wallets.

[Beparanf]

Well well well if it’s China. This is the most crap news that I don’t want to read if they really want to start being involved in crypto because they will surely cause a commotion again once the public already relying on them. Chinese can’t be trusted because they are investing for there personal gain only and they don’t mind if they will rekt Bitcoin in the process just like what they did before when they decided to totally ban crypto to there country after Bitcoin already gain a lot of support from there people.

China will just make Bitcoin worst and full of manipulation.

[Oshosondy]

Yep it’s great to know that finally Bitcoins are accepted in china. I am now only worried, how they gonna impose tax on it.
As government anything does only when it sees profits for itself, so definitely in the next few days you will hear the news about imposing tax on bitcoins.
Nevertheless thanks to the decentralised nature of the coin, for which no government can ever find out how many Bitcoins a person has in in his wallets.

Yes, thanks to the decentralized nature of bitcoin.

According to the news, bitcoin was not banned as a property in China, just not to be used as a currency. China has banned bitcoin several times, there is nothing impossible. Let us see what would come out of this when Chinese citizens have already know more truth about bitcoin in China.

Well well well if it’s China. This is the most crap news that I don’t want to read if they really want to start being involved in crypto because they will surely cause a commotion again once the public already relying on them. Chinese can’t be trusted because they are investing for there personal gain only and they don’t mind if they will rekt Bitcoin in the process just like what they did before when they decided to totally ban crypto to there country after Bitcoin already gain a lot of support from there people.

China will just make Bitcoin worst and full of manipulation.

China FUD several times. The last one yet was when the price of bitcoin falled from $63500 back to $45000 by Elon Musk manipulation, then followed by China FUD that drew the price further to $28900 or so. But what happened? Bitcoin increased back and reach all-time-high. We do not have to worry about this.

[Rruchi man]

it cant be used as a currency but only as a digital asset.

Many countries do not want to recognize and accept the currency status of cryptocurrency although they know it is true. Cryptocurrency is getting too big to ignore, hence some countries now pussyfooting around about some of their previous decisions.

Well well well if it’s China. This is the most crap news that I don’t want to read if they really want to start being involved in crypto because they will surely cause a commotion again once the public already relying on them.

Lol, I always read about China banning all activities involving crypto all the time, and the news is always fresh like they just announced it. I have also learnt not to too take them seriously as well because maybe shortly after this new so called development, it will be followed by another news of them "Totally banning cryptocurrency" again, nothing surprising.

[Z-tight]

Nevertheless thanks to the decentralised nature of the coin, for which no government can ever find out how many Bitcoins a person has in in his wallets.

Bitcoin wallets balances are transparent, you can see how much is in a particular wallet, how much has ever been sent and received, etc, what you can't know is who owns the wallet, and that in itself comes with a big question mark? Has the person provided centralized services with their personal information, if the person has, then they can be traced.

Decentralized nature of bitcoin isn't meant to stop the government from knowing how much one has in their wallet, but to stop the government from controlling someone's money, and to prevent them from knowing who owns the money; but too bad many bitcoin users users use centralized exchanges to keep their bitcoin and as a result they are being censored.

[AmoreJaz]

Nevertheless thanks to the decentralised nature of the coin, for which no government can ever find out how many Bitcoins a person has in in his wallets.

Bitcoin wallets balances are transparent, you can see how much is in a particular wallet, how much has ever been sent and received, etc, what you can't know is who owns the wallet, and that in itself comes with a big question mark? Has the person provided centralized services with their personal information, if the person has, then they can be traced.

Decentralized nature of bitcoin isn't meant to stop the government from knowing how much one has in their wallet, but to stop the government from controlling someone's money, and to prevent them from knowing who owns the money; but too bad many bitcoin users users use centralized exchanges to keep their bitcoin and as a result they are being censored.

now, this is how a user can protect his privacy by knowing how to handle his crypto by using noncustodial wallets. we are now seeing that slowly, China is giving some breathing space to their crypto users. they are seeing that even if they banned crypto, it doesn't stop other users outside their country to use it. and they have seen that life goes on in terms of crypto businesses even without them. maybe they thought bitcoin or crypto will disappear with their banning act.

[antsam]

This is great and encouraging news for the crypto community, as the china market is a huge market which all are looking forward to having them open wide doors for crypto. And rest assured that in time all countries will adopt crypto because it is a technology of necessity

[Xal0lex]

China is in its repertoire. It bans the use of bitcoin, then it approves. The country is extremely unreliable in terms of any news regarding the use and distribution of specific cryptocurrencies. What is allowed now may be banned and expelled from the country again a short time later by another anti-cryptocurrency law. That's why I personally don't see any real benefit from such news. The Chinese government itself will soon get confused in its wording and chronology of what they specifically prohibit or allow.

[serjent05]

At least China recognizes cryptocurrency as an asset, a consolation that we can accept with a smile.   I think this is just the beginning of cryptocurrency penetrating the Chinese market in legal means. 

I don't care whether it is Bitcoin or Litecoin or whether it is decided due to a Litecoin usage or exploit scandal, as long as China opens its door to trading cryptocurrency, it will just a matter of time until they recognize it as a substitute for money.

China is in its repertoire. It bans the use of bitcoin, then it approves. The country is extremely unreliable in terms of any news regarding the use and distribution of specific cryptocurrencies. What is allowed now may be banned and expelled from the country again a short time later by another anti-cryptocurrency law. That's why I personally don't see any real benefit from such news. The Chinese government itself will soon get confused in its wording and chronology of what they specifically prohibit or allow.

I believe they are already confused now. 

[goaldigger]

This is great and encouraging news for the crypto community, as the china market is a huge market which all are looking forward to having them open wide doors for crypto. And rest assured that in time all countries will adopt crypto because it is a technology of necessity

This is how China works, they keep on banning cryptocurrency and later on they will amend some of those rules to partially accept cryptocurrency, this is not new anymore. Though despite of the ban, many Chinese people are still doing their crypto activities and I see some date that China is still one of the largest community for Cryptocurrency. This is a good news for them and honestly, the market for China is huge and if this will take effect, this can bring positive impact in the whole market.

[bounceback]

I don't see that this is good news that will have a positive impact on the increase in crypto prices, because I think so far the crypto community doesn't take it too seriously anymore about crypto-related news published by the Chinese government, especially before there were also some news like the one you shared emerged from the country after they banned bitcoin mining and challenged bitcoin users.

[Almasani]

China Court Partial Approved Cryptocurrency (Bitcoin/Litecoin) to be used in the country. In spite of the ban of Crypto  in the country, China court finally rules in favour of litecoin to be used in the country as a digital asset and not a currency. China court said, Bitcoin was not  brought by the Monetary Authority in the country therefore, it cant be used as a currency but only as a digital asset.

Of course the existence of Bitcoin has no effect on the local currency. Bitcoin does not have a negative impact on the financial system in a country, so the issue of a ban on Bitcoin does not give a negative meaning to Bitcoin. Bitcoin is an asset that can be traded worldwide and by anyone who holds it.

[antsam]

This is great and encouraging news for the crypto community, as the china market is a huge market which all are looking forward to having them open wide doors for crypto. And rest assured that in time all countries will adopt crypto because it is a technology of necessity

This is how China works, they keep on banning cryptocurrency and later on they will amend some of those rules to partially accept cryptocurrency, this is not new anymore. Though despite of the ban, many Chinese people are still doing their crypto activities and I see some date that China is still one of the largest community for Cryptocurrency. This is a good news for them and honestly, the market for China is huge and if this will take effect, this can bring positive impact in the whole market.

It must be very positive because the very large population of China is a big market and indeed it seems like China only wants to play 2 feet and is more inclined to control because I don't think anyone will be able to stem the development of crypto

[hichamito37]

I don't know for other shitcoins, but if bitcoin can't be used as a currency but only as a trading instrument, then they are limiting its use and its users, bitcoin is a currency, it doesn't have to be issued by their monetary authority that they control for it to be that, 'consensus' works very fine in it being issued, and that is what makes it a currency that gives 'freedom' of use to people, but freedom is not a word that the Chinese government like to hear too often.

Bitcoin was originally created as a currency but gradually we forget it is a currency and treat it as a speculative asset. Our investors are also treating bitcoin as a trading instrument, a speculative asset, not a currency.

This is a commendable move from the Chinese government, which has an extreme stance on cryptocurrencies. Their initial acceptance of it as a commodity was a success, and given its volatility, there was nothing wrong with them listing it as a commodity.

[bittraffic]

This is great and encouraging news for the crypto community, as the china market is a huge market which all are looking forward to having them open wide doors for crypto. And rest assured that in time all countries will adopt crypto because it is a technology of necessity

This is how China works, they keep on banning cryptocurrency and later on they will amend some of those rules to partially accept cryptocurrency, this is not new anymore. Though despite of the ban, many Chinese people are still doing their crypto activities and I see some date that China is still one of the largest community for Cryptocurrency. This is a good news for them and honestly, the market for China is huge and if this will take effect, this can bring positive impact in the whole market.

It must be very positive because the very large population of China is a big market and indeed it seems like China only wants to play 2 feet and is more inclined to control because I don't think anyone will be able to stem the development of crypto

It's been speculated in the past already that they might allow trading or even mining BTC if their economy is threatened. BTC will still help them after all Russia also demanded not just ruble for international payment for their gas but also BTC.

China can be predictable already but this country's approval can be compared to the one country two systems policy. They may not allow on the mainland but only in Hongkong or Singapore.