Chinese citizens and merchants are legally allowed to own and transfer cryptocurrency. The Shenzhen Court of International Arbitration (SCIA) has affirmed that digital assets, specifically Bitcoin and several of its hard forks, are considered legal property by the current laws of the People’s Republic of China. SCIA released a case analysis through WeChat, the popular Chinese messaging app.
“Although Bitcoin may not be a legal currency, that does not prevent it from being protected by law as a property,” said SCIA in the released case analysis. “The Party contends that Bitcoin has characteristics of a property (SOV) that can be controlled by the owner; it has economic value and can bring economic benefits to the owner. This does not break any laws. This arbitrator agrees.”
Property, not Currency
The court’s ruling was on a dispute that involved a business contract in relation to the possession and transfer of digital assets. The defendant in the case argued that the ban from People’s Bank of China (PBoC) on crypto trading and ICOs, as well as the lack of venues to trade and t...
This article appeared first on Cryptovest
