RATE Group | China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor
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China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor

19 Jul China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor

Posted at 09:04h in Bitcoin News by

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Bitcoin (BTC) has gained legal recognition by a second Chinese court in a further boost for the cryptocurrency in one of its harshest environments.

A watershed for Bitcoin in China

According to investor Dovey Wan, who linked to local media coverage, the Hangzhou Internet Court formally described Bitcoin as virtual property on July 18. 

The second such court to attribute property status to Bitcoin, the ruling came about as part of a dispute between a now-defunct exchange and one of its users who lost funds. 

For Wan, the case marks a significant watershed for Bitcoin in China, where a blanket ban on trading it has been in place since September 2017. 

BTC/USD rallied sharply Friday on the back of positive comments from United States lawmakers, but China likely also influenced the return to form.

“This case is a major milestone that manifested BITCOIN IS ACTUALLY LEGAL in China,” she wrote on Twitter. 

‘It’s virtual property, but not fiat money’

As Cointelegraph reported, China…

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