Bitcoin (BTC) has recently been accepted as a virtual property by the Hangzhou Internet Court. This was a remarkable milestone since China has been one of the most challenging environments for cryptocurrency.
According to investor Dovey Wan, who linked to local media coverage, this is the second court to recognize BTC as a property status. The market has been harsh due to increasing ban on crypto trading took place in the nation since 2017. She also said, the case marked a watershed for BTC in China.
“This case is a major milestone that manifested BITCOIN IS ACTUALLY LEGAL in China,” she wrote on Twitter.
Despite the restriction of using BTC in the nation, the digital currency still gained huge attention from Bitcoin analysts. Due to the recent high peak of BTC price, consumers are looking for alternative on-ramps to traditional exchanges.
Indirectly respond to the action of the Hangzhou Internet Court, China’s central bank, the People’s Bank of China (PBoC) said:
“Indeed, Bitcoin is virtual property, but it’s not fiat money” Recently, PBoC governor Zhou Xiaochuan has reportedly suggested that China should have a plan to issue its national digital currency, in response to Facebook’s forthcoming Libra. Earlier, a major auditing company – Deloitte has published a report shown that blockchain is one of the most tech priorities to invest in China.