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A new report on BTC has been published in China, known for its bans on Bitcoin and cryptocurrencies.
The report written by Chinese academics stated that BTC could be considered a property.
Academics who agree on the property characteristics of Bitcoin stated that BTC and cryptocurrencies have a relatively small area in terms of legal regulations in China.
At this point, academics pointed out that BTC and cryptocurrencies are not completely banned, but also said that they are not contraband goods.
As a result, academics who reached a general conclusion about Bitcoin wrote the following:
“Bitcoin is not legal, but it is not completely banned either. BTC is not a contraband commodity either.
Bitcoin is actually tradable and has economic value, so it can be considered property.”
Chinese scholars generally agree on the property attributes of Bitcoin and summarize: Bitcoin and digital currency has a relatively small space for legal order in China, but it is not completely banned. It is not a contraband. In fact, it can be traded and has economic value, so…
— Wu Blockchain (@WuBlockchain) May 6, 2024
China's Bitcoin Ban!
In September 2021, the Chinese government made a decision to ban all activities related to Bitcoin and cryptocurrencies, including cryptocurrency mining, and declared these transactions illegal.
The Chinese government also banned foreign cryptocurrency exchanges from providing services in the country.
*This is not investment advice.