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This is the fact that the ban on Bitcoin and cryptocurrency has been lifted in China

This is the fact that the ban on Bitcoin and cryptocurrency has been lifted in China

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Answer This is the fact that the ban on Bitcoin and cryptocurrency has been lifted in China

Many news sites have published articles that China has lifted the ban on trading bitcoin and cryptocurrencies, and here we will review the truth of this news for you.

Unfortunately, these reports that China has lifted the ban on Bitcoin and cryptocurrencies are inaccurate news and are the result of misinterpretation of facts by these sites.

To clarify, the spreading news mentioned that China is lifting the ban on Bitcoin and cryptocurrencies and individuals and companies can legally own Bitcoin and cryptocurrencies.

The spread of this news made many wonder why the cryptocurrency market did not react positively to this news, especially since China hosts a large proportion of contributors to the world of digital currencies.

Read:Bakkt platform succeeds in raising $ 182 million in its investment round

To clarify the matter, the report that spread is a misinterpretation of a ruling issued by the Shenzhen Court of China, and the cause of some investors rushing to buy bitcoin in the hope of the cryptocurrency market interacting with the news.

Unfortunately, however, these reports were in fact based on the October 25 court ruling from the Shenzhen Court of China declaring Bitcoin to be property and not currency.

Looking at the text of the resolution: Although Bitcoin may not be legal tender in China, that does not prevent it from being protected under the Property Protection Law.The court affirms that the owner has the right to control it and achieve economic benefits, and this does not violate any of the laws.

Note that in July of this year, the Hangzhou Court – specialized in Internet-related cases – issued a decision allowing documents saved via the blockchain to be accepted as evidence in the case of copyright infringement and intellectual protection.

Read:The Ethereum network loses a portion of the market share of the blockchain and decentralized applications (Dapps)

Thus, the trading and trading of Bitcoin and other digital currencies is still strictly prohibited in ChinaThis includes organizing events and events related to the cryptocurrency world in China, as well as initial coin offerings (ICOs).


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