The Shenzhen Court of International Arbitration ruled that Bitcoin is legally protected regarded as a property. This information was published on Oct 25 on the WeChat account of the arbitrator. With this, all Bitcoin payment in China is now considered legal.
Now, businesses in China are legally allowed to accept payment through Bitcoin and Cryptocurrency. “Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”
Wu explains that Bitcoin provides financial freedom and there is an economic value to the owner, this asset is not recognized as property.
“The Party contends that Bitcoin has characteristics of a property (SOV), can be controlled by the owner, and has economic value to the owner. It does not break any laws. This arbitrator agrees,” Wu said.
As per previous news, China is already working on a plan to dominate $102 Trillion Blockchain space. Chinese companies are on the top list in the Blockchain patent list; one-sixth top patent slots go to the Chinese companies. Until now, Alibaba, a multi-nation e-commerce reseller company, filed 90 patents.