Bitcoin which has been considered wasteful and was under ban in China by the country's Government has received a Legal recognition by the Hangzhou Internet Court.

The Hangzhou Internet Court in its ruling on this case has given a legal recognition to the crytpo asset by stating that though bitcoin is not fait money, it could be Held and transferred privately as a virtual property.

Bitcoin trading and mining were both considered as illegal activities in China since September 2017 until now that it has formally been described  as virtual property on July 18.

The ruling reaffirms that Bitcoin is now legal to own in China and indicates that holders would be protected from disputes regarding possession.

According to this post, this is the second of such legal recognitions of bitcoin as a virtual property and this could serve as a further boast for the cryptocurrency in China.

There are also speculations that this whole recognition of bitcoin by China Arbitrators as something legal has some thing to do with the raise in price of the asset in most recent times.

Following the gist closely, we notice that “ BITCOIN IS ACTUALLY LEGAL" in China even though it is not fait money, it can be held as a virtual property because according to local English-language news outlet Global Times, China’s central bank, the People’s Bank of China (PBoC) — which imposed the 2017 ban — did not explicitly disagree with the Hangzhou decision.

Instead an official of PBoC with the surname Li Agrees that “Indeed, Bitcoin is virtual property, but it's not fiat money."

Sources : cointelegraph

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