Is China Starting To Welcome Bitcoin?

Published 5 years ago on October 30, 2018

China is seen as a country which is against digital currencies, a series of pro crypto moves are opening up on what is the ‘forbidden’ world of crypto. Recently, a local court in the country has allowed merchants to accept Bitcoin as a payment method and recognised the digital currency as a property leading to people being able to transact it, own and so on. This is a shock move for many in within the industry and it might start to open up doors for a crypto future in the biggest manufacturing hub in the world. Slowly but surely, China is working to legalise cryptocurrencies and open up their country. According to local reports in the country, the Shenzhen Court of International Arbitration Announced this landmark decision. Nevertheless, it also passed the buck to the regulatory authorities as according to the ruling, Bitcoin ownership and transfer shouldn’t be in conflict with existing financial regulations. As said in the verdict, “CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”This decision now means that ownership and circulation of Bitcoin are now legal and merchants will be able to accept digital currencies as payment without being in violation of the local regulations. Even though the law falls short of giving the same rights to Bitcoin as traditional currency, this is a good start. As said by Bitcoin News, the outside world seems to view China as having a blunt ban on digital currencies but in reality, there are some adoption - the key word there being some. A recent reality TV show in China follows the life of a young woman who has to survive travelling around China with only 0.2 worth in Bitcoin. China is allegedly opening up to the adoption of Bitcoin and other digital currencies as public penetration gets bigger. There are multiple hotels in the country which has already begun to accept Bitcoin while others are providing wide-ranging services in exchange for Bitcoin. Personally, I believe it is only a matter of time before China lifts the blanket ban on digital currencies and allows unregulated international trade through the country. What are your thoughts? Do you think that China will lift its ban soon? Let us know what you think down in the comments below!

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Robert Johnson

Robert first came across Bitcoin in 2016 during a meetup in Belgium, and has been hooked ever since. With a background in Economics, you can find Robert frequently looking at the Twitter feed of the SEC for any regulatory updates relating to Bitcoin and Crypto in general.