Chainalysis Rolls Out Real-Time Threat Detector for 15 Major Cryptos

1h
cointelegraph

Canadian Bitcoin scammers con $230k from U.S citizen

1h
bitcoinwarrior

Here’s How Much the Top Athletes Would Make If They Were Paid in Bitcoin

1h
beincrypto

Send Token Payouts With Ease Using Bitcoin.com’s SLP Dividend Calculator

1h
thebitcoinnews

Why FB Stock Is Poised for a 25% Rally

1h
cryptonewmedia

Crypto-Like Global Monetary System To Be a Boon For BTC

1h
cryptonewmedia

Why You Should Use Cryptocurrencies

1h
bitcoinwarrior

Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC

2h
newsbtc

Crypto News From the Spanish-Speaking World: Week in Review

3h
cointelegraph

Rwanda Reportedly Considering National Digital Currency

3h
dcebrief

The Bitcoin Price Just Did Something It’s NEVER Done Before

3h
cryptonewmedia

Is cryptocurrency mining on nuclear power a viable power solution?

3h
bitcoinwarrior

Bitcoin Price Fights to Hold $10K Support While Altcoins See Drops

3h
cointelegraph

Each Bitcoin bull market started with miner capitulation, says researcher

3h
cryptoslate

Poloniex Set to Repay Flash Crash Losses, Victims Are Not Happy

3h
thebitcoinnews

Are Whales Behing Bitcoin’s Latest Dips?

4h
livebitcoinnews

Chinese Drug Kingpins Use Bitcoin, According to U.S. Treasury

4h
beincrypto

US FTC Settles With Alleged Crypto Pyramid Scheme for $500,000

4h
cointelegraph

Ethereum May Face 20% Pullback as Key Support Level Grows Weak

4h
newsbtc

New York Gym Grit Bxng Accepts BTC Payments

4h
livebitcoinnews

Bitcoin Transactions Lead to International Drug Trafficking…

4h
cryptonewmedia

Punk Rocker Tweets ‘Bitcoin Camaro’ to 106,000 Fans Thanks to Siri Blooper

4h
dailyhodl

Adoption Shortcut or Blockchain Purists’ Nightmare?

4h
cryptonewmedia

Initiative to Curtail Negative Interest Rates Gains Traction in Germany

4h
thebitcoinnews

Crypto Custody: Adoption Shortcut or Blockchain Purists’ Nightmare?

4h
cointelegraph


Bitcoin Legally Recognized in China, Is this Why BTC is Rising? |

Bitcoin was just recognized as a legal ‘virtual property’ in China. At the hearing of the first property infringement case in China’s Hangzhou Internet Court, Bitcoin was recognized as “virtual property.” According to the court’s order,

Bitcoin holds the attributes as property – valuable, scarce and disposable. We should recognize it as a virtual property.

It was first brought into light by Dowey Wan, Crypto-analyst and Trader who pointed out that,

This case is a major milestone that manifested BITCOIN IS ACTUALLY LEGAL in China so please STFUDup on Bitcoin is illegal in China from now on

The case was between the plaintiff – Wu and the defendant – Shanghai technology company and the defendant – Taobao. The plaintiff accused the defendant of network infringement liability. While the court denied all of the plaintiff’s claim, it was a massive win for Bitcoin in China.

This is because as Bitcoin is recognized as a virtual asset with real value, from now on, it will be protected by the Civil laws in China. These would relate to financial theft, inclusion in contract laws, and other types of disputes like electricity theft. Wan tweeted,

According to “The General Civil Law”, virtual property is legally protected by laws of People’s Republic of China”

Reportedly, it is not because of a recent implementation of any new legislation. It has been for a very long time. According to Xiao Wei, a director of the Bank of China Law Society; In 2013, China clearly defined the legal attributes of Bitcoin itself: specific virtual goods, that is, the status of recognition of its “property.”

This is big positive news for Bitcoin and Chinese investors who have been living in uncertainty. Bitcoin [BTC] shot up a couple of hours after the story started breaking in the Chinese media. Wan also pointed out this fact, she tweeted,

I was browsing Weibo and Wechat on sentiment around the sharp Bitcoin rally, instead of Libra, folks attributed the rally to the case above then I realized it’s indeed a big milestone

At 14: 30 hours yesterday, Bitcoin rose from around $9400 to $10,400. The rise came as a surprise for most traders, and they suspected a bull trap.

However, if the buying pressure catches on in China, the FOMO could ensue again. Nevertheless, the price seems to be holding around $10,500 at the moment. Moreover, the Chinese investors and miners who are already engaging with cryptocurrencies are probably bought in already.

Moreover, Dovey Wan also noted that while holding Bitcoin is alright, at the moment, it does not extend to allowing trading on Exchanges.

Do you think that the demand from China in light of this news will drive Bitcoin to new highs? Please share your views with us.

The post Breaking: Bitcoin Legally Recognized in China, Is this Why BTC is Rising? appeared first on Coingape.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments