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Bitcoin Not Banned in China, Officially Recognized as “Property”
Goffredo Beniamino
Chinese scholars claim that surprisingly, Bitcoin is not banned in China
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China’s Bitcoin (BTC) market may soon receive a new wave of attention as scholars in the country have already done recognized the property attributes of the coin.
Bitcoin ban may be lifted
It is known that Bitcoin in China has been banned since at least June 2021; however, the question of whether its ban is complete remains on the horizon. While commercial exchanges AND influencers have suffered repression in the country on the country’s orders, the trend may soon change dramatically.
Chinese scholars believe that Bitcoin and digital currencies have relatively little legal space in the country. Against general public opinion, they argue that Bitcoin is not completely banned and that it is not contraband.
This new position changes the paradigm on how Bitcoin is perceived both inside and outside China. Before the ban in 2021, China accounted for a large Bitcoin mining hashrate. Before the US and other major Bitcoin hubs took over, the market relied on liquidity from China.
The sector has long adapted, however, the revival of Bitcoin sentiment and potential trading reapproval could further complement BTC’s growth prospects.
Spot Bitcoin ETF in Hong Kong
The spot launch of the Bitcoin ETF in Hong Kong could serve as direct escape for Chinese investors in the meantime. While there is a very delicate line here, the Chinese scholars’ comments could set a precedent that could usher in a new era of adoption.
Scholars already believe that Bitcoin is property and can be traded because it has economic value. Whether or not this position will be enough to change the regulators’ position remains to be seen; However, the market is optimistic about a massive turnaround in China’s unfavorable Bitcoin ban.
Bitcoin rallied today with its price rising 1.90% to $64,897.90, a trend that could increase once market prices are reported on this news.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.