Bitcoin’s Position in China Has Not Changed

November 12, 2018 | AtoZ Markets

The last night brought many news on China lifting the ban from bitcoin, where social media platforms’ most circulated talk was about this point.

Apparently, all that news were mere rumours, triggered by the verdict a court in the Chinese city of Shenzhen, in which the latter said that the Chinese law does not forbid owning and transferring Bitcoin, and consequently, bitcoin should be protected, being a property nature and economic value, according to to media platforms.

It is worth mentioning that the ban in this context China is known of, was not on owning and transferring Bitcoin. The ban was actually imposed on BTC trading in any means, including exchanges that facilitate BTC trade.

The controversy that was stormed last night pushed Forbes columnist and investor Joseph Young, to interfere in a tweet, saying: “China HAS NOT lifted its ban on Bitcoin. Local court recognized Bitcoin as a property for quite some time already. People can send and receive BTC but it cannot be traded and exchanges are still not allowed to facilitate BTC trades.”

The financial authorities in the country keeps a tough grip on cryptos

Atoz Markets has recently published a news which said that the People’s Bank of China recently issued a statement, warning against cryptocurrency, specifying Bitcoin in particular, as long as ICO campaigns, which were officially banned in the country since September 2017. The paper however, referred to that Blockchain is still welcomed in the country as a technology.

On the other hand, Beijing Sci-Tech Report, oldest tech media outlet in China, had announced at an earlier time that it accepts payments in bitcoin as a subscription fee, for those who wish to use cryptos as a payment method.

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