Chinese sellers are allowed to accept bitcoins and crypto
In China, country sellers can legally accept cryptography as a payment method.
According to local reports, the Shenzhen Court of International Arbitration officially recognized Bitcoin as property, allowing individuals and businesses to own and transfer Bitcoin without conflicting with the existing financial regulations.
“The Chinese court confirms that bitcoin is protected by law. The Shenzhen International Arbitration Court ruled in a case that linked cryptography. The result of the verdict: the law of CN does not prohibit the possession and transfer of Bitcoin, which must be protected by law because of the property property and economic value. "
Circulation and payment of bitcoins in China are legal
Cryptocurrency researchers in Messari have translated and analyzed court documents issued by the Shenzhen Court of International Arbitration to delve into the reasoning behind the arbitrator’s decision to consider Bitcoin as a property.
In essence, Wu explained that because of the decentralized nature of Bitcoin, which provides financial freedom and economic value to the owner, this asset can be recognized as a property.
“The party claims that Bitcoin possesses ownership characteristics (SOV), can be controlled by the owner and has economic value for the owner. He does not violate any laws. This arbiter agrees, ”Wu said.
Thus, the court stressed that, regardless of the legality of bitcoins and other basic crypto fibers, the handling and payment of Bitcoin is not illegal. This means that merchants are free to accept cryptocurrency as a payment method without violating local laws.
Several hotels in major cities in China have also begun to accept cryptocurrencies, one of which has branded itself as the Ethereum Hotel, providing benefits and discounts to those who pay for their services using Ethereum.
What does this say about China?
Taking into account China’s optimistic position on blockchain technology and positive comments on the sector created by government agencies, it became more obvious that the government placed a total ban on trading cryptocurrencies to prevent the devaluation of the Chinese yuan and limit market speculation.
But, in general, the government remains open to cryptography and the use of a block chain to improve existing infrastructures and software-related issues.
Website source: https://www.ccn.com/chinas-merchants-are-legally-allowed-to-accept-bitcoin-and-crypto/
Article translated and published: Leonid Shchekutev, analyst at Freedman Club Crypto News
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