Media reports no Bitcoin ban in China

Bitcoin-related activity is not prohibited in China if the cryptocurrency is used as a digital commodity. This was reported by 8BTC citing an article by the Beijing Arbitration Commission (BAC).

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❗️Breaking! #China does not ban #Bitcoin related activities as a virtual commodity, according to an article published by Beijing Arbitration Commission. The article points out that China’s current regulatory attitude towards bitcoin mainly includes the following three aspects:

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— 8BTCnews (@btcinchina) July 30, 2020

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The institution clarifies the current legal status of Bitcoin and other cryptocurrencies. In law, BTC is treated as a virtual commodity and is not equivalent to fiat money.

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Exchanging cryptocurrencies for fiat through exchanges or selling them for lawful currency via token sales is also prohibited.

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In conclusion, the BAC notes that Bitcoin does not fall under the current prohibitions as long as it is used as a virtual commodity and not employed as a means of payment.

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Last week, Chinese authorities defined blockchain technology and mentioned digital currencies.

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In mid-June, media reported that the country’s largest banks did not intend to block accounts through which legitimate cryptocurrency purchases and sales were conducted.

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At the end of April, a court in China recognised Ethereum as legal property.

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