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Chinese court declares Bitcoin to be legally owned – however, no change of course in sight

A court in the Chinese city of Hangzhou has declared Bitcoin in the past week to "legally owned". The people's Bank of China, the country's Central Bank, af

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Chinese court declares Bitcoin to be legally owned – however, no change of course in sight

A court in the Chinese city of Hangzhou has declared Bitcoin in the past week to "legally owned". The people's Bank of China, the country's Central Bank, affirmed the judgment. The Status of legal currency, however, the judge from the languages of the crypto-horse. Bitcoin Enthusiasts should be the judge's decision, however, little reason to Breathe a sigh of relief. A speedy change of course by the Chinese authorities is to be expected, especially with a view to their own currency plans can hardly.

By David Barkhausen
21. July 2019BTC$10.591,00 0.53%part Facebook Twitter LinkedIn xing mail

For Bitcoin enthusiasts should be the same, the recent news from China on the first glance a Bang. After Beijing crypto-currencies had announced two years ago, the fight, and it looked due to the hard legal supports for the Bitcoin in the Land of the long dark, promises, the past week, an unexpected ray of light.

Seemingly out of nowhere, a court in the coastal city and commercial metropolis of Hangzhou, said the Bitcoin last Thursday, the 18. July, to "legally virtual possession". This is a variety of local media such as the China securities news China Securities Journal reported.

According to the judgment, it was in Bitcoin to a tight value object, and thus to a possible trade goods for which property rights should apply. The Status of a legal currency, however, the court is contrary to the crypto-crowd-puller. So the Bitcoin is still not an official currency alternative to the Chinese Renminbi.

The monetary authorities of the country, the people's Bank of China PBOC reiterated the verdict of the judges. Compared to the Chinese daily Global Times, a representative of the Central Bank confirmed last week:

In fact, the Bitcoin to virtual property, but not to Fiat money.

Bitcoin Enthusiasts see the ruling as well the glimmer of hope of a long-awaited crypto-spring in the middle Kingdom.

This is a clear Signal that the financial authorities are beginning to loosen control over digital and virtual currencies,

about the Chinese Blockchain expert, Cao Yin has speculated, compared with the Global Times.

For connoisseurs of the Chinese regulatory situation, the judges, the promises, however, but little that is New. Last year, a court in Shenzhen Bitcoin had awarded-holders legal protection to claim and has declared the cryptocurrency in a legal possession. A loosening of the crypto-regulation had not stopped since.

Bitcoin regulation: rate of change in point of view

A major change of course by the Chinese authorities is, therefore, for the near future is hardly to be expected. That Beijing loosens its bondage to Bitcoin miners, exchange operators and the ICO-Interested in the near future, is currently considered to be unlikely.

This speaks on the one hand, the control mantra of the Central government. The reins of monetary policy if one wants to know here is firmly in the hands of the state.

on the Other hand, the law does not appear to have the guardian of great interest to endanger their own currency plans with additional competition. In view of the waves, the beating Facebook's currency project Libra these days, had brought the PBOC at the beginning of July plans its own state-controlled digital currency back in the headlines. According to the Central banker could develop Libra will be in the future to a game of stone-in the global currency competition. Now, it would be to the Chinese authorities, the development of a sovereign digital currency is decided in advance.

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