Photo by Tu00fan on Pexels.com

Bitcoin Now Legal in China as Property But not Legal Tender

Bitcoin Now Legal in China as Property But not Legal Tender!

(By Glenford S. Robinson)

The Chinese government had cracked down on the sale, purchase, and trading of Bitcoin and other Cryptocurrencies a few months ago, such news caused the price of Bitcoin to plummet considerably. In fact, the price of Bitcoin hasn’t fully recovered from such onslaught of negative cryptocurrency news coming out of China.

The truth of the matter is that the cryptocurrency space got it all wrong about China banning Bitcoin and other cryptocurrencies. The Chinese government was only trying to protect its citizen against the high risk of buying, selling, and trading Bitcoin and other cryptocurrencies. They weren’t necessarily banning it because they didn’t recognize it. So, let’s get the story straight.

The Shenzhen International Court of Arbitration as recently as 2 days ago ruled that “Chinese laws and regulations do not prohibit privately held and legally transferred bitcoin.” This ruling stems from a real arbitration case of the equity transfer contract dispute accepted by Shenzhen International Arbitration Institute (Shenzhen Arbitration Commission).

This case involves the ongoing dispute over the equity transfer of Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin Diamond (BCD). The ruling also stated that the Bitcoin return contractual agreement “concluded between the private individuals does not violate the mandatory provision of the legal and regulatory effects and should not be considered invalid.”

The court’s ruling continued by saying that “although Bitcoin exists in the virtual space of the network, it has special characteristics in terms of possession and publicity of rights change,” which “does not prevent it from becoming an object of delivery.”

The most compelling remark yet by the Shenzhen, China, International Court of Arbitration is that “Bitcoin is not a legal currency, but this does not prevent it from being protected by law as a property. Bitcoin has property attributes that can be dominated and controlled by manpower, have economic value, and can bring economic benefits to the parties. This is the meaning of the parties’ agreement and does not violate the legal provisions. The arbitral tribunal recognizes this.”

To clarify things the court went as far as to say “Before the laws and regulations define Bitcoin, the arbitral tribunal cannot forwardly identify it as “network virtual property” as stipulated in Article 127 of the General Principles of Civil Law, but can reversely identify that it is neither a currency issued by the monetary authority. It is also not electronic of legal tender and does not generate interest.”

According to the Chinese Arbitration Court as of this moment, “China has not clearly defined the concept, legal attributes, and delivery of bitcoin based on blockchain technology at the legal and administrative level. Under the current legal system, the arbitral tribunal affirmed the property attributes of Bitcoin in accordance with the provisions of the General Principles of the Civil Law, the “Contract Law” and the contractual agreement, and the principle of good faith and the arbitration concept of respecting party autonomy. Protection and proper handling of private Bitcoin contract disputes.” So, there you go. That is the current status of Bitcoin in China.

This could be perceived as very good news for Bitcoin and Cryptocurrency as a whole in China. It is clear in this article that China has not ban the use of Bitcoin and other Cryptocurrencies and is currently conducting more research on Blockchain technology, so the country can do more to incorporate the technology into its financial infrastructure.

Source: https://mp.weixin.qq.com/s/U_qDgQN9hceLBbpQ13eEdQ

Check Also

US Fed Rate Cut Sentiment Thwarted, Euro Free Falling

The ECB is hell bent on keeping the value of the Euro as low as possible in order to compete with Trump’s USD for bottom-dwelling supremacy. Going forward, an interest rate decision either by the ECB or the FOMC in the not so distant future favoring the Euro could cause a rapid rise of the currency pair back up toward the 1.1400 level.

Euro Image

EUR-USD Bullish on US-China Raging Trade War

The Mstardom Finance trading group is predicting that the next short-term target for the EUR/USD currency pair is 1.1305. The pair has met support at the 1.1253 area and resistance at the 1.1263 area. This price action is inline with our calculated and predicted price movements. If our bullish prediction doesn't hold, then a pullback to the 1.1216 area is expected.

communication via hand phone

Global Clinical Alarm Management Market to 2023 with Koninklijke Philips, Vocera, Ascom, Spok, Bernoulli, Connexall, Mobile Heartbeat, GE Healthcare, Capsule Technologie & Masimo Dominating

In 2018, North America is expected to account for the largest share of the global clinical alarm management market. The large share of this region can be attributed to the increasing cases of alarm fatigue and initiatives by government bodies to curtail the effects of alarm fatigue and the increasing need for integrated healthcare IT systems to ensure reliability, efficient maintenance of data, data integrity, and timely availability of patient data to authorized healthcare professionals.

Let your money work for you

SS&C GlobeOp Hedge Fund Performance Index and Capital Movement; IndexSS&C GlobeOp Hedge Fund Performance Index: February performance 1.24%; Capital Movement Index: March net flows advance 0.21%

The SS&C GlobeOp Hedge Fund Performance Index is an asset-weighted, independent monthly window on hedge fund performance. On the ninth business day of each month it provides a flash estimate of the gross aggregate performance of funds for which SS&C GlobeOp provides monthly administration services on the SS&C GlobeOp platform. Interim and final values, both gross and net, are provided in each of the two following months, respectively. Online data can be segmented by gross and net performance, and by time periods. The SS&C GlobeOp Hedge Fund Performance Index is transparent, consistent in data processing, and free from selection or survivorship bias. Its inception date is January 1, 2006.

Image of the US Economy

The Conference Board Leading Economic Index® (LEI) for the U.S. Increased; Economy to Continue Expanding in Near-Term

The ten components of The Conference Board Leading Economic Index® for the U.S. include:Average weekly hours, manufacturingAverage weekly initial claims for unemployment insuranceManufacturers' new orders, consumer goods and materialsISM® Index of New OrdersManufacturers' new orders, nondefense capital goods excluding aircraft ordersBuilding permits, new private housing unitsStock prices, 500 common stocksLeading Credit Index™Interest rate spread, 10-year Treasury bonds less federal fundsAverage consumer expectations for business conditionsFor full press release and technical notes:http://www.conference-board.org/data/bcicountry.cfm?cid=1

Growth stock image

Willamette Valley Vineyards Posts a Profit for 2018

Jim Bernau, Founder and President of the winery, said "We are pleased Income from Operations was up 15% for the year. Earnings are affected by the dividend cost as we raised the money needed for the planned winery near Dundee prior to construction. As we are able to deploy these development funds, we expect the projected earnings to more than offset the higher dividend costs."

Investing pennies

SEC Proposes Offering Reforms for Business Development Companies and Registered Closed-End Funds

The proposed amendments would modify the registration, communications, and offering processes available to BDCs and registered closed-end funds, building on offering practices that operating companies currently use.

%d bloggers like this: