[2019-07-19] Bitcoin Declared Legal Commodity in Chinese Court

Kemarit

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Quote from: Vishnu.Reang on July 24, 2019, 01:36:39 PM

I am not very familiar with the Chinese legal process, but I suspect that this "Shenzhen Arbitration Commission" is not a high ranking judicial body. The name indicates that it is not even a proper court. And I don't think that any decision by this Commission has the power to override or nullify the decision taken by the Chinese financial ministry.

Heck, even it's decision can be over turn in an instant, so I wouldn't take this news as very positive and welcoming. I personally consider news coming from Russia and China as non-factor to the growing bitcoin economy.

So for those who think that this is a good news, then probably they need to read between the lines. China's attitude on Bitcoin won't change just because some arbitration favor it. Nothing has change, China doesn't like Bitcoin anymore.

Vishnu.Reang

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I am not very familiar with the Chinese legal process, but I suspect that this "Shenzhen Arbitration Commission" is not a high ranking judicial body. The name indicates that it is not even a proper court. And I don't think that any decision by this Commission has the power to override or nullify the decision taken by the Chinese financial ministry.

gentlemand

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China wins this crypto race. US again in second place...

Hardly.

China has no clout in the market any more, it's never had any influence whatsoever over BTC's actual development. It has had mining but that can easily migrate elsewhere.

China's been a tumour on the whole shebang. The less China there is the better for everyone else.

hugeblack

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This news is meaningless, cryptocurrencies are currencies in the sense of coins or money and not goods sold/bought.
Defining it as a commodity means that it is not money, and lawmakers have not found anything to prove that it does not exist because it has value, "although it is not real" and therefore is classified as a commodity which is a misconception.
China's definition of it as a commodity will exempt it from financial constraints but will place more fees on it.

BitHodler

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Quote from: rodel caling on July 19, 2019, 06:45:59 PM

I remember before china government declared totally ban of crypto currency because they to make own digital currency.

I don't recall anything of China having imposed a total ban on crypto-- they cracked down on the exchanges and the practice of trading crypto to fiat. You can still legally own it and even use it as long as fiat isn't part of the transaction.

If you for example buy a car with Bitcoin, or sell a car for Bitcoin, this is not against their law. You can put this allowed form of use in the category of barter, where you trade one good for the other.

Crypto to crypto trades are allowed too in a peer to peer manner. It's sad to see that people due to news outlets spreading false information think China has imposed a total ban on everything related to crypto.

Ozero

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Quote from: suzanne5223 on July 19, 2019, 05:22:47 PM

Quote from: bL4nkcode on July 19, 2019, 05:50:07 AM

Bitcoin Declared Legal Commodity in Chinese Court

To be clear, this is not the first time that Bitcoin has been called a legal asset in China by judicial bodies. In 2018, the Shenzhen Arbitration Commission declared “the asset should be protected in accordance with law” and is legal to own and transfer.

This is not the first time bitcoin was called legal asset in China but this current situation seems to be different from before cause it was stated by the writer that " This court of trial confirmed the “virtual property” attribute of Bitcoin, which is the first time that Chinese courts have determined the virtual property attributes of digital currency such as Bitcoin." But, I went through the court site to confirm the information but need some login info to do that.

This simply means that the uncertain state with the legal status of cryptocurrency in China will be delayed for a long time, although it gives certain guarantees that cryptocurrency in this state will not be explicitly prohibited. This court decision is better than nothing. However, I think that the government of this country will sooner or later be forced to legitimize the circulation of decentralized cryptocurrency on its territory. Fighting it over the past few years has not brought the desired results for the government.

Lucius

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Courts can declare Bitcoin in any way, but it does not change the situation in China when it comes to buying / selling of Bitcoin. It is like someone is say : "You can have something, but you can not legally buy it or sell it", which is actually a paradox.

China is always unpredictable when it comes to cryptocurrency, but I doubt that communist party will allow crypto exchanges in the near future. On the one hand we would not like to see all drama we seen before, but with population of over 1.4 billion people China would certainly play a big role in Bitcoin greater adaptation.

Arkham Knight

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Quote from: rodel caling on July 19, 2019, 06:45:59 PM

Quote from: 1Referee on July 19, 2019, 04:47:25 PM

Quote from: joelsamuya on July 19, 2019, 09:16:20 AM

I am not sure if I should be shouting in joy with this news or should I again treat it with some grain of salt as we know that as far as cryptocurrency is concerned China is known to be sending very mixed signal to the whole world.

It's China, so there is no point in getting excited. I can't remember how China ever contributed to something of positive nature during their glory days. It was always drama related.

Chinese people interested in Bitcoin have found their ways to still buy it, so it's not that we need anything from them. Let China just hold off and be hostile towards anything they consider a potential threat. Bitcoin has grown immensely without the China as we know it back in the days. No China means way less drama. Good riddance!

Obviously nothing reason to become excited about this news, I remember before china government declared totally ban of crypto currency because they to make own digital currency. So I doubt this news possible this only a press realese or china want get attention for the community or whasoever purpose about this news.

Agree , I laughed when I saw this because it seems like they were trolling us or the ban was intended to FUD the community so they can buy a big bag of their bitcoins. I hope China would make this their last verdict for bitcoin so we can have a smooth sailing towards the value of $100k or $1m. But I am also gald that China did not do the opposite or we will be back in the dark days of the bears.

rodel caling

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Quote from: 1Referee on July 19, 2019, 04:47:25 PM

Quote from: joelsamuya on July 19, 2019, 09:16:20 AM

I am not sure if I should be shouting in joy with this news or should I again treat it with some grain of salt as we know that as far as cryptocurrency is concerned China is known to be sending very mixed signal to the whole world.

It's China, so there is no point in getting excited. I can't remember how China ever contributed to something of positive nature during their glory days. It was always drama related.

Chinese people interested in Bitcoin have found their ways to still buy it, so it's not that we need anything from them. Let China just hold off and be hostile towards anything they consider a potential threat. Bitcoin has grown immensely without the China as we know it back in the days. No China means way less drama. Good riddance!

Obviously nothing reason to become excited about this news, I remember before china government declared totally ban of crypto currency because they to make own digital currency. So I doubt this news possible this only a press realese or china want get attention for the community or whasoever purpose about this news.

timerland

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Quote from: bL4nkcode on July 19, 2019, 05:50:07 AM

Bitcoin Declared Legal Commodity in Chinese Court

To be clear, this is not the first time that Bitcoin has been called a legal asset in China by judicial bodies. In 2018, the Shenzhen Arbitration Commission declared “the asset should be protected in accordance with law” and is legal to own and transfer.

The Hangzhou Internet Court adds further credence to the asset in China, declaring the virtual currency legal and explaining that “the cryptocurrency meets the virtual property requirements because it has value, is scarce and disposable.”

I'm skeptical as to how much weight this actually holds, or if it's just some hyped up media piece.

The fact is that last year, we already saw this type of thing happen within Shenzhen's courts, as mentioned by the article. There was no apparent easing of regulatory policy on bitcoin whatsoever, however, as we saw with the continued crackdown on exchanges in China and even p2p transactions involving bitcoin on Wechat pay and Alipay after that decision.

I think that the best you can say about decision is that it provides holders with a peace of mind that holding BTC is legal, as it provides a precedence; but in terms of lifting the redtape around exchange regulations and the like, it really doesn't do much. And once political climates shift, they may even reverse their own decisions according to new statutes. So nothing is guaranteed.

suzanne5223

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Quote from: bL4nkcode on July 19, 2019, 05:50:07 AM

Bitcoin Declared Legal Commodity in Chinese Court

To be clear, this is not the first time that Bitcoin has been called a legal asset in China by judicial bodies. In 2018, the Shenzhen Arbitration Commission declared “the asset should be protected in accordance with law” and is legal to own and transfer.

This is not the first time bitcoin was called legal asset in China but this current situation seems to be different from before cause it was stated by the writer that " This court of trial confirmed the “virtual property” attribute of Bitcoin, which is the first time that Chinese courts have determined the virtual property attributes of digital currency such as Bitcoin." But, I went through the court site to confirm the information but need some login info to do that.

1Referee

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Quote from: joelsamuya on July 19, 2019, 09:16:20 AM

I am not sure if I should be shouting in joy with this news or should I again treat it with some grain of salt as we know that as far as cryptocurrency is concerned China is known to be sending very mixed signal to the whole world.

It's China, so there is no point in getting excited. I can't remember how China ever contributed to something of positive nature during their glory days. It was always drama related.

Chinese people interested in Bitcoin have found their ways to still buy it, so it's not that we need anything from them. Let China just hold off and be hostile towards anything they consider a potential threat. Bitcoin has grown immensely without the China as we know it back in the days. No China means way less drama. Good riddance!

Slow death

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I am not a lawyer, but following the logic the judge just said that bitcoin was virtual property because the judge is judging the case of a user and an exchange. it was more logical for the judge to declare that bitcoin was the virtual property of the user that entered into dispute with the exchange that is already extinct. this is not to say that the judge recommends that people buy bitcoins or that bitcoin is legal in china. I think the news channels are very excited in exaggeration

joelsamuya

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I am not sure if I should be shouting in joy with this news or should I again treat it with some grain of salt as we know that as far as cryptocurrency is concerned China is known to be sending very mixed signal to the whole world. Assuming that this court decision is true, let's hope that this can be enforceable to the whole country or even to a smaller area as I am not pretty sure about the interaction between the court and the executive department in China. However, we already know that Chinese still own the biggest share of the Bitcoin pie though many can be doing it silently.

bL4nkcode

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Bitcoin Declared Legal Commodity in Chinese Court

To be clear, this is not the first time that Bitcoin has been called a legal asset in China by judicial bodies. In 2018, the Shenzhen Arbitration Commission declared “the asset should be protected in accordance with law” and is legal to own and transfer.

The Hangzhou Internet Court adds further credence to the asset in China, declaring the virtual currency legal and explaining that “the cryptocurrency meets the virtual property requirements because it has value, is scarce and disposable.”

Source: https://cryptobriefing.com/bitcoin-declared-legal-commodity-in-chinese-court/

Topic: [2019-07-19] Bitcoin Declared Legal Commodity in Chinese Court (Read 243 times)