China Court Partial Approved Cryptocurrency (Bitcoin/Litecoin) to be used in the country. In spite of the ban of Crypto in the country, China court finally rules in favour of litecoin (Bitcoin) to be used in the country as a digital asset and not a currency. China court said, Bitcoin was not brought by the Monetary Authority in the country therefore, it cant be used as a currency but only as a digital asset.
I guess that was a mistake, bitcoin is not litecoin. 
Topic: Partial Adoption of Cryptocurrency (Bitcoin/Litecoin) by China Court - page 2. (Read 159 times)
September 17, 2022, 03:50:33 AM
The case was about litecoin loan, but not only litecoin that is accepted. Bitcoin and other cryptocurrencies are accepted, only that they do not accept cryptocurrencies as a currency, but citizens can have it as a property.
September 17, 2022, 02:56:37 AM
China Court Partial Approved Cryptocurrency (Bitcoin/Litecoin) to be used in the country. In spite of the ban of Crypto in the country, China court finally rules in favour of litecoin to be used in the country as a digital asset and not a currency. China court said, Bitcoin was not brought by the Monetary Authority in the country therefore, it cant be used as a currency but only as a digital asset.
Chinese court approves crypto trading but not its use as a cash substitute
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Although the court acknowledged the existing Chinese ban on cryptocurrency trading, the presiding judge noted that Litecoin could not be treated as a currency. According to the court, the crypto is not issued by a monetary authority alongside a lack of backing from legal and financial frameworks.
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“According to real administrative regulations and cases, our country only denies the monetary attributes of virtual currency and prohibits its circulation as currency, but the virtual currency itself is a virtual property protected by the law,” the court ruled.
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