A Chinese court has ruled that citizens and merchants in the country have the right to trade and even own Bitcoin and cryptocurrencies. According to the Shenzhen Court of International Arbitration (SCIA) digital assets are in fact property and not currency in China. Therefore, Bitcoin is legal in China.
Bitcoin is legal in China
According to Chinese law digital assets that include Bitcoin and other cryptocurrencies are classified as property. The SCIA said their ruling is in reference with provisions from the Chinese General Principles of the Civil Law.
So, Bitcoin is property and not currency in China. As a matter of fact, this is an important distinction when it comes to taxes. The distinction between the two comes down to Bitcoin should be taxed as ordinary income or assets that are subject to capital gain. On the other hand, currencies cannot be taxed in the same way property is.
Regardless, the Chinese government is still wary of cryptos. This is according to a report by Princeton University. Click here for more on the report. It remains to be seen what the Chinese government will do about this ruling.
EOS is China’s favorite
The Chinese Center for Information and Industry Development (CCID) published a crypto ranking report every now and then. This is an initiative by the Chinese Ministry of Industry and Information Technology. According to the latest report, which is the sixth report, 33 cryptos were evaluated.
At the top of the list is EOS followed by Ethereum and Bitshares. Bitcoin is ranked as number 19 on the list and NEM is last.
When it comes to creativity, the CCID showed that Bitcoin was top of the category followed by Ethereum, EOS, Nuls and Cardano (ADA).
The price of Bitcoin today is standing at $6 343. 61 according to Coinmarketcap.