A court ruling confirmed that citizens can trade cryptocurrencies but these crypto assets shouldn’t be treated as currency.
Cryptocurrencies use is fully prohibited in China, as per the introduced crypto ban by the country’s central bank (People Bank of China). The decision to ban cryptocurrencies by the Central Bank was an effort to push the rollout & adoption of the National Digital Currency e-CNY, as per few experts.
Recently a strange case came in which the court openly said that citizens are allowed to trade but not as fiat currency.
Indeed a person Zhai Wenjie released 50,000 Litecoins to wallet of his friend Ding Hao as a loan in 2015.
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
Plaintiff claimed that Ding promised to give 1,000 Litecoins to him to return the loan amount, which was denied by Ding.
In this scenario, the Court noted that Zhai has full right to get loaned Litecoins, no matter whether crypto trade or use is fully prohibited in the country.
The court judge stated that virtual assets are protected by property laws.
“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.
Many law experts noted that the court found it hard to prove that Litecoin is an illegal asset because of the lack of laws against cryptocurrencies.
It happened many times when different courts of China ruled out different decisions on Cryptocurrencies. For example in May of this year, a court ruling clearly said that Bitcoin is an economic property, so it is protected by govt law.
It is worth noting that many people are anonymously active in the crypto industry and they are trading crypto assets. Some reports claimed that China is standing at 10th rank in terms of crypto adoption.
Read also: EU’ MiCA may act as international regulatory standard, says Binance CEO
Crypto trading is allowed in China despite crypto ban: Court
https://bitcoinik.com/crypto-trading-is-allowed-in-china-despite-crypto-trade-court/feed/
https://bitcoinik.com/crypto-trading-is-allowed-in-china-despite-crypto-trade-court/feed/
Moon Grid trading bot
OKX’s new Moon Grid bot automatically buys low and
sells high within a wide price range using artificial intelligence based on market backtesting.
Quick to set up with smart entry and exit points!
How does it work?
- Select Trade in the main menu, then select Trading bot.
- Select a spot trading pair from the Trading bot menu.
- Select Moon Grid from the listed strategies.
- Enter the amount you want the bot to trade and click Create.
- Your bot will then be live.
- To view and manage your Moon Grid bot, select Bots at the bottom of the trading dashboard.
—————————————————————————————————————————————-
Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by Cryptonews24.eu, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin.
Cryptonews24.eu provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice.
Cryptonews24.eu recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.
