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IPFS News Link • China

Shenzhen Arbitration Court Rules Bitcoin Enjoys Legal Protection as Asset,...

• China Banking News

The Shenzhen Court of International Arbirtation (???????) has issued a ruling which confirms that bitcoins held domestically are subject to legal protections as assets and can be used of transactions.

While Chinese authorities placed a ban on initial coin offerings and the trading of cryptocurrencies in September last year, and domestic law states that bitcoin cannot function as money, SCIA recently ruled that this does not prevent bitcoin being categorised as a "digital asset" which can be used for transactions.