China, after recently applying stringent regulation to the cryptocurrency market, has offered an update on its stance, saying that it is not illegal to own Bitcoin (BTC), though trading is still banned, the Bank of China’s Law Research Association stated, according to local news outlet CnLedger.
Sa Xiao, a council member of the Bank of China’s Law Research Association, said,
It is legal to own bitcoins in China’ says Sa Xiao, Council Member at Bank of China Law Research Association, cited by The Beijing News. Besides, Xiao considers the occasional exchange of bitcoins between individuals and individuals is legal.
Bitcoin is considered property or a commodity by Chinese authorities, and as such gets a pass.
While this will offer some relief to Chinese investors, the country still takes a very strict view of cryptocurrencies, having passed multiple stringent laws on activity in the space. Exchanges were asked to cease operations in 2017 and ICOs have been banned as well.
More recently, the country has banned Bitcoin mining, where it is very popular. The country also called ICOs and STOs “solicited illegal financial activities.” Such bans are difficult to implement practically, but the country is nonetheless making a strong effort.
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