A couple of days ago we saw multiple reports come through claiming that China has lifted its infamous “Bitcoin ban”. The reports came out after Shenzhen Court of International Arbitration recognized Bitcoin as “a legal asset to be owned, transferred and utilized as a medium of payment for goods and services in China”. The issue itself was misunderstood by many people, as there was a general consensus that China outright banned every crypto related activity earlier this year when the ban was imposed. misunderstanding came to light after a court case was brought up before the abovementioned court, where the defendant (who owed significant amounts of cryptocurrency to the plaintiff) claimed that he is unable to return what he owes due to the ban which the Chinese government imposed on cryptocurrency trading. He even went on to suggest that the entire contract between him and the plaintiff is invalid due to this ban.Shenzhen Court of International Arbitration rejected the defendant’s notions and declared that exchanging cryptocurrency on a peer-to-peer level isn’t forbidden. The actual ban was focused on Chinese financial institutions which are the ones that aren’t allowed to get involved in crypto trading. People can send and receive BTC but the currency cannot be traded on exchanges, as those are forbidden from operating on the territory of China.
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