A Loophole In The Law: BTC Can Be Used In China

Bitcoin is not banned on the territory of China, but only if it is a digital commodity.

Where is it coming from?

The corresponding statement was published on the official website of the Beijing Arbitration Commission.

A loophole in legislation

The staff of this institution clarified the current legal status of the first cryptocurrency in China. If you carefully read the legislation of this country, you can see that BTC does not fall under the ban if it is not considered as fiat money.

The attitude of the authorities towards BTC

That is, in China, you cannot exchange Bitcoin for real money or sell it on crypto-exchanges. Recall that last week, the PRC government gave a definition of distributed ledger technology, including cryptocurrencies.