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What is Bitcoin Legal In China Now?
What is Bitcoin Legal In China Now?

At present, bitcoin is legal in China so the status and selling value of bitcoin has been legalized in China. Actually this is already the legal bitcoin in China for a long time but some time ago China stated that bitcoin was considered an illegal payment tool in China but some time ago the Chinese government again legalized transactions using bitcoin in the Chinese country. The Chinese government recently also decided to support the legal status of cryptocurrency, which states that transactions and agreements are very protected by law.

Because many analysts have confirmed changes in the state's view of cryptocurrency, Bank of China stressed that BTC was given property status, however, it did not make it a fiat currency so that it could endanger the selling price of their own currency, Yuan. They also only legalize bitcoin as a business or property that can benefit their country so they allow the use of bitcoin to transact in investment matters not as a legitimate means of payment or fiat money in that country.

So according to the statement that anyone who sells, buys, or transacts in Bitcoin will be protected by law as long as they do not make the Bitcoin a legitimate payment instrument to replace their currency, Yuan. That way, there are many Chinese entrepreneurs who take advantage of this moment to make a profit by investing using bitcoin freely without any worry so that they can also get huge income without any restrictions from the government later.

In fact, there is no doubt that China is one of the largest and most influential Bitcoin markets in the world, making the ownership of bitcoin owned by Chinese citizens. Although the mining operation, which is bitcoin mining, is still under the radar of the government repeatedly, court decisions have become part of the legal use of bitcoin as a tool to invest, such as making bitcoin mining freely without having to pay to the government first because it was legalized beforehand.