In a recent report China's Shenzen Court of International Arbitration was quoted as saying:
“Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”
It is not known how accurate this news really is, nevertheless it comes almost exactly a year after the Chinese government placed a blanket ban on Bitcoin and the cryptocurrency market as a whole, forcefully closing the major Chinese exchange platforms like Via BTC and BTC China, which sent the value of Bitcoin at that time down more than 20% from it's all time high (at the time of around $4000).
This news from the Orient also comes at a very interesting time, with Bitcoin and crypto in general falling steadily since the great boom last December and into January and February of this year even as so much very positive news reveals itself daily.
Now it looks like businesses all over the greater landmass of China may in fact be able to begin and already have begun adopting Bitcoin as a viable means of payment. Setting the trend, Hotels all over the country are now accepting crypto as payment including the freshly named Ethereum Hotel, who promote Ethereum to it's patrons with discounts to customers paying in Ether for a night sleep. Another trend setter is Beijing Sci-Tech Report (BSTR), China's oldest digital publication, who have now begun accepting Bitcoin for the subscription to their magazine.
Unfortunately for the people of China, with the legalization of Crypto comes more government regulation in the market. The Chinese Government will be able to closely track the movement of digital coins and so impose their specific brand of tyranny more effectively on their citizens.
For the price of Bitcoin in general though, this could be a very great boost before the festive season!
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