Markets are up today with good regulatory vibes following positive reactions from a number of American Senators who successfully distinguished Bitcoin from the much-maligned Libra. Traders witnessed Bitcoin jumping 10% in about an hour, a leap similar to that seen at the beginning of the bull rally back in April of this year.
But Crypto Twitter seems to be more abuzz about the news shared by Dovey Wan that Bitcoin has been legally recognised as a virtual property with monetary value by the Hangzhou Internet Court, one of three such courts, for the first time in China.
To be clear, this is not the first time that Bitcoin has been called a legal asset in China by judicial bodies. In 2018, the Shenzhen Arbitration Commission declared “the asset should be protected in accordance with law” and is legal to own and transfer.
The Hangzhou Internet Court adds further credence to the asset in China, declaring the virtual currency legal and explaining that “the cryptocurrency meets the virtual property requirements because it has value, is scarce and disposable.”
While this does not open the door for trading of cryptocurrencies in China, with domestic trading institutions and ICOs banned since 2017, it does endow Bitcoin owners in the country with certain rights in regards to Bitcoin as a commodity on a broader scale.