Bitcoin gets legal protection in China

The Standing Committee of the National People’s Congress of China on Monday issued a bill to legalize online virtual assets and data information.

Virtual assets including bitcoins and Chinese tech giant Tencent’s Q-coin will be protected by Chinese laws.

In 2004, legal personal property protection was listed in the constitution law of China. However,  online virtual assets were not explicitly listed as legal property in the General Principles of China’s Civil Law.

The Chinese authorities issued a notice on the risk prevention of bitcoin in 2013. They deemed bitcoin as virtual product which cannot be used as currency in the market. However, people could trade bitcoins on the Internet, if they were prepared to take the risks.

According to the statistics by China’s largest bitcoin trading platform Huobi.com, the Huobi.com total transaction volume of bitcoins has surpassed RMB 1.1 trillion (USD 169 billion).

(Top photo from pixabay.com)

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AllTechAsia is a startup media platform dedicated to providing the hottest news, data service and analysis on the tech and startup scene of Asian markets in English.
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