After years of speculation and numerous bans, the Hangzhou Internet Court which regulates all internet activity in the country has affirm that Bictoin is now a virtual property with value in the country.
This makes Bitcoin legally recognized in the country as a virtual property that holds monetary value. Few minutes after the ruling, the crypto market saw a bit of increase in price worth, with the flagship coin gaining a 10% price boost.
Bitcoin was previously trading just below $9,900 before the news broke and now trading just above $10,300. In May, the Internet Court declared a public hearing to judge the case of Bitcoin transaction in the country.
Releasing a statement in July, the Hangzhou Internet Court pointed out that the “cryptocurrency meets the virtual property requirements because it has value, is scarce and disposable.”