Home Cryptocurrency Chinese Court finally declares Bitcoin a legal tender

Chinese Court finally declares Bitcoin a legal tender

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.”

Don't be shy! Tell us what you think?