A surprising decision came from China, which has a ban on cryptocurrency trading.
New doors may be opening in China, which has not yet thought to soften its perspective on cryptocurrencies. The country, which currently has strict rules for crypto trading, uses digital yuan and has a crypto ban in the country. Crypto trade has been approved by China, which has taken a strict stance by banning mining as well.
Usage Approval Received Despite Crypto Trading Ban In China
Beijing No. One Intermediate People’s Court has approved that investors can only trade cryptocurrencies. However, they will not be treated as digital assets and will not be considered a currency.
The court has approved crypto trading despite the ban on cryptocurrency trading in China. Besides that, the presiding judge said that Litecoin cannot be considered a currency. According to the court, cryptocurrencies lack the support of legal and financial frameworks and are not accepted because they are not issued by an official monetary authority.
The court decision included:
“According to actual administrative regulations and lawsuits, our country denies purely monetary qualities of cryptocurrency and prohibits its circulation as currency. But cryptocurrency itself is a digital property protected by law.”
