Bitcoin is gaining ground in China

A recent court ruling has recognized Bitcoin as valuable property. Even though the Chinese government has already shut down P2P exchanges and crypto services, along with banning businesses from accepting Bitcoin or any cryptocurrencies, this court decision is definitely a positive sign. I really think this is a big win for Bitcoin fans in China. My take on this is that with Bitcoin being classified as property, people can invest in it without the fear of repercussions. This feels like just the beginning for Bitcoin's journey in China; I believe the government will eventually embrace Bitcoin, making it available to everyone without any limits.

I saw this thread about the take of Chinese government over bitcoin or any crypto asset https://bitcointalk.org/index.php?topic=5585184.0 but this is coming as a relief to many Chinese citizens to be able to still have something to depend on as a backup to why they should use bitcoin and not see it as illegal the way it was initially painted, we can't predict the use of Bitcoin from China and that is where anyone that will be engaging in cryptocurrency must be very careful on where to appear and how to use it.

@Sobz Bitcoin as a property in China is not something new, you can know that from the thread Bitcoin-Forever has posted its link. If something like this happened again, probably it will be on the news again just like this one. I will also advise you to lock this thread to avoid repetitive posts. But it is worth knowing that Chinese government are hostile against bitcoin and other cryptocurrencies.

Before the citizens of China take the news to heart, the ban on Bitcoin needs to be lifted legally. This may be a good development, but the existing restrictions will not allow people to fully benefit from owning it as an asset. The legal recognition still has some loopholes due to the lack of freedom to buy and sell without any regulatory obstruction. However, the good news here is that those who already own Bitcoin will be protected by law.