Bitcoin (BTC) is now recognized as a legal asset to be owned, transferred and utilized as a medium of payment for goods and services in China as decreed by the Shenzhen Court of International Arbitration after ordering the Bitcoin ban in 2017.
There is a thing "a bit" more important - the amount of mining hashpower concentrated in China physically and the hashpower part that is on Chinese mining pools. Won't post any links here in order not to spam, you can google it.
If this is true, and I understand it correctly, then this is actually HUGELY bullish ! The ban on using BTC there as currency goes back several years, and was part of the first regulation there which allowed trading of coins (legitimising the exchanges) but in effect preventing it from being used in commerce or as a currency.
If this news is true then it would allow companies in China to legally accept BTC as payment for goods and services, presumably including for international trade.
I don't think folks from China are really botheredd by this banning and unbanning thing. People have owned BTC and other crypto there for ages, it's not like the ban has been a big obstacle in the first place.
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