Alright, let me shut this m%&$%$#er down before shit gets way out of hand. TL;DR - This is a clickbait title, and merchants in China are NOT legally allowed to accept bitcoin and crypto in exchange for a product or service. Nothing changed overnight just because one Judge Judy in a city of 15 million in China made one decision to return property to a person. There are very places where crypto can be used in China, and IIRC only Hainan Island is one of them. People are totally lost in the mystique about what actually goes on in China / Asia as a whole.
I saw all of Katherine Wu's tweet train from yesterday. Although I speak, read and write Chinese, I'm a lazy guy and didn't care to translate the whole WeChat / Weixin article myself.
Comparable purely hypothetical scenario: Let's say I'm in Kansas where, to the best of my knowledge, selling non-medical marijuana is illegal. Two medical weed dispensaries, Dispensary A and Dispensary B are buying from the same supplier of marijuana, Weed Farmer C. In 2015 both of them sign a contract, unbeknownst to each other, that guarantees they get so much weed from Weed Farmer C. In 2015 Weed Farmer C guaranteed he would give 60% of his weed output to Dispensary A, and 55% to Dispensary B. He is unable to keep up because this is 115% of his overall weed output and in 2018, both Dispensary A and Dispensary B file lawsuits because they don't get their promised product after they pay money to Weed Farmer C. They get put on Judge Judy and Judge Judy orders Weed Farmer C to pay both Dispensary A and Dispensary B 1000 USD apiece, and 50% of his weed production each.
Now Bitcoin in China is not as heavily policed / restricted as weed in America, but I think you guys get the point. It has simply been ruled that bitcoin is not legal tender, but is recognized as a form of property. Does that make sense at all?
The person who made this article took facts way too far out of context. Your local city judge in America is not the president of the united states, and your local city judge / arbitrator in China (no matter how big or influential the city) is not the president or a member of congress of China.
Seems odd. Usually China tries to stop the flow of cash out of their borders and crypto makes it easy to bypass the 50k or so limit the citizens have. Wtv they’ve been buying up all the property in Canada so we know nothing is working.
You guys realize this is pretty big news, right? It's crazy how nothing seems to impact the market anymore. Bakkt and Fidelity launches around the corner, China pretty much legalizing crypto's, ETF most likely about to be approved, ... And all that is on top of all the other constant good news we've been seeing trickling down over the past few months. Wake the bleep up! :-)
That and incentivise trade and foreign investments, I guess. Read somewhere that the Chinese government supports it's wealthy citizens buying up foreign companies and property because through some weird laws it means they get to own part of it or bring them under state control whenever they want. Meanwhile countries like Canada are urgently pushing for laws to limit specifically Chinese investment in their housing market, for example, which has become a big problem and caused massive price inflation.
But more selfishly, as long as it benefits crypto's, I'm fine with it for now ;)