Recently, news about the lifting of bans on crypto trading in China spread like wildfire. Unfortunately, it has turned out to be fake news and this has totally annoyed the Chinese cryptocurrency enthusiasts. This time around, the real truth was lost during the translation process and incompetent translators became the most patsies in this entire story.
China was a no-go zone for the last year on the issue of crypto. Several crackdowns targeting businesses and individual users have been rampant, as Coinidol earlier reported.
What Really Happened?
Very many media outlets around the world focused on crypto published the news that China completely lifted the Bitcoin (BTC) ban and that it's now working on how to regulate it. Various public figures also added salt on their Tweeter platforms plus statements about Beijing reviewal on its restrictive policy. Nevertheless, this turned to be a misinterpretation and misunderstanding of a Shenzen court ruling.
In the first, the SCIA ruled that:
“CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”
On Thursday October 25, 2018, the Shenzhen Court of International Arbitration (SCIA) declared BTC as property following the existent legislation of China. It implies that Chinese merchants and nationals are able to transfer and also individually own cryptos legally, which at any one moment never been prohibited in China.
Read more:
https://coinidol.com/china-never-lifted-crypto-ban/
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Topic: False News: China Never Lifted the Crypto Ban, Translators Turned Scapegoats (Read 992 times)