Professionals in China have highlighted the advantages of Bitcoin. Despite China imposing a ban on cryptocurrency in 2013, the country has always been a popular destination for investors, traders, and Bitcoin miners.
Bitcoin managed to stay in circulation in China for a considerable period even though the ban was not fully enforced. The publication of China's Web3 national development plans in late 2023 demonstrated the country's active involvement in researching and developing blockchain technology.
China aims to finalize Bitcoin's legal status and establish a comprehensive system for regulating cryptocurrencies by 2024.
An official acknowledgment from China deemed Bitcoin as property. The Nanjing People’s Procuratorate is investigating Bitcoin to determine its classification as property and assess whether property-related crimes can be prosecuted.
Most experts currently view Bitcoin as valuable and deserving of being classified as property. However, there are still ongoing discussions on the best strategies to protect individuals who have suffered financial losses due to Bitcoin theft.
In summary, Bitcoin in China is in a unique position where it is not fully banned, not considered illegal, can be traded, and holds economic value.
