{"id":26647,"date":"2020-07-30T12:07:20","date_gmt":"2020-07-30T09:07:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=26647"},"modified":"2025-08-26T15:38:30","modified_gmt":"2025-08-26T12:38:30","slug":"media-reports-no-bitcoin-ban-in-china","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-reports-no-bitcoin-ban-in-china\/","title":{"rendered":"Media reports no Bitcoin ban in China"},"content":{"rendered":"<p>Bitcoin-related activity is not prohibited in China if the cryptocurrency is used as a digital commodity. This was reported by 8BTC citing an article by the Beijing Arbitration Commission (BAC).<!--more--><\/p>\n<p>\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\"><p>\\n<\/p>\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">\u2757\ufe0fBreaking! <a href=\\\"https:\/\/twitter.com\/hashtag\/China?src=hash&#038;ref_src=twsrc%5Etfw\\\">#China<\/a> does not ban <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> related activities as a virtual commodity, according to an article published by Beijing Arbitration Commission. The article points out that China\u2019s current regulatory attitude towards bitcoin mainly includes the following three aspects:<\/p>\n<p>\\n<\/p>\n<p>\u2014 8BTCnews (@btcinchina) <a href=\\\"https:\/\/twitter.com\/btcinchina\/status\/1288743414704386053?ref_src=twsrc%5Etfw\\\">July 30, 2020<\/a><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>\\n<\/p>\n<p>The institution clarifies the current legal status of Bitcoin and other cryptocurrencies. In law, BTC is treated as a virtual commodity and is not equivalent to fiat money.<\/p>\n<p>\\n<\/p>\n<p>Exchanging cryptocurrencies for fiat through exchanges or selling them for lawful currency via token sales is also prohibited.<\/p>\n<p>\\n<\/p>\n<p>In conclusion, the BAC notes that Bitcoin does not fall under the current prohibitions as long as it is used as a virtual commodity and not employed as a means of payment.<\/p>\n<p>\\n<\/p>\n<p>Last week, Chinese authorities defined blockchain technology and mentioned digital currencies.<\/p>\n<p>\\n<\/p>\n<p>In mid-June, media reported that the country\u2019s largest banks did not intend to block accounts through which legitimate cryptocurrency purchases and sales were conducted.<\/p>\n<p>\\n<\/p>\n<p>At the end of April, a court in China recognised Ethereum as legal property.<\/p>\n<p>\\n<\/p>\n<p>Subscribe to ForkLog\u2019s channel on <a href=\\\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin-related activity is not prohibited in China if the cryptocurrency is used as a digital commodity. This was reported by 8BTC citing an article by the Beijing Arbitration Commission (BAC).<\/p>\n","protected":false},"author":1,"featured_media":26648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,36],"class_list":["post-26647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/26647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=26647"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/26647\/revisions"}],"predecessor-version":[{"id":26649,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/26647\/revisions\/26649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26648"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=26647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=26647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=26647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}