Happycoin.club - For years, China has been a magnet for investors, traders and Bitcoin (BTC) miners, and in 2013, the country introduced a ban on cryptocurrency-related activities.
However, the ban was not complete, so Bitcoin circulated in China for many years. Along with this, the People's Republic has actively participated in the research and development of blockchain technology, which is best demonstrated by the publication of Web3 national development plans at the end of 2023.
In 2024, China intends to continue developing a comprehensive system for managing cryptocurrencies, as well as determining the status of Bitcoin.
Bitcoin is officially recognized as property in China. In particular, the Nanjing People's Procuratorate will try to determine whether Bitcoin is property and whether it can be subject to laws regarding property crimes.
Currently, the vast majority of experts have come to the conclusion that Bitcoin does have value and should be considered property. In parallel, there are ongoing discussions about how it should be handled and how best to protect people who have suffered financial harm from BTC theft.
The current status of Bitcoin is that it is not completely banned, is not contraband and can be traded and has economic value, summarized Colin Wu.
