Despite China’s 2013 ban on cryptocurrency, the nation has long been a mecca for investors, traders, and Bitcoin (BTC) miners.
Bitcoin continued to circulate in China for a long time despite the ban’s incompleteness. Also, by publishing its Web3 national development plans at the tail end of 2023, the People’s Republic proved that it was an active participant in blockchain research and development.
By 2024, China hopes to have settled Bitcoin’s status and continued development of a complete system for managing cryptocurrencies under its belt.
China has officially acknowledged Bitcoin as property. The Nanjing People’s Procuratorate is looking into Bitcoin specifically to see if it qualifies as property and if so, whether crimes involving property can be prosecuted.
Bitcoin is currently believed by most experts to be valuable and should be classified as property. Concurrently, there are continuing debates regarding the proper course of action and the greatest way to safeguard individuals who have been impacted financially by Bitcoin theft.
According to Colin Wu’s summary, Bitcoin is currently in a situation where it is not entirely forbidden, is not considered contraband, can be traded, and has economic value.