On July 18, the Hangzhou Internet Court confirmed Bitcoin as “virtual property” based on the fact that Bitcoin has value, scarcity and disposableness of property as a subject of rights so it should be recognised to have virtual property status reports Caijing quoting the China Securities Journal.
The government ban on trading any kind of cryptocurrencies is still on from 2017, but the court confirms owning Bitcoin is legal which is contradictory for the inhabitants but will be important for future disputes on cryptocurrencies.