The People's Republic of China has been a no-go zone for the last 12-months when it comes to the issue of digital currencies. There has been a wide range of crackdowns aiming at commercial enterprises and selfstanding users involving themselves with this 21st century unicorn.
Irrespective of the pro-cryptocurrency approach the responsible authorities have been possessing towards digital currency, the government is slowly opening up to cryptocurrencies.
Last week, a court in China said that merchants in the nation weren't prohibited from accepting Bitcoin (BTC) as a payment method. In the same case, nationals have been granted permission to hold and transact with cryptos as a legal form of property.
Even though this may appear a minor step towards the adoption of digital currencies in China. It will decisively make a way for future of digital currencies in the global's biggest manufacturing hub.
It appears that China prohibited cryptos because it wanted to control how the cryptos are utilized in the country. The legalization of the cryptos could be an illusion as per now, but it could happen within a short period than several people expect.
The Shenzhen Court of International Arbitration ruled in a recent case noting that:
“CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”