China’s Evolving Stance on Bitcoin
China continues to play an important role in the Bitcoin (BTC) market, despite the ban on many cryptocurrency-related activities introduced in 2013. This ban was not absolute, and Bitcoin continued to be used in the country. In 2024, China is actively developing a comprehensive cryptocurrency management system and is considering the status of Bitcoin as property.
National Plans for Web3 Development
At the end of 2023, China published plans for national development of Web3, highlighting its commitment to the research and implementation of blockchain technologies. As part of these efforts, the People’s Procuratorate of Nanjing intends to determine whether Bitcoin can be considered property and how it should be regulated in the context of laws against property crimes.
Bitcoin as Recognized Property
Most Chinese experts believe that Bitcoin has value and should be recognized as property. This opinion is supported by many experts who also discuss ways to protect people from financial harm caused by BTC theft.
In its current status, Bitcoin is not completely prohibited, is not classified as contraband, and can be sold, indicating its economic value. This was summarized by Colin Wu, emphasizing that Bitcoin has its place in the economy despite existing restrictions.
China’s Growing Interest in Bitcoin
Thus, China continues to explore and develop legislative and managerial measures for cryptocurrencies, reflecting the growing interest and recognition of Bitcoin in the country.
