Possession of Bitcoin still legal in China despite the ban, lawyer says

Possession of Bitcoin still legal in China despite the ban, lawyer says


Despite enforcing a major cryptocurrency ban one year ago, the Chinese government still protects local crypto investors as crypto is recognized as virtual property protected by the law.

One of the world’s most hostile countries toward Bitcoin (BTC), China has not yet banned the possession of cryptocurrencies, according to David Lesperance, founder of Lesperance & Associates law firm.

Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement, Lesperance told Cointelegraph. He emphasized that crypto exchanges are still banned in China.

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The lawyer referred to a recent Chinese court case involving a breach of a loan made in the Litecoin (LTC) cryptocurrency. Defendant Ding Hao failed to fully pay back all 50,000 LTC that he borrowed from Zhai

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