Crypto is now legal again in China after China banned it more than a million times

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China or the Chinese government needs to decide what to do with Bitcoin and cryptocurrencies. They should either accept it or let it go, saving everyone—including themselves—in the process. Going back and forth on their word causes tension for their residents and the rest of the globe. Sincerely, it is getting unpleasant and exhausting to watch as China bans cryptocurrency one day, then lifts the restriction the next, and so on. It is also getting dull and difficult to watch as China bans cryptocurrency one day, then lifts the ban the next. For the 1,000,000th or more times, China has literally outlawed cryptocurrencies. However, as usual, cryptocurrencies are now once again allowed in China. This time, the prohibition was not lifted; rather, it was deemed lawful to trade cryptocurrencies as assets but not as money.

All I can conclude is that the adoption of cryptocurrencies is unavoidable and unstoppable because, despite China's previous bans on cryptocurrencies, a Chinese court today declared that they are now legal. As a result, Chinese citizens can once again trade cryptocurrencies after a ban on Bitcoin and other cryptocurrencies was imposed last year on the grounds that they posed a threat to their economy. According to a recent research by Blockchain analytics company Chainalysis, the ban they imposed on cryptocurrencies only served to drive away cryptocurrency exchanges and mining companies from China. One of the top 10 nations in the world for adoption of Bitcoin and other cryptocurrencies is China. Additionally, they continue to rank among the nations that use bitcoin and other cryptocurrencies the most widely worldwide.

Therefore, despite the ban that the Chinese government imposed on cryptocurrency, recent data or a report by Blockchain analytics company Chainalysis demonstrates that Chinese citizens were still engaging in peaceful cryptocurrency trading and business, even though the government believed that it had stopped cryptocurrency. Thus, the government's decision to make cryptocurrency legal once more simply makes or confirms what the people have been doing since the ban was imposed last year. Despite the fact that the Chinese court found that cryptocurrency is exchanged and seen as an asset rather than a currency.

Due to a case involving a crypto loan in Litecoin (LTC) with the promise of paying interest in digital currencies, this recent decision was made. According to the case circumstances, Zhai Wenjie lent his buddy Ding Hao 50,000 Litecoin in 2015. Ding Hao refuted Zhai Wenjie's claim that he pledged to pay 1,000 Litecoins in interest each month.

The Chinese court ruling

According to actual administrative rules and court rulings, our nation merely forbids the use of virtual currency as money and restricts its circulation, but the virtual currency itself is a virtual asset that is protected by the law.