There are a lot of things happening in the Chinese financial sector. Despite pushing its sovereign national digital currency, there is still a focus on crypto assets and their legal status as well.
For some time now, China has taken an awkward stance toward Bitcoin and other cryptocurrencies.
A Future for Ethereum in China?
Things even got so bad a few years ago that trading of Bitcoin was officially prohibited through centralized exchanges.
Many people expected this to result in the country officially banning Bitcoin and altcoins sooner or later.
That may not be the case after all.
Ethereum is now considered to be legal property with economic value, following a recent court ruling.
This also means that ETH holdings are subject to protection by Chinese law, which isn’t something anyone ever expected to see.
As such, it is not illegal to own and transfer Ethereum either.
What all of this means for the future of ETH in China, remains to be determined.
This news also comes at a very interesting time, considering how China is rolling out its own sovereign digital currency.
It remains to be seen how that launch will affect the status of cryptocurrencies in the country.
All of these assets can exist side by side, assuming the government will let them.