This is the situation for Bitcoin in China
On July 31, the local non-profit arbitration organization, the Beijing Arbitration Commission, said in a report that Bitcoin cannot be used as a currency. BTC is not a legal tender and is not issued by the Chinese monetary authority. Overall, BTC does not have the same legal status as the country’s public fiat currency and cannot be used for financial transactions. This is an attitude that China has maintained for ages. On the plus side, Bitcoin is a virtual good, according to the report.
Does not fall ito virtual property
In the BAC report, it also states that Bitcoin does not fall under the virtual property category either. The provisions of Article 127 of the General Principles of Civil Law protect data and network-related virtual properties. However, there are no special provisions for virtual property and no law for BTC, so Bitcoin is not considered virtual property. The general principles of civil law do not contain any specific provisions on the expansion and connotation of virtual property, but only provide that the protection of virtual property must be prescribed by law and the specific protective measures for virtual property are entrusted to other laws. The fact that there are currently no laws on Bitcoin cannot be recognized in the general principles of civil law.