Lawyer: Owning Cryptocurrencies in China is Legal
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According to the founder of the law firm Lesperance & Associates David Lesperance, in spite of the current market crash, the Chinese authorities have not banned the ownership of digital assets.
He has said that crypto exchanges are still banned in the country. However, the Chinese authorities recognize digital currencies as virtual property protected by law.
The lawyer has referred to a recent court decision regarding a loan issued in Litecoin. Defendant Ding Hao failed to fully repay the 50,000 LTC he borrowed from Zhai Wenjie in 2015.
The process became the largest precedent in China regarding cryptocurrencies. In seven years, the price of Litecoin has risen by about 1,800% from around $3.
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