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The Standing Committee of the National People’s Congress of China on Monday issued a bill to legalise online virtual assets and data information.

Virtual assets including Bitcoins and Chinese tech giant Tencent’s Q-coin will be protected by Chinese laws.

In 2004, legal personal property protection was listed in the constitution law of China. However, online virtual assets were not explicitly listed as legal property in the General Principles of China’s Civil Law.

Also Read: The banks of the future – How Bitcoin will help shape the future of finance

The Chinese authorities issued a notice on the risk prevention of Bitcoin in 2013. They deemed Bitcoin as virtual product which cannot be used as currency in the market. However, people could trade Bitcoins on the Internet, if they were prepared to take the risks.

According to the statistics by China’s largest Bitcoin trading platform Huobi.com, the Huobi.com total transaction volume of Bitcoins has surpassed RMB1.1 trillion (US$169 billion).

Ibo Fung is a writer at AllChinaTech. He is passionate about bringing the Chinese tech and science industry to the rest of the world by writing about the sector. His interest in tech started after a stint working at Foxconn. He’s crazy about smart devices and any advanced technology that is adapted for end-user adoption … and basketball. E-mail: ibo[at]allchinatech.com

The article Bitcoin gets legal protection in China first appeared on AllChinaTech.

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