As reported by CnLedger, a trusted cryptocurrency news source in China, the country’s merchants can legally accept crypto as a payment method. According to local reports, the Shenzhen Court of International Arbitration officially recognized Bitcoin as a property, allowing individuals and businesses to own and transfer Bitcoin without being in conflict with existing financial regulations. “Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because ofits property nature and economic value.” ### Circulation and the Payment of Bitcoin in China is Not Illegal Katherine Wu, a cryptocurrency researcher at Messari, translated and analyzed court documents released by the Shenzhen Court of International Arbitration to delve into the reasoning behind the decision of the arbitrator to consider Bitcoin as a property. In essence, Wu explained that due to the decentralized nature of Bitcoin that provides financial freedom and economic value to the owner, the asset can be recognized as a property. “The Party contends that Bitcoin has characteristics of a property (SOV), can be controlled by the owner, and has economic value to the owner. It does not break any laws. This arbitrator agrees,” Wu said. As such, the court emphasized that regardless of the legality of Bitcoin and other major cryptocurrencies, the circulation and payment of Bitcoin is not illegal. That means, merchants can freely accept cryptocurrencies as a payment method without breaking the local law.