Roundup – 26/10/2018 – Chinese Court Classifies Crypto as Economic Property & more

Chinese court rules owning and transacting cryptocurrencies is legally protected

The Shenzhen Court, an arbitration court in China decided that transacting and owning cryptocurrencies is protected by law. The court ruled (Chinese) that cryptocurrencies have the legal status of economic property. Therefore, the government cannot rule to forbid the trade of cryptocurrencies. However, the People’s Bank of China banned cryptocurrency trading earlier this year. This ban still applies de facto. An entity cannot exchange Fiat money for crypto without a license.

Indian Supreme Court gives government two more weeks to submit crypto report

About two months ago the Indian government set up a committee to research the impact of cryptocurrencies on society. The founding of the committee followed the case of banning cryptocurrency trading that the Central Bank of India initiated. Media reporting around the case has gotten calmer as the public awaited a final decision on the case. So far, the Indian government has not submitted any results of the committee. Now, the Indian supreme court has given the government two more weeks to do so.

Australian Post Ventures into the Cryptocurrency Industry

The rate of cryptocurrency adoption continues to increase every day thanks to financial regulators and governments approving the use of blockchain technology. An Australian company that is well known for its robust digital platform, Australian Post, is the most recent corporate company to venture into the cryptocurrency industry.

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