Chinese arbitration court rules Bitcoin is legally protected as property
A Chinese arbitration court has ruled that despite the countrys central banks ban on cryptocurrency trading, Bitcoin should still be legally protected as a property with economic values. The Shenzhen Court of International Arbitration published a case analysis via WeChat, detailing its ruling on a recent economic dispute that involved a business contract relating to possession and transfer of crypto assets.
The arbitrator stated that there is no law in China currently that prohibits the possession of Bitcoin and its transactions between individuals. Further, it said there should be no technical difficulties in sending Bitcoin as long as one has a Bitcoin address and private key. The court concluded that, whether Bitcoin is a legal tender or not, does not have an impact on the fact that Bitcoin ownership should be protected legally based on Chinas contract law, adding: “Bitcoin has the nature of a property, which can be owned and controlled by parties, and is able to provide economic values and benefits.”
Blockchains new hardware wallet allows crypto to crypto trading
Blockchain, one of the oldest software wallet providers in the cryptocurrency industry is launching its first hardware product. Partnering with Ledger, they started taking orders for a new handheld device called Lockbox, which begins shipping next month. Blockchain CEO and co-founder Peter Smith said that in addition to storing funds offline like other devices, it will facilitate crypto-to-crypto trades through Swap, the companys native brokerage, which is launching next week.
The Blockchain CEO went on to say “For us, whats really important right now is to get the product to a point where you don’t need other places to complete your user actions in crypto.” Ledger president Pascal Gauthier said “With our products, you can go from cold to hot storage in a heartbeat and the device will never reveal the key, so it means that it opens many avenues, especially for traders.”
Sony develops contactless crypto hardware wallet
Electronics giant Sony has developed technology to help cryptocurrency users store their assets more securely, and this technology might be coming soon to store near you. The Japanese tech conglomerate announced that its Computer Science Laboratories division (Sony CSL) had developed a cryptocurrency hardware wallet that could be used to store Bitcoin and other digital assets in a secure offline environment while retaining the convenience of less-secure online crypto storage systems.
Unlike conventional cryptocurrency hardware wallets like the Trezor One and Ledger Nano S, which connect to the users PC or mobile device using a USB cord, Sony CSLs wallet would store the users private keys on a contactless IC card, enabling the user to easily sign transactions from an NFC-enabled mobile device.
Kraken Daily Market Report for 25.10.2018
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