April 19, 2024
Shanghai, China Legally Recognizes Bitcoin as Currency
Latest Cryptocurrency News

Shanghai, China Legally Recognizes Bitcoin as Currency

The Shanghai No.2 Intermediate People’s Court in China has recently made a noteworthy acknowledgment concerning Bitcoin. In a report released on September 25, the court recognized Bitcoin as a unique and non-replicable digital asset, highlighting its distinctiveness within the realm of digital currencies.

The court’s report delves into the evolution of internet technologies, emphasizing that in this rapidly evolving landscape, Bitcoin stands out as a one-of-a-kind digital asset. It goes on to underscore some of Bitcoin’s exceptional qualities, particularly its scarcity and inherent value. The report also points out key currency features possessed by Bitcoin, including its scalability, ease of circulation, storage, and utility for payments.

What’s particularly significant is that this recognition comes in the context of China’s stringent stance on cryptocurrencies. Despite a nationwide ban on all cryptocurrency activities, including Bitcoin mining, implemented in 2021, various local Chinese courts have been increasingly acknowledging Bitcoin and other digital assets as legitimate properties protected by the law.

This recognition by one of Shanghai’s key courts underscores the evolving perspectives on Bitcoin within China’s legal system, despite the government’s overall hostility toward the cryptocurrency. It reflects a growing consensus among some local courts that Bitcoin should be considered a form of personal property, deserving legal protection.

This development aligns with a previous report released on September 1, where another Chinese People’s Court evaluated the legality of virtual assets and their criminal law implications. In that report, it was observed that digital assets qualify as legal property, further strengthening their legal status within China.

Shanghai No.2 Intermediate People’s Court’s recognition of Bitcoin as a unique and valuable digital asset represents a noteworthy shift in the legal landscape of China, offering Bitcoin and other digital currencies a degree of legitimacy within the country’s legal framework despite the broader ban on cryptocurrency activities.

Image by fabrikasimf on Freepik

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