Shanghai court recognizes Bitcoin as a unique and non-replicable digital asset
The Shanghai Second Intermediate People's Court in China has officially recognized Bitcoin as a distinct and irreplaceable digital asset, acknowledging its scarcity and inherent value. In a recent report, the court highlighted Bitcoin's uniqueness among virtual currencies and emphasized its properties as a form of currency.
Bitcoin's attributes as an asset class gain legitimacy
The court's recognition of Bitcoin and its attributes as an asset class adds a new level of legitimacy to Bitcoin and other digital currencies in China. Despite the country's general ban on cryptocurrencies, local Chinese courts have shown increasing support for defining Bitcoin as personal property and granting it legal protection.
Shanghai court defies Beijing's hostile stance towards Bitcoin
Interestingly, the court's acknowledgment of Bitcoin comes in the face of Beijing's antagonistic attitude towards the digital currency. China implemented a blanket ban on all cryptocurrency activities, including Bitcoin mining, earlier this year. However, various courts throughout the country have diverged from this stance and recognized Bitcoin and other digital assets as legally protected properties.
Bitcoin as legal property in China
Earlier this month, a Chinese People's Court released a report that characterized virtual assets as legal property and analyzed their criminal law attributes. The report supported the notion that digital assets are protected by law, further solidifying their status in China.
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