According to reports, the Shanghai Second Intermediate People’s Court of China approved Bitcoin recognizes both its scarcity and intrinsic value as a unique and non-replicable digital asset.
On September 25, a Chinese court released a report discussing the development of Internet technology. The report points out that with the development of network technology, digital currencies such as Bitcoin stand out for their uniqueness and non-replicability. The report pointed out that among the many virtual currencies, Bitcoin is different and unique from other digital assets.
The report also sheds light on some of Bitcoin’s unique properties, including its relative scarcity and property properties. The report points out that Bitcoin inherits key currency characteristics such as scalability, ease of circulation, storage and payment. Despite Bitcoin’s decentralized nature and lack of central authoritative management, it is still used worldwide.
The latest judicial report recognizes Bitcoin and its properties as an asset class, giving Bitcoin and other digital currencies more legitimacy in China. Despite China’s blanket ban on cryptocurrencies, the legal argument to define Bitcoin as personal property has received widespread attention from local courts in China.
The latest endorsement from a major Shanghai court comes despite Beijing’s hostility to Bitcoin. China imposed a complete ban on all forms of cryptocurrency activities in 2021, including Bitcoin mining. However, various courts in China over the years have recognized Bitcoin and other digital assets as legitimate property protected by law.
related: China announces plans for new national financial regulator
As Cointelegraph reported earlier this month, a People’s Court in China issued a report assessing the legality of virtual assets and analyzing the criminal law attributes of these digital assets. The report points out that digital assets are legal property and therefore protected by law.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the cryptocurrency space.
Magazine: DeFi faces stress test, US Department of Justice worries about Hong Kong crypto exchange Binance: Hodler’s Digest, July 30-August 5
Svlook
