Chinese Court Recognizes Bitcoin as Non-duplicable Digital Asset Amid Crypto Ban
Summary:
The Shanghai Second Intermediate People's Court in China has officially recognized Bitcoin as an independent and non-duplicable digital asset in a recent report, emphasizing its inherent value and scarcity. Despite China's crypto ban, the court's validation further legitimizes Bitcoin and other digital currencies in the country, supporting arguments that Bitcoin should be classified as personal property. The bitcoin continues to gain global acceptance due to its traditional currency features like scalability, ease of transfer, storage and making payments.
In a significant move, Bitcoin has been officially identified as an independent and irreproducible digital asset by the Shanghai Second Intermediate People's Court in China. The court additionally acknowledged the inherent value and limitation of the cryptocurrency. The astounding recognition was revealed in a report unveiled by the Chinese court on September 25, pertaining to the advancements in internet technologies. In the realm of virtual currencies, the report underscored the distinctive and non-duplicable nature of Bitcoin. Bitcoin is distinguished from other digital currencies in its limited availability and property factors, the report further highlighted. Embedded characteristics of traditional currency such as scalability, ease of transfer, storage, and making payments are inherent in Bitcoin. The cryptocurrency is rapidly expanding its user base worldwide, despite being decentralized and lacking a center of administrative control. This judicial acknowledgment of Bitcoin, by classifying it as an asset, imparts more credence to Bitcoin and other cryptocurrencies in China. Although a comprehensive ban on cryptocurrencies is in effect in China, the local courts have been increasingly advocating the designation of Bitcoin as personal property. This recent validation of Bitcoin by a significant court in Shanghai is in stark contrast to Beijing's negative stance towards Bitcoin. In 2021, China imposed a total prohibition on all Bitcoin-related operations, including mining. Regardless, multiple courts throughout China have legally identified Bitcoin and other digital assets as lawful properties safeguarded by law over the years. Earlier this month, a People’s court in China published a report evaluating the legitimacy of virtual assets and delved into the criminal legal features of these digital assets. The report asserted that digital assets are legal property deserving of legal protection. Preserve this news article as a non-fungible token (NFT) to honor this historic occasion and express your support for impartial reportage in the cryptocurrency sphere.
Published At
9/26/2023 11:36:11 AM
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