A new report from the Shanghai No. 2 Intermediate People’s Court in China has recognized Bitcoin (BTC) as a unique and non-replicable digital asset, highlighting its scarcity and inherent value.
The report, released on September 25th, stated that with the advancement of internet technology, cryptocurrencies like Bitcoin stand out as distinct and irreplaceable digital assets. Among the myriad of digital currencies, Bitcoin possesses defining properties that make it exceptional.
The court report also underscored some of Bitcoin’s key attributes, including its finite supply and currency-like properties such as scalability, ease of transfer, storage, and payment. Bitcoin continues to see global adoption despite its decentralized nature and lack of oversight by any central authority.
This latest judicial acknowledgment of Bitcoin’s stature gives further legitimacy to cryptocurrencies in China, even as the country maintains a broad ban on crypto trading and mining imposed in 2021. While hostile to crypto, Chinese courts have increasingly recognized bitcoin and digital assets as a form of personal property protected by law.
The Shanghai court’s assessment comes just weeks after another Chinese court released a similar report highlighting the legal status of virtual assets as property shielded under law.
By recognizing the scarcity and inherent worth of Bitcoin, the Shanghai court’s perspective contrasts China’s harsh stance against cryptocurrencies. The report signifies that Bitcoin’s unique value proposition remains undeniable, even in the face of regulatory resistance.
