Shanghai Court Recognizes Bitcoin’s Value Despite China’s Ban

A new report from the Shanghai No. 2 Intermediate People’s Court in China has recognized itcoin">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 itcoin">Bitcoin stand out as distinct and irreplaceable digital assets. Among the myriad of digital currencies, itcoin">Bitcoin possesses defining properties that make it exceptional.

The court report also underscored some of itcoin">Bitcoin’s key attributes, including its finite supply and currency-like properties such as scalability, ease of transfer, storage, and payment. itcoin">Bitcoin continues to see global adoption despite its decentralized nature and lack of oversight by any central authority.

This latest judicial acknowledgment of itcoin">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 itcoin">Bitcoin, the Shanghai court’s perspective contrasts China’s harsh stance against cryptocurrencies. The report signifies that itcoin">Bitcoin’s unique value proposition remains undeniable, even in the face of regulatory resistance.

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