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A report released by a local court in Shanghai, China has caught the attention of the crypto community. According to the report, Bitcoin has been recognized as a unique and irreproducible cryptocurrency by the court. Furthermore, the court officials stated that Bitcoin’s supply is limited and therefore it has a natural value. The court accepted Bitcoin as a commodity. This could lead to more legal rights being granted to Bitcoin and other cryptocurrencies in China.
The Process that Begins with Bitcoin
The report published by the court on September 25 has drawn everyone’s attention. The report, which discusses the development of internet technologies, focuses on the development in this sector towards cryptocurrencies. The report highlights the uniqueness and irreproducibility of many assets, including Bitcoin, and opens up a different perspective for Bitcoin; it is definitely not similar to other cryptocurrencies.
The report sheds light on many aspects of Bitcoin. It states that Bitcoin has fundamental currency features such as limited supply and ownership, scalability, ease of circulation, data storage, and payment methods. Despite its decentralized structure and the lack of any authority management, Bitcoin continues to be recognized worldwide.
According to the judicial report, Bitcoin has been recognized as a commodity. This situation leads to further recognition of Bitcoin and other cryptocurrencies in China. The legal argument regarding the recognition of Bitcoin as personal property in China, despite the ban on cryptocurrencies in 2021, has attracted great attention in the local Chinese media.
China and the Cryptocurrency Debate
Despite the hostile attitude of the Chinese government towards Bitcoin, this attention-grabbing and highly regarded report was shared with the public. China had put an end to all kinds of cryptocurrency activities, including cryptocurrency trading and Bitcoin mining, with the ban it imposed.
In addition to all these developments, a few courts in China have recognized Bitcoin and other cryptocurrencies as legally protected properties. A similar announcement was published by another court in China on September 1.
According to the report, a People’s Court published a report that evaluates the legal provisions of cryptocurrencies and analyzes the criminal law characteristics of these assets in detail. According to the content of the report, cryptocurrencies have been classified within the framework of legal ownership, and with this decision, the rights of cryptocurrency owners in China have started to be protected by law.
