China’s Shanghai Second Intermediate People’s Court has reportedly recognized Bitcoin
As a unique and non-replicable digital asset, while recognizing its scarcity and intrinsic value.
A Chinese court released a report on September 25 discussing the development of Internet technology. The report stated that with the development of Internet technology, digital currencies such as Bitcoin stand out for their uniqueness and non-replicability. The report pointed out that among the many digital currencies, Bitcoin is different and unique from other digital assets.
The report also sheds light on some of Bitcoin’s unique properties, including its scarcity and property properties. The report pointed out that Bitcoin has 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 the Chinese government’s hostility to Bitcoin. China imposed a blanket ban on all forms of cryptocurrency activity in 2021, including Bitcoin mining. However, some courts in China have recognized Bitcoin and other digital assets as legitimate property protected by law.
A People's Court in China has issued a report assessing the legality of virtual assets and analyzing the criminal law attributes of these assets. The report pointed out that digital assets are legal property and therefore are protected by law.
