Topic: Bitcoin recognized as digital currency in Shanghai - page 2. (Read 600 times)
More countries will begin to wake up from their slumber regarding their take on bitcoin right from inception, to an extent that some will have to blame themselves that why haven't they adopted for bitcoin all this long, because more revelations are unveiling about the unique influence of bitcoin on individuals life and as a collective benefit, there is more we can see and earn from it adoption if we truly dive more deeper on its uniqueness.
Quote from: Husires
I do not know how decisions are made and laws are formulated in China, but I think that the Communist Party rules the country and a court decision in a city cannot rewrite the law in China.
Bitcoin is considered banned, and if this changes, it is positive news. If it does not change, it will not affect the price, so there is no difference.
There is nothing at the moment that will change that Bitcoin is banned in China, so we may not hear an update about that in the near future.
Bitcoin is considered banned, and if this changes, it is positive news. If it does not change, it will not affect the price, so there is no difference.
There is nothing at the moment that will change that Bitcoin is banned in China, so we may not hear an update about that in the near future.
Since the declaration is from china court, I think it will stand to allow Bitcoiners in China to mine Bitcoin and trade Bitcoin in the country, because the decision has been made by court which it will going to back up all the digital currency users in their country. I think that is what the judge of the Shanghai court discovered that it will not going to change the price of Bitcoin, if it remain banned in the country, because China are not the one controlling the price of Bitcoin and they will never be, because Bitcoin is a decentralized currency that is be control by buyers and sellers. If this Shanghai court is the superior court in china, I think the decision will be final and it will make their government to lift the banned on Bitcoin trading and mining, and it will make Bitcoin users to start their daily trading, mining and long term trading again to continue making income from their trading.
One step at a time; maybe next time they’ll allow trading.
This is what stands out...Bitcoin is seen as a "unique digital currency" because of its inherent value. It’s different from all other digital currencies due to its store of value, limited supply, and decentralized nature. Other digital currencies don’t share these features. Since it's a new law, people should be cautious in how they use it, as they might misinterpret its legality. They need to remember that trading Bitcoin is still not allowed, and it can’t be used as a payment method, it’s more like property, similar to how the USA views it. Lastly, they should avoid going back to mining, as it’s not covered by this law either.
This is what stands out...Bitcoin is seen as a "unique digital currency" because of its inherent value. It’s different from all other digital currencies due to its store of value, limited supply, and decentralized nature. Other digital currencies don’t share these features. Since it's a new law, people should be cautious in how they use it, as they might misinterpret its legality. They need to remember that trading Bitcoin is still not allowed, and it can’t be used as a payment method, it’s more like property, similar to how the USA views it. Lastly, they should avoid going back to mining, as it’s not covered by this law either.
While the Shanghai's Court recognized Bitcoin for its uniqueness and consequently qualified it as personal property, the ruling was not an official policy turnabout, let alone a return of crypto trading to China. The government was stiff on the ban against crypto, and institutional investors were further away from adopting it. The very strong stance taken on cryptocurrencies by the Chinese government is, in itself, a big obstacle. Even with such legal recognitions, one would expect that the Communist Party will keep such a tight grip on regulation, especially when it comes to finance. hence, the general diffusion of Bitcoin in China might still be far off for the foreseeable future. While the court ruling lends certain legal legitimacy to Bitcoin as property, it is far from opening the doors for full-scale trading or mining.
News update.
This might begin a storyline of from Hong Kong to Shanghai, the acceptance of the cryptospace and the issuance of Chinese ETF for bitcoin in Shanghai. In China, if former ministers presently have the courage to tell the government what they should be doing, this implies that there are many politicians presently working in the government who are silently supporting on what is being suggested.
At a 2024 economic forum in Beijing, former Finance Minister Zhu Guangyao urged China to rethink its crypto approach amid accelerating US policies.
He acknowledged the risks but stressed the importance of staying updated on global shifts, stating, “We must fully recognise its risks and the harm it poses to capital markets, but we must study the latest international changes and policy adjustments because it is a crucial aspect of digital economy development.”
Zhu noted that the US has made significant policy changes this year, including the approval of 11 Bitcoin ETFs.
He even quoted former President Donald Trump, who has been advocating for embracing crypto to prevent China from taking the lead in the sector.
Trump’s opponent, Kamala Harris, has also recently adopted a stance on clear-cut and progressive crypto regulations.
While China maintains a cautious stance, it has taken small steps towards becoming more open to crypto.
Chinese investors can still purchase crypto through Hong Kong-based firms, and in April, three Bitcoin ETFs were launched in Hong Kong.
Read in full https://www.dlnews.com/articles/regulation/china-pressed-speed-up-crypto-policy-us-bitcoin-etf-lead/
This might begin a storyline of from Hong Kong to Shanghai, the acceptance of the cryptospace and the issuance of Chinese ETF for bitcoin in Shanghai. In China, if former ministers presently have the courage to tell the government what they should be doing, this implies that there are many politicians presently working in the government who are silently supporting on what is being suggested.
At a 2024 economic forum in Beijing, former Finance Minister Zhu Guangyao urged China to rethink its crypto approach amid accelerating US policies.
He acknowledged the risks but stressed the importance of staying updated on global shifts, stating, “We must fully recognise its risks and the harm it poses to capital markets, but we must study the latest international changes and policy adjustments because it is a crucial aspect of digital economy development.”
Zhu noted that the US has made significant policy changes this year, including the approval of 11 Bitcoin ETFs.
He even quoted former President Donald Trump, who has been advocating for embracing crypto to prevent China from taking the lead in the sector.
Trump’s opponent, Kamala Harris, has also recently adopted a stance on clear-cut and progressive crypto regulations.
While China maintains a cautious stance, it has taken small steps towards becoming more open to crypto.
Chinese investors can still purchase crypto through Hong Kong-based firms, and in April, three Bitcoin ETFs were launched in Hong Kong.
Read in full https://www.dlnews.com/articles/regulation/china-pressed-speed-up-crypto-policy-us-bitcoin-etf-lead/
@Husires. Where did you think the Shanghai People's court's recognition of bitcoin's legitimacy come from? The basis of courts and judges are always from the law. If you are implying that they are trying to rewrite the law, they are not. However, with the type power of the communist party of China has, this makes the party above the law.
I do not know how decisions are made and laws are formulated in China, but I think that the Communist Party rules the country and a court decision in a city cannot rewrite the law in China.
Bitcoin is considered banned, and if this changes, it is positive news. If it does not change, it will not affect the price, so there is no difference.
There is nothing at the moment that will change that Bitcoin is banned in China, so we may not hear an update about that in the near future.
Bitcoin is considered banned, and if this changes, it is positive news. If it does not change, it will not affect the price, so there is no difference.
There is nothing at the moment that will change that Bitcoin is banned in China, so we may not hear an update about that in the near future.
China probably needs to open up on Bitcoin as a censorship-resistant transactions network, especially during the current situation when the United States is restricting swap-lines and tightening the supply of U.S. Dollars. The network will fill the gaps that that restriction caused.
It's a good illustration of its usage as a tool for breaking down economic-political strongholds. Restrict swap-lines? OK, let's use a censorship-resistant, decentralized network.
It's a good illustration of its usage as a tool for breaking down economic-political strongholds. Restrict swap-lines? OK, let's use a censorship-resistant, decentralized network.
It seems that the country of China is waking up again to the fact that it cannot really bring down Bitcoin, and that it can only do so until it is banned. Because he noticed that many countries are slowly recognizing Bitcoin, China made a good decision to accept it again.
Maybe China also thought that they have nothing to lose if they accept the adoption of Bitcoin in their country, because in truth it can really help if they are really open to accepting Bitcoin here.
Maybe China also thought that they have nothing to lose if they accept the adoption of Bitcoin in their country, because in truth it can really help if they are really open to accepting Bitcoin here.
I'm not sure if this is worth celebrating. After all, this doesn't in any way change the policy of China as far as Bitcoin is concerned. And this isn't the first time that a Chinese court acknowledges Bitcoin in one way or another. But nothing has changed as regards Bitcoin policy. The courts, after all, don't craft state policies. Bitcoin remains illegal in the red state.
This is just a guide as to how courts treat cases which involve Bitcoin and other cryptocurrencies. There was a legal dilemma before as far as ownership of cryptocurrencies are concerned. I remember there was a case in which the court ruled that the stolen cryptocurrencies are not to be seized and returned to the owner because they weren't under the protection provided for by the laws on properties.
This recent recognition makes it clear that Bitcoin and other digital currencies are properties that are acquired and owned. So, such recognition is merely for the purpose of proper court disposal of cases involving cryptocurrencies.
This is just a guide as to how courts treat cases which involve Bitcoin and other cryptocurrencies. There was a legal dilemma before as far as ownership of cryptocurrencies are concerned. I remember there was a case in which the court ruled that the stolen cryptocurrencies are not to be seized and returned to the owner because they weren't under the protection provided for by the laws on properties.
This recent recognition makes it clear that Bitcoin and other digital currencies are properties that are acquired and owned. So, such recognition is merely for the purpose of proper court disposal of cases involving cryptocurrencies.
Doesn't mean they accept it. That's a different story. Sure, they may have seen and realized that bitcoin is a real currency with economy, commerce, and a circulation to boot, but that doesn't automatically mean that they'd accept it or allow it to proliferate within their country. Although if this means that they are taking a step towards regulating and adopting bitcoin within China, I think that's good and would mean well for bitcoin which nowadays is primarily centered towards third-world countries and the USA. Having a little diversity within the bitcoin populace will mean great as it strengthens bitcoin's hold of its community. allowing for a better traction in times when other countries may not feel so accepting of bitcoin.
No matter how we see this thing like Chinese government taking advantage of Bitcoin by possibly implementing tax, this a a good news inclined to adoption. One big country that used to ban Bitcoin and is opening its door for Bitcoin to be traded, owned and use fuels the good sentiment of the Bitcoin market. If China fully allowed Bitcoin in their country, this might be another catalyst for the making of the new ATH.
many many countries done this years ago. ban it and the permit it via licencing under their jurisdiction
the whole ploy of "recognised as currency" is to put it into the financial jurisdiction of financial regulations, as oppose to its previous status as private tradable property
US done it with the Bit Licence. when the whole "mainstream" ploy of recognising bitcoin as a currency*
china is doing the same by gaining financial jurisdiction.. but instead of the US overnight ban then permit.. china have had a couple year gap to prepare some regulations
so while most people want to celebrate bitcoin mainstreaming in china the big thing they are missing is bitcoin is no longer treated as private property(tax free) and now treated as currency(taxable/financial rule limited)
*then once getting teeth into the game, converted it to a commodity for extra jurisdictional control of the gateways
the whole ploy of "recognised as currency" is to put it into the financial jurisdiction of financial regulations, as oppose to its previous status as private tradable property
US done it with the Bit Licence. when the whole "mainstream" ploy of recognising bitcoin as a currency*
china is doing the same by gaining financial jurisdiction.. but instead of the US overnight ban then permit.. china have had a couple year gap to prepare some regulations
so while most people want to celebrate bitcoin mainstreaming in china the big thing they are missing is bitcoin is no longer treated as private property(tax free) and now treated as currency(taxable/financial rule limited)
*then once getting teeth into the game, converted it to a commodity for extra jurisdictional control of the gateways
Oh yeah, we hear you China. I think they will definitely open the trades for crypto one more time because they had a horrifying end when they last time shut down every operation related to the mining of bitcoin. They had the biggest infra for the mining and they were getting paid enough in return for the electricity plants. I think they definitely have made a mistake. Now if someone is going argue that they shut it down because it was polluting the china then let us not forget how big their manufacturing plants are that pollute it.
The only reason they shut it down was heroic decision from the dicatrtos of china who always want to do something opposite to what world is doing. There was and there is no logic behind this.
Now they will reopen when they realise how much they are losing in the process.
The only reason they shut it down was heroic decision from the dicatrtos of china who always want to do something opposite to what world is doing. There was and there is no logic behind this.
Now they will reopen when they realise how much they are losing in the process.
I don't trust the Chinese President Mr. Xi.
Neither do I, but the ann does not come from him, but from Shanghai People’s Court, although I think it is better to assume that if they announce this, it is because they somehow have the approval of the President or high authorities of the state. With the policy they followed after being one of the first countries to adopt Bitcoin and its mining, I don't trust a simple statement.
Yeah, we should take everything with a grain of salt here. I mean it's surprises us that suddenly Shanghai People's Court recognized BTC, but it's kinda late though. They have had their hardline stance since 2017-2018 if my memory serves me right, that's why there are a lot of exchanges who move out and then the rating they gave to bitcoin is very poor.
Then the drama on the mining itself driving out most of the miners outside of China. And then they just make a U-turn this 2023? Hmm, something is not adding up right here from the Chinese government.
It's been common that in a bear market, we see Chinese negativity about bitcoin, but it turns positive before the bull run. I think China is also one of the biggest holders of bitcoin as a country, after the USA. They are just full of drama about bitcoin, which I mostly ignore. However bitcoin market become more mature now while big player are trying to accumulate before blackrock like giant get their approval for bitcoin ETF.
I don't trust the Chinese President Mr. Xi.
Neither do I, but the ann does not come from him, but from Shanghai People’s Court, although I think it is better to assume that if they announce this, it is because they somehow have the approval of the President or high authorities of the state. With the policy they followed after being one of the first countries to adopt Bitcoin and its mining, I don't trust a simple statement.
Yeah, we should take everything with a grain of salt here. I mean it's surprises us that suddenly Shanghai People's Court recognized BTC, but it's kinda late though. They have had their hardline stance since 2017-2018 if my memory serves me right, that's why there are a lot of exchanges who move out and then the rating they gave to bitcoin is very poor.
Then the drama on the mining itself driving out most of the miners outside of China. And then they just make a U-turn this 2023? Hmm, something is not adding up right here from the Chinese government.
It was supposed to happen, earlier this year they allowed HK to become a hub of crypto. Recognising Bitcoin as a digital currency was the next step in the mainland. Does that mean Bitcoin and cryptocurrency ban would be removed? I doubt it will happen soon, as large amount of members from CCP are still against it.
Does the court verdict influence the decision making of a authoritarian government? Again, I doubt it, I feel unless Xi Jinping says yes the ban would not be removed. Already he has done incredible injustice to the Bitcoin community in the past, this judgement seem very dubious. Unless, he agrees nothing positive would happen after the announcement of Bitcoin recognised as a digital currency by their local court.
Does the court verdict influence the decision making of a authoritarian government? Again, I doubt it, I feel unless Xi Jinping says yes the ban would not be removed. Already he has done incredible injustice to the Bitcoin community in the past, this judgement seem very dubious. Unless, he agrees nothing positive would happen after the announcement of Bitcoin recognised as a digital currency by their local court.
I didn't consider Hong Kong that big of a deal because it's a very peculiar part of China where things are done differently and which even has a different legal status from most of China. But Shanghai's a very different story, as it's one of the biggest Chinese cities. The court suggest viewing Bitcoin as personal property, not a currency, but it's still significant. Is this decision likely to be overruled? Or is it likely that this court's actually expressing the view of the government, considering how centralized power is in that country?
Even if it is rejected, I still see it as a positive thing from the country of billion people because as we know, they are one of the countries with the harshest ban on bitcoin and cryptocurrency. So even if this recognition is rejected, it is certain that there will be other proposals in the future.
Bitcoin has been growing without China for years, this news is not big news for bitcoin. But it is also interesting to know that the demand for bitcoin has become so great that there is no way to stop it anymore. Like it or not, I believe the Chinese government must accept the fact that it cannot stop bitcoin.
The verdict issued by the Shanghai government court indicates that the country of China is once again receptive to the notion of Bitcoin, and what they have done has had a beneficial impact, at least on the community in this field of industry. Despite the fact that China previously cracked down on bitcoin, the situation is different now. As a result, the Shanghai government court may be relaxing its stance.
Furthermore, it is obvious from Shanghai's actions that it may gradually improve the acceptance percentage of their Bitcoin community in their country. Aside from that, it demonstrates that cryptocurrency will become more broadly recognized and will have a significant positive impact on the economy.
Furthermore, it is obvious from Shanghai's actions that it may gradually improve the acceptance percentage of their Bitcoin community in their country. Aside from that, it demonstrates that cryptocurrency will become more broadly recognized and will have a significant positive impact on the economy.
I didn't consider Hong Kong that big of a deal because it's a very peculiar part of China where things are done differently and which even has a different legal status from most of China. But Shanghai's a very different story, as it's one of the biggest Chinese cities. The court suggest viewing Bitcoin as personal property, not a currency, but it's still significant. Is this decision likely to be overruled? Or is it likely that this court's actually expressing the view of the government, considering how centralized power is in that country?
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