Topic: Bitcoin recognized as digital currency in Shanghai (Read 668 times)

China has banned bitcoin and unbanned bitcoin so many times I think I lost count. I love referencing that south park clip about the chinese banning bitcoin lmfao, now that junk is some funny stuff man lolol. Its only declared property in China until its not anymore which could happen as soon as next week with their track record ha. But I don't think that will be the case here, I think everyone is taking bitcoin much more seriously and now it is looked at in a much different light then before...

To be fair, before bitcoin was banned in China, they were one of the biggest population to buy and hold bitcoin so needless to say that there definitely is demand in the region for bitcoin. Who could say what or how could bitcoin have progressed in China if there were no laws that banned it in the first place. Maybe it would have been the innovators and pioneer of web3 and crypto related projects but well these are all what ifs and now they are going to need to catch up again.
I do wonder if this would trigger China. We know that China and US do not get along well together. Could China see US being friendly with Crypto as a threat that they would want to start being friendlier to crypto than US or will they completely go towards the opposite direction? It is crazy to think how crypto is so wrapped and involved in politics as well.

I think he has because already the Chinese are big lovers of Bitcoin and we have alot of people from that region involved in investing in Bitcoin and with the legalization of Bitcoin in china, it will encourage more people to buy and with their population, we can have a large amount of people joining the industry. Since it is now legal to own Bitcoin as a personal property, I do not think there is any more laws stopping the wide range of adoption that will be coming form China. First it was the US being very friendly to Bitcoin with the incoming president and then it's China, this are all signs of what the bull market holds and shows the potential of the kind of bull market run that we are about to have, with more positives news the price will keep increasing.

Has this Chinese judge begun something which might cause the Chinamen and women to become more brave and they also might be encouraged to buy and own bitcoin because of the opinion expressed by this judge? The article also mentioned that institutional investors under the jurisdiction of China are not allowed to invest in the cryptospace, however, I speculate that this might change. We cannot for certain know when this change might occur, however. This might be longer than 5 years.



The South China Morning Post cited an article written by judge Sun Jie of the Shanghai Songjiang People’s Court, published this week on the official WeChat account of the Shanghai High People’s Court.

Read in full https://en.cryptonomist.ch/2024/11/21/official-in-china-it-is-legal-to-own-bitcoin/

What many governments don't understand, especially regarding how Bitcoin works, is that it is impossible to ban or eliminate it, since banning Bitcoin is like banning the internet. Politicians who want to control the banking system and force everything to go through it don't realize that individuals can trade Bitcoin with just a device that has internet access and do so anonymously. Not only that, but they can also send funds outside the country to anywhere in the world. Bitcoin has no entry or exit barriers, and governments will have to learn to live with that, and for those who don't like it, too bad.

Agreed that it might be taxed, however, this is only a necessity for the Chinese government under the rule of the Xi of the Jin and the Ping to accept bitcoin and certainly after this, the cryptospace. This will imply that much inflows from Chinese seed investors, venture capitalists, traders, market makers and other types of whales will begin arriving when Shanghai has opened their jurisdiction for cryptocoin exchanges, DeFi exchanges, lenders, borrowers, liquidity providers and all types of other participants.

They should take advantage of this situation while their government has no strict regulations when it comes to crypto taxations. The declaration may entice their citizens to explore the benefits of crypto transactions, and thus, may contribute in the increase of the demand.
It also shows that the government can really change their perspectives over bitcoin or crypto market. Remember, the news few years ago about China banning crypto, and here we are now, Shanghai is recognizing again this digital currency.
Shanghai is China's financial hub, so such move is actually another good boost for btc. This news however, started in 2022. So I am assuming that this year, they have better treatment to the crypto market.

"In 2022, the Shanghai High People’s Court declared Bitcoin a virtual asset with economic value, protected by Chinese law. This ruling acknowledged Bitcoin’s unique characteristics, distinguishing it from traditional currencies."

The key thing is that it is a former minister who now says one thing, but when he was a minister he said something completely different. Unfortunately, you have one way of thinking that doesn't make much sense - because after all, you think that China should compete with the US (or anyone else) when it comes to cryptocurrencies.


If you think that one bag of sand on one huge beach makes a difference, then your logic makes sense - but even if all CEXs and all BTC mining farms were located in China, it would not represent even 0.1% of what China earns in one year. Besides, China is a huge country and the impact of $10 billion on infrastructure is practically invisible.

It is on record that the Chinese government has little or no respect for citizen's fundamental rights. But my point is that a former government official wants China to be a key player in the crypto space just like the US and I see it as nationalism.  

The graph I showed contains the crypto revenue of some countries and not their entire GDP. China's total revenue in 2023 was slightly above $3 Trillion. Indeed, $9.36 Billion is still insignificant, but at least it was an addition to the total government revenue. The benefit might not be massive (like I earlier said) but it could help build some infrastructure.   

This only made me laugh, because you are talking about some kind of political love of current and former members of the Communist Party of China towards the Chinese people? Does China have "political love" for the millions who are in labor camps just because they did some trivial thing against the regime?


Do you know the difference between a billion and a trillion? China's GDP in 2023 was about $18 trillion, and according to the graph you show, gains in the US from cryptocurrencies amount to $9.36 billion for that same year - 1 trillion equals 1000 billion. Now tell me what kind of massive benefits you are talking about when it comes to the US, which had a GDP of $27 trillion in 2023 - what does $9 billion mean in that amount?

The population of China is 1.412 billion people. If you know how strict China is and how big of an impact they have on world trade and the economy, then you'll know that the Chinese government is able to ruin the growth of Bitcoin adoption.

China is a direct competitor of the USA. Since the USA approved Bitcoin ETFs, China now has to do something. They decided to say no to Bitcoin but in a centralized world where the US has all the powers, it's not a good idea to say no to the decentralized currency, especially when the USA is gaining much power on it. I think it was very stupid of them to ban Bitcoin mining because many Chinese fled to other countries and put billions of dollars into investments. It's logical if they decided to recognize Bitcoin now.

It’s not taxable yet since Bitcoin isn’t considered legal tender and isn’t widely accepted as a payment method. It’s currently viewed as a unique digital currency, and there's no specific mention of taxation in the guidelines. You can own Bitcoin secretly and keep it in your wallet without breaking any laws. However, the moment you declare that you're accepting Bitcoin in exchange for goods or buying it, you could be charged for violating the law. It’s still early days, but this is actually good news for Bitcoin enthusiasts in the country. Hopefully, more positive developments will come, and Bitcoin will be openly accepted like in other major countries.

Do you know when Bitcoin will be accepted in China? Only when the political regime changes to one that is more loyal to the population. That is, it should be a democratic country, not a totalitarian regime. At the moment, this is just a futile effort and nothing more. Those who closely follow the news in the crypto world understand perfectly well that China is not a state that is predisposed to such fundamental changes. The current leadership is afraid to let go of the levers of pressure on citizens, as this threatens that the chairs of the ruling elite may shake.

It is indeed surprising that the Shanghai People's Court suddenly recognized Bitcoin after all the bans and penalties they previously imposed on Bitcoin and mining, causing miners to emigrate abroad or sell their equipment.

Although the Shanghai People's Court's declaration that Bitcoin is a digital currency means that Chinese Bitcoin holders will be taxed, this is much better than the current situation. We hope that the Chinese government has begun to understand the importance of Bitcoin, similar to the United States, and that it cannot be ignored or stopped.

You are right though I can see why people feel a bit excited about this recognition. It is better than China not acknowledging crypto anymore and holding on to their stance regarding crypto. At least this is progress that they are making. Despite the recognition, I am sure there will still be many strict policies about holding and trading. The government would want to have control over this as much as they can. I still think that it can be good for investors or traders to at least be able to do it in the country, but it will not be as free as it is in other countries. Many could even be a bit hesitant to actually use crypto due to regulatory policies that are not yet very clear. One step forward but still quite a long way to go.

However let me tell you, and I have repeated this many times in the forum already, the Xi of the Jin and the Ping has already declared in a speech that he wants China to be a leader in technology including blockchain. This was a speech during 2019, I reckon. If I remember correctly also mentioned that blockchain will be a part of China's big companies by 2030. But this might be a difficult mission if they do not open their jurisdiction for all blockchain technologies today, however. But this might occur on 2025 which will certainly be very bullish for the cryptospace.

Another bullish occurrence on this is it might create a precedent that America and Europe might also increase their efforts to be the leader in blockchain technology hehehe.

I said national interest because the reason why he wants China to review its policy on cryptocurrency is to compete with the US. He doesn't want China to be an onlooker in the crypto market, that's love for his country.   

They lost money. Maybe they didn't know that the industry would grow this big. The US recently changed its rigid stance on Bitcoin by approving the Spot ETF after years of refusal.

China might be a rich country but it doesn't undermine the fact that they still need more money. The goal of any economy is to keep expanding, so every opportunity regardless of how small will be appreciated. The US economy is benefitting massively from the crypto market.
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https://www.chainalysis.com/blog/cryptocurrency-gains-by-country-2023/#:~:text=2023%20estimated%20cryptocurrency%20gains%20by,%241.39%20billion%20in%20crypto%20gains.

There are also speculations that Hong Kong's decision to make the country a global crypto hub has the approval and backing of Mainland China. Maybe Hong Kong is China's crypto laboratory, who knows?

What national interest are you talking about? Well, the average Chinese has only one thing in his interest, and that is to be obedient or to become an enemy of the CP - and in that case his life will turn into hell. That minister didn't do himself any favors by saying such things, who knows, maybe a very dark future awaits him.

China has literally 0% interest in competing with the US in terms of cryptocurrencies - because if they ever wanted to, they wouldn't ban everything related to them. We are talking about economies that have a GDP of tens of trillions of $ - does anyone think that China lost something because it banned mining and trading with cryptocurrencies?

That's really a tough situation for the people in there. And that's what communism is all about based on the leadership that they'd follow.

Sadly, even if there will be a lot of good proposals about it, the final say will still come from the president Xi and no one will be able to alter that but only him.

But who knows? their economy needs to uprise because of the loans that they've given to many countries, they need another source for more money to flow into their economy.

Zhu Guangyao's suggestion was fueled by national interest. The former minister wants his country to compete with the US in the crypto industry. The government can decide to accept or reject his advice. Until the news of a policy change comes from Xi Jinping or a top Chinese government official, the country remains unfriendly.   

China is under the strong grip of the Communist Party. I don't think they will obey a court order that stands against their policies. The Chinese judiciary is not independent, they are under the control of the central government. Such court order or judgement will merely be for academics. China is the second-largest economy in the world, so Beijing's crypto policies can influence the market.

Maybe the government in China is tired of breaking the adoption of Bitcoin in their country. Now they are trying to open up little by little the opportunity for Bitcoin to develop in their country. This is positive news for all of us that Bitcoin is very strong and no one can stop it from developing throughout the country.

As long as the communist party remains on power, China will never see bitcoin being legalized. The back bone of Communism is absolute control! Bitcoin takes away the control and Chinese government do not like it.

Doesn't matter what Chinese court thinks about anything. Unless their supreme leader approves, nothing happens in reality. China will force people to use CBDC so that they can come under the surveillance of the Chinese government. Crypto will not make its way into China, legally!

When it comes to crypto ETFs, I'm sure (if something hasn't changed) that Chinese people outside HK cannot invest in such funds, and that's why these ETFs are real dwarfs compared to those in the US. In what way can people from China invest in cryptocurrencies, generally on CEX, which are located in HK, that's another question - it's no secret that the company of the recently convicted criminal CZ actively participated in supporting everyone (and I guess the Chinese as well) who wanted to circumvent such protection.

China can not step outside a big technology trend on the globe and the regime of Xi Jin Ping will end, after that China will move to a new era with their new national leader.

The nation grows up in unsustainable ways and it will struggle to maintain its position against other big nations. If its economic size drops, there will be less investment in their Army forces and its power impacts on geopolitics will drop consequently. I believe that it will happen and Bitcoin, cryptocurrency market will be more stronger against strategic, policy and regulation news from China in future.

The world is big and it's more than China mainland, so cryptocurrency market will move on with less worry on what's happening in China mainland.

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.

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.

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/

@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.

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 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.

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.  

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

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.

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.

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.

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.

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?

Shanghai can project their take on bitcoin being recognized as a digital currency just as the court in China also proclaimed the same situation in recognising bitcoin as a digital currency, China is a country that is predictable in their acts and don't think anything of such can come directly from their government, people or the organizations and corperate bodies can decided to accept bitcoin as a recognized digital currency since they are not including other cryptocurrencies.

Just as the US government official once made a statement on same view recognizing bitcoin from other cryptocurrencies as a legal digital currency, Shanghai csn do thesame while if the government is not making a motion to support this or work towards it adoption is not yet a big surprise.

I am viewing this news from two perspectives.  One,  it is possible that the Chinese government is gradually changing the unfriendly perception about bitcoin so they are using court judgments to prepare the path for the policy change. Secondly, these judgments are merely for academic exercise, nothing will come out of them. The Chinese judiciary are not independent,  in fact they are just rubber stamp to the communist party.

Just like the US market, the Chinese financial market is a major player in the global economy. Bitcoin will get a big push if China changes its negative perception and policies. And the acceptance of Bitcoin by China will make other countries also become friendly to the currency.

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.

I recieved this news as a good news. I may not be aware of the details and the intention of the court and government in identifying Bitcoin as a unique currency, however, it is generally a beautiful idea that can thrive when fully brought to live and implemented.

Lending from their idea of demystifying Bitcoin above any other virtual or digital currency boils down to how the currency has consistently maintained it's relevance and dignity over the years through its open source technology and decentralization. Like the article mentioned at a point, owning Bitcoin is a personal decision and how you intend to use it is still left to the owner.

The value of the digital currency goes up and down by the time, as it's reflective of the market trends and investment bloom over the time. Nonetheless, it's fluctuations in value is reasonably okay and could be easily monitored and predicted. This is adrift of other currencies which are closed to a centralized system and the volatility of the market is almost-always horrendous.

What gives me joy about this news is that if China is able to adopt Bitcoin as a means of transaction as investment currency, that will further strengthen the power of the currency across the globe taking into consideration, the influence and population of the country, China.

The Chinese man pumped Bitcoin with a so-called Xi pump years ago then caused a Bitcoin Great Hashrate Migration two years after that. I don't trust the Chinese President Mr. Xi.

Bitcoin Jumps 12% as China's Xi Embraces Blockchain, Boosting Crypto Sentiment
China's ban forces some bitcoin miners to flee overseas, others sell out

Now they recognized Bitcoin as an unique cryptocurrency, LMAO. Bitcoin is Bitcoin and it has been recognized by Bitcoin community who use it and understand its value. Shanghai or Chinese government won't be able to stop or break the Bitcoin adoption growth.

I would like to witness this recommendation by their court become a precedent that would open the doors for bitcoin to be traded, mined and used openly in China. I was very bullish on the return of bitcoin in Shanghai before, however, the communist party of China might be a difficult challenge. They do not have an uncle Gary who we laugh on and make jokes. The communist party will kill people or imprison them in rural educational centers similar to Alibaba founder Jack Ma if they do not listen to the mysterious elders of the party.


Chinese man bidding in bitcoin auction

A recent Shanghai People’s Court announcement in China acknowledged Bitcoin as a unique digital currency despite the country’s official ban on cryptocurrencies.

In the article, the Shanghai court recognized Bitcoin as a distinctive digital currency, setting it apart from virtual counterparts like Q coins. It cited Bitcoin’s rarity, global acceptance, and inherent monetary qualities. This stands in contrast to China’s conventional classification of cryptocurrencies as speculative investments.

Regulatory bodies in China have prohibited cryptocurrency trading and mining. However, the court expressed the view that Bitcoin’s attributes make it challenging to ignore in legal contexts. When disputes arise regarding theft or ownership, the article suggests that Bitcoin can be considered personal property, acquired through purchase, mining, or inheritance.

This announcement builds upon a previous decision by a Shanghai court in May 2022 that also acknowledged Bitcoin’s legitimacy. At that time, a legal expert argued that China’s laws could indeed protect cryptocurrency holders despite the trading ban.

Read in full https://watcher.guru/news/bitcoin-recognized-as-a-digital-currency-in-shanghai