[JUST IN] Chinese court news said Cryptocurrencies are considered legal property

Rengga Jati

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Quote from: _act_ on September 01, 2023, 08:17:29 AM

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A People’s Court in China published a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets. The court noted in its report that virtual assets under the current legal policy framework are still legal property and protected by law.

Only what China do not consider bitcoin and other cryptocurrencies as is that they are not currencies, but they consider it as a digital property that can be hold legally.

In this way, it is similar to several other countries where crypto is legal as a digital asset that can be used for investment or other activities such as trading, but illegal as cryptocurrency. Yes, the existence of this new law does at least have a positive effect because after all we know that China often gives bad surprises to the cryptocurrency world. Even though it is often just exaggerated FUD, sometimes the effect is quite significant. But for some reason when there is good news from there, the effect will not be as great as when FUD. That's how the top people play. Grin

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With consideration and acceptance of cryptocurrency by China, am very sure many of those BRICS countries will also be influenced to accept cryptocurrency as a legal property too. That's for the ones that haven't done so yet.

If observers get to see the way the Chinese handles this cryptocurrency development and use it to better their economy in more creative ways than I can imagine, more people would migrate there for one, also, am sure new applications of cryptocurrency to earn profit besides playing games or using certain apps that give out crypto tokens or airdrops would be developed too.

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Quote from: PX-Z on September 01, 2023, 06:00:10 PM

Quote from: _act_ on September 01, 2023, 08:17:29 AM

Only what China do not consider bitcoin and other cryptocurrencies as is that they are not currencies, but they consider it as a digital property that can be hold legally.

Okay, so that's how it works. Maybe because they are also using cryptocurrency for their CBDC and this doesn't hold much as long as they still banned other cryptos on their country.

I think it's because of losing profit when the people in that country are using the bank with their transactions until they banned the crypto. I think china is one of the countries that banned the use of crypto and t
I think China is also the first to ban crypto and then making it legal.

Dr.Bitcoin_Strange

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Well, it's good that the government of the country has approved of Bitcoin as a legal asset that can be freely adopted, because that will at least also make the citizens see Bitcoin as not just the scam asset that some people think it to be, but since the court has ruled it to be legal, it will stir up faith in some people. Although it's just my guess, for example, if a country's government publicly painted something black and even warned people never to indulge in such things because they would be penalized. That's going to trigger fear in some people, while others will also see reasons why the government has painted the thing black, and they (the citizens) will try to avoid participating in such things.

Also, if the government of a country publicly vindicates something, then the masses will also see a good reason to pay attention to that thing or even invest their money in it.

It's a good thing for China, and hopefully, I believe, other countries where Bitcoin is restricted will embrace Bitcoin later in the future.

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China has always been in the forefront of all that concerns the blockchain technology, from having the founders/investors being named a Chinese name to having gigantic mining rigs and pools.

Now, they have considered it a legal property, only El Salvador took over the lead when they made bitcoin a legal tender. China, I believe sees the future before it comes.

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Quote from: Hamza2424 on September 01, 2023, 03:54:46 PM

Quote from: RewFrew on September 01, 2023, 07:56:17 AM

What Fantastic News For Cryptocurrency lovers, Chinese court news said Cryptocurrencies are considered legal property and are protected by China law. I think gradually most countries will understand that cryptocurrency is the Future. Chaina is a big country and Their contribution is huge in the crypto industry. So obviously a big impact will happen for this Fantastic News i think. Good news coming gradually so i also think the Bullish market is coming.

Since China considered Crypto as legal Property many other countries will also consider it gradually i think.

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

There are two things that we should understand, One is crypto is not unbanned in China instead the crypto owned by people in China which might be from old times or from the times when it was legal there, has become legal means they have become legal property. So to my knowledge, it indicates they have to pay taxes and other stuff too while withdrawing and depositing them. But what I do not think is there is no other country like China that has banned the crypto and if they unban it then it will make a mass impact on the price of BTC. Instead, there is no such other country from which we need such good news.

In the first place, I do not consider it bullish news means this is not some bullish news to increase the price of BTC. Instead, this might be information that we do not know before but now we know about it. And for the people of China, it might not be new.

But still, there is a lot of confusion, to be honest, I have no words to clarify it instead one thing I can say is this news is not a bullish one.

Your comment has layers. Like an onion. And in the core, I deduce skepticism. It's true; crypto news can be double-edged. While the Chinese government's stance on old crypto being "legal property" is a significant development, its implications are multifaceted. Taxes, regulation, oversight - this is no playground. And while China's influence on BTC's price is undeniable, the global market is a beast of its own. It's vital to tread with caution. A smart crypto enthusiast would always read between the lines.

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Quote from: coupable on September 01, 2023, 06:58:14 PM

Quote from: PX-Z on September 01, 2023, 06:00:10 PM

Quote from: _act_ on September 01, 2023, 08:17:29 AM

Only what China do not consider bitcoin and other cryptocurrencies as is that they are not currencies, but they consider it as a digital property that can be hold legally.

Okay, so that's how it works. Maybe because they are also using cryptocurrency for their CBDC and this doesn't hold much as long as they still banned other cryptos on their country.

I do not think that the matter has anything to do with the CBDC that the government intends to launch and which it has already begun to experiment with in some sectors. They are two different things and China's ban law restricts the use of crypto, but it knows that it cannot prevent people from owning it. As for the CBDC currency, it is nothing more than a new digital version of fiat money, which is why the idea of the digital yuan is likely to succeed since the CBDC currency must derive its value from one of the assets.

Then what's the reason of announcing it publicly that cryptocurrency is a legal digital property in china and the same time bitcoin and most cryptocurrency other than their CBDC is still banned of using on their country. It doesn't make sense until you link their CBDC to this announcement.
Well, that's what i only thought, this news is nothing special since bitcoin is still banned there. Having and using crypto there will lead you in prison even though it is said crypto is legal property there.

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Although this news is not what I was expecting but it doesn't matter. What matters is that there is a glimmer of hope for bitcoin. There is light at the end of the tunnel for it. Despite being an old ruling and it being considered as a digital property sooner rather than later it will definitely be recognized as a currency to be accepted for the exchange of goods and services. We are going to get there eventually no matter what.

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Quote from: PX-Z on September 01, 2023, 06:00:10 PM

Quote from: _act_ on September 01, 2023, 08:17:29 AM

Only what China do not consider bitcoin and other cryptocurrencies as is that they are not currencies, but they consider it as a digital property that can be hold legally.

Okay, so that's how it works. Maybe because they are also using cryptocurrency for their CBDC and this doesn't hold much as long as they still banned other cryptos on their country.

I do not think that the matter has anything to do with the CBDC that the government intends to launch and which it has already begun to experiment with in some sectors. They are two different things and China's ban law restricts the use of crypto, but it knows that it cannot prevent people from owning it. As for the CBDC currency, it is nothing more than a new digital version of fiat money, which is why the idea of the digital yuan is likely to succeed since the CBDC currency must derive its value from one of the assets.

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Stating that China considers Bitcoin as legal property, I wonder if they will allow Bitcoin as collateral when someone takes a loan. Since, one of the features of a property is that it can be used as collateral in taking a loan from an institution. With that, since the US accepts Bitcoin as a commodity, I would also like to know if they are taking Bitcoin as a rare case of commodity which can be at the same time a legal property. Any information about these queries?

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Quote from: Wapfika on September 01, 2023, 04:05:19 PM

What really concerns me is the source. It's from Justin Sun, A well known hiller and the father of "news of news". This is not just in but Sun use it as a click bait for trying to manipulate the markets which is not effective anymore since everyone already tired to his useless news.

Being legal property means they will be charged by taxes. Also they still ban Bitcoin imho which makes this news confusing. I'm interested to find the real source to this news because I don't trust Justin word since he doesn't attached source to his tweet while this news should be headline just now.

Here’s a link to the post; https://watcher.guru/news/china-court-declares-crypto-as-legal-property

Justin Sun might be a well known hiller of circulating fake news to click a bait but this is different I think. Check from the link I posted above, I think they’re a reliable source to get news from too. Not all news is manipulative and in this case, he can’t share an untrue news about a whole nation to get attention and r manipulate the market.

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Quote from: _act_ on September 01, 2023, 08:17:29 AM

Only what China do not consider bitcoin and other cryptocurrencies as is that they are not currencies, but they consider it as a digital property that can be hold legally.

Okay, so that's how it works. Maybe because they are also using cryptocurrency for their CBDC and this doesn't hold much as long as they still banned other cryptos on their country.

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Quote from: Fivestar4everMVP on September 01, 2023, 12:49:15 PM

Well, this is indeed a good news, but I personally have learnt to never trust anything, news, concerning cryptocurrency ,coming from China, because the government of this country are like chameleon, they say one thing today, and tomorrow they say another, they are yet to take a permanent side in crypto, they are still waving left and right and until they become stable, I personally can never believe anything concerning cryptocurrency coming from China, whether it be a bullish or Bearish news..

But anyways, concerning this particular one, it is a really good news which I believe that if the market were to respond to it, we will be seeing a lot of green candles, but all the same, let's see where this leads to .

It is that from China and from no other country until an estimated time of the decisions established by this government or any other related to cryptocurrencies has passed, we cannot celebrate with enthusiasm, unfortunately this is what has caused the sudden changes of firmness of certain countries, that the bitcoin community is already alert and not get false hopes, what is certain in these cases is that the market moves a little every time things like this arise, so it is likely that rises will be seen in the graphs, but I cannot guarantee that the event will last or continue to rise it may just be a temporary boom and that's it. now, like all the opinions that arise when a country decrees something about digital assets, we have to wait How durable will it be, because when a certain time limit passes and citizens start their activities with bitcoin, it is likely that they will expect better news for this currency........ Something like what happened with the Salvador and even so it continues to be tested.

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Quote from: RewFrew on September 01, 2023, 07:56:17 AM

snip

Since Chaina considered Crypto as legal Property Others many country’s will also consider gradually i think.

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

i see this is not new news anymore

Quote

Bitcoin is protected as a virtual asset under Chinese law, but shall not be deemed as currency or financial product, as a Shanghai court decided in Li et. al. v. Yan et. al. (2019).

On 6 May 2020, in a case involving the recovery of Bitcoins, Shanghai First Intermediate People's Court confirmed that Bitcoin was protected as a virtual asset under Chinese law, but shall not be deemed as currency or financial product, nor shall its value be determined at the price published by the Bitcoin Exchanges that are not recognized by China. (See Li and Bu v. Yan, Li, Cen and Sun, (2019) Hu 01 Min Zhong No. 13689/(2019) Hu 0112 Min Chu No. 12592 ((2019)沪01民终13689号/(2019)沪0112民初12592号) )

[1] https://www.chinajusticeobserver.com/a/chinese-court-confirms-bitcoin-as-virtual-commodity

as reported in the news that i provided above, bitcoin is legally protected in China and is included in the category of virtual commodities because everyone spends money on it, but the thing that i highlight the most in this article is that the intended bitcoin value is not based on the value issued by the stock exchange in general, but the value is based on an agreement, i am not a Chinese citizen and also do not understand the law against bitcoin in China, maybe there is someone who can explain this ambiguity!

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Quote from: RewFrew on September 01, 2023, 07:56:17 AM

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

What really concerns me is the source. It's from Justin Sun, A well known hiller and the father of "news of news". This is not just in but Sun use it as a click bait for trying to manipulate the markets which is not effective anymore since everyone already tired to his useless news.

Being legal property means they will be charged by taxes. Also they still ban Bitcoin imho which makes this news confusing. I'm interested to find the real source to this news because I don't trust Justin word since he doesn't attached source to his tweet while this news should be headline just now.

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Quote from: RewFrew on September 01, 2023, 07:56:17 AM

What Fantastic News For Cryptocurrency lovers, Chinese court news said Cryptocurrencies are considered legal property and are protected by China law. I think gradually most countries will understand that cryptocurrency is the Future. Chaina is a big country and Their contribution is huge in the crypto industry. So obviously a big impact will happen for this Fantastic News i think. Good news coming gradually so i also think the Bullish market is coming.

Since China considered Crypto as legal Property many other countries will also consider it gradually i think.

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

There are two things that we should understand, One is crypto is not unbanned in China instead the crypto owned by people in China which might be from old times or from the times when it was legal there, has become legal means they have become legal property. So to my knowledge, it indicates they have to pay taxes and other stuff too while withdrawing and depositing them. But what I do not think is there is no other country like China that has banned the crypto and if they unban it then it will make a mass impact on the price of BTC. Instead, there is no such other country from which we need such good news.

In the first place, I do not consider it bullish news means this is not some bullish news to increase the price of BTC. Instead, this might be information that we do not know before but now we know about it. And for the people of China, it might not be new.

But still, there is a lot of confusion, to be honest, I have no words to clarify it instead one thing I can say is this news is not a bullish one.

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Quote from: _act_ on September 01, 2023, 08:17:29 AM

This has been known since many months ago, in May last year:

https://cointelegraph.com/news/china-court-declares-virtual-assets-as-legal-properties-protected-by-law-report

Quote

A People’s Court in China published a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets. The court noted in its report that virtual assets under the current legal policy framework are still legal property and protected by law.

Only what China do not consider bitcoin and other cryptocurrencies as is that they are not currencies, but they consider it as a digital property that can be hold legally.

That is not a problem in my opinion, because everything needs an initial approach to receive bitcoin as an asset or transaction tool, this will lead to the original Bitcoin if everyone menggal Bitcoin completely.
Whether it's considered property or commodities like in my country, in the end people also find out about bitcoin and what is the real essence of bitcoin.
At least this news will reflect a positive reaction in the future, if you do not believe what I say, just look at the next few years when running normally, and China no longer changes in the regulation of crypto assets, all will be as our hope today About Bitcoin.

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Great news, although you can feel desperation in Chinese government as their stocks and real estate are falling and the country is trying to cut ties with the Dollar and be a part of BRICS. In 2018-2021 when they felt strong economically, Chinese gov was against crypto, trying to ban exchanges, the use of cryptocurrencies, even mining, but when things started to go wrong for them it's time to do a 180.

Quote from: RewFrew on September 01, 2023, 07:56:17 AM

Good news coming gradually so i also think Bullish market is coming.

Funny that this coincides with the lowest bitcoin price since June. I guess the manipulators want to go as low as they can before the halving.

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This not not something new. We all know that China news creates a great impact on the crypto market. In every bear or bull cycle, positive or negative news affects the market or starts a bull run. This news was something unexpected in this time because we saw how their govt took strict policy against the bitcoin miners. Their court's decision to let their citizens to keep their crypto currencies as legal property points towards that we are very close to the next bull cycle. However, I believe there can be a big dump before the start of the next rally.

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This is something unexpected from the Chinese government...especially that it's been in the forefront of hindering crypto growth from making it tough for miners to holding crypto..

But reading this to say cryptocurrencies are legal property that should be protected by law is bullish news and any product that has the support of one of the biggest economies in the world is guaranteed to succeed and once word goes out about this I see price jumping up again !!

Quote from: nelson4lov on September 01, 2023, 08:39:24 AM

I'm not sure why people take the words of government too seriously. Later they would say Bitcoin have no intrinsic value when the community itself gives it value.

Well the government giving its position on crypto actually removes any doubt and fears of wanting to invest in this industry and any possibility of facing the law...and if you recall back in the day anything that had to do with China always affected price but now getting this is very much bullish news.

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