Topic: [JUST IN] Chinese court news said Cryptocurrencies are considered legal property - page 2. (Read 214 times)

As far as I understood after reading all the resources, this news or statement is not released by Chinese government or by any official authority. While the origin of this news is this If we read the news carefully then we will understand that the author or some ordinary person having knowledge of law and finance is saying that according to current financial rules of China. Crypto or digital assets are not legal instead they are property with protections.

Means, if those assets are considered as property under protection then it means the source of earning or buying must be legal one. If assets from illegal sources are found then they will be seized by the government.

Another statement by the Banks of People in china is The People’s Bank of China Crypto Crackdown Continues. If we read this news carefully then a confusion will create in mind that this bank is saying crypto and other stuffs like that are illegal while some author or ordinary man is saying these are legal.

To be honest I do not know what comes out of this but if this news will prevail then this will create a FOMO situation.

Aside that this is even an old news, let's accept they said it truly, this is nothing to celebrate on or be happy about because it's just a statement, they are not making an official announcement to allow bitcoin or cryptocurrency use by their citizens, it's still against the law, we don't even know if the court is a private one or government controlled court, they can say anything but if their stand doesn't change about the whole approach they had on cryptocurrency, it's as worthless as nothing to write on, it still remains illegal to use bitcoin or crypto in china.

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 .

Over the years there have been several court judgments giving conflicting judgments about crypto regulations. But we all know that China is not a democratic nation so these these court judgments are just academic exercises, they will hardly be implemented. China's economy is going through a lot of problems, maybe the government wants to set its stance on Bitcoin and others. Reversing the ban on cryptocurrencies can be a good economic strategy to attract investors back to China.

We just have to wait if this court judgment will change the stance of the Chinese government. A slight favorable change in China's policy on Bitcoin will affect the crypto market positively.

China's population is really big, and there's also a lot of investors in their country. If they are going to make some noise about crypto or Bitcoin, it will really affect its price depending on the news if it is good or bad. If you remember in the past years when China's government authorities announces that Bitcoin is illegal, the price immediately drop. News especially in big country has huge impact to crypto, and some people taking advantage it, they manipulate the market through spreading a news that create FOMO or FUD. Until now, it's very effective strategy for them.

China seem almost borderline schizophrenic with their statements about Bitcoin.  I'm guessing there isn't a great deal of organisation or discussion between the various branches of government and law, so they often seem to contradict each other.  

Besides which, they probably had to classify it as something and they decided not to label it a currency or stock.  Unless they were to make up a new category, there's not much else aside from property that they could aptly choose. 

I don't personally see it as news leaning to either bullish nor bearish.  It's just another thing that happened.

People of China like bitcoin, it is their government that is hostile against bitcoin. If you remember when bitcoin and other crypto mining was banned in China, mining hash rate went to zero with the IPs linked to China and bitcoin dropped from over $45000 to less than $30000 at that time. China has the largest miners before the ban. The mining hash rate went to zero. Later and now, China is the second largest after US. Chinese like bitcoin but their government is the problem. You know that people can buy bitcoin without the government using decentralized means. Chinese are still trading bitcoin.

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. Also, I don't think anyone interested in Bitcoin should be excited for government to tell them what's already true. People of China used to be against Bitcoin and ICOs a few years ago, maybe they've realized that there's a lot to miss out by not joining the Bitcoin Bandwagon.

Don't get your hopes up when it comes to crypto news that involves China, you'll only break your heart because they don't have a stable/steady relationship with crypto in their country since they're a totalitarian police state, crypto is opposite to their ideals and their citizens having control over their finances to some degree isn't in their best interest. Kind of weird though, the CCP owns a lot of bitcoin although they prohibit their people from owning or even mining them, that's China for you, trying to control everything but will eventually end up making situations get out of hand.

This is a welcome development  and China was one of the least countries I thought would accept bitcoin  and cryptocurrency but the reverse is now the case and I love the fact that that already switched to making bitcoin ownership legal and I hope all big countries and developing countries  do well to accept this as well.

I've also known China that, in all they do, they always make it worth doing and I wouldn't be surprised  seeing China owning highest portion of bitcoin.
Whatever the case  might be, I hope to see miners in China sooner than later.

This was in the pipeline after Chinese banks showed a decline in their profits. Before that the big giant of Chinese construction Industry, Evergrande had filed for chapter 15 bankruptcy protection at a Newyork.court. China has not been able to overcome the COVID-19 shock to its economy. It might  be a rumor, that there are daily cases of COVID-19 that are coming out, after every citizen being administered with the local vaccine did not work as expected.

Things got very worst with CCP when they tried their level best to show the world that they have been able to counter the pandemic by allowing everyone to walk free. As per my understanding a country ruled by a fascist government would try to hide everything happening within the country.

Let's talk about the flood situation, CCP tried their level best to save the capital by destroying those regions which were supposed to generate farmed output. At present they have zero clue on how to get rice as India has banned rice export.

Mismanagement and ofcourse over confidence let them to this stage. Without the yes nod of CCP, this court would not have give such a positive statement. As per my understanding this statement from the court might bring back miners and it will allow ever citizen to invest, trade & hold their cryptocurrency. Another last attempt by CCP to get FDI inorder to reboot it's economy.

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


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.

What a Fantastic News For Crypto currency 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 crypto industry. So obviously a big impact will happen for this Fantastic News i think. Good news coming gradually so i also think Bullish market is coming.

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