So it is now clear that after the Chinese court ruling basically CCP accepting that ownership of crypto being legal. The Russian government, I meant Putin has signed the bill that officially recognised crypto as a property. A tax slab of 13 to 15 percent will now come into effect after passing of this bill.
Source
I don't think that the taxable percentage is high in this case. It is far better to what we Indians are paying from 2022. Overall it is a good decision by the Russian government as it will encourage the citizens of Russia to invest in Bitcoin and altcoins.
Topic: Shanghai court says crypto ownership legal under China (Read 127 times)
If this is the ruling in Shanghai then I am optimistic that is only a matter of time before Beijing follows suit. What Beijing is afraid is literally what other countries that share the same stance with them has but they fail to see that Bitcoin is in no competition with them. Although even when some other countries see that Bitcoin has the potential to improve their economy they still don't do anything because they don't want to disappoint those economic powers that loan them money like IMF, World Bank ect. So they just say it is a tool used by terrorist just like what my country is doing. All I can say is that, it is only a matter of time. We need more courts like the one in Shanghai all over the world.
Hehehe Shanghai is the banking and financial district of China, Beijing is the political capital of China. All of the approvals and declarations that occur in Shanghai are getting their approvals from Beijing heheheh.
In any case, I have been speculating on this since some years ago, however, this is only presently that the people in the forum are beginning to understand that Shanghai will need to be open and welcome the cryptospace. They cannot leave everything for Hong Kong to collect all of the revenue and inflows heheheheheh.
Shanghai court says crypto ownership legal under China
Even though the Shanghai High Court has issued legal and legal protection for crypto users, especially Bitcoin & Ethereum, But that doesn't mean that the Chinese people or government can use digital currency as a legal instrument for the Chinese state, let alone as an official medium of exchange in China.I see that there are strict and special rules for crypto users in China in general, such as rules and laws that have been established.
For example:
Quote
• Trading ban: Citizens are not allowed to use crypto for daily transactions.
• Restricted Token issuance: Blockchain-based fundraising without permission is considered illegal.
• Not Recognized as an Official Currency: Crypto is only recognized as a commodity, not a means of payment.
• Restricted Token issuance: Blockchain-based fundraising without permission is considered illegal.
• Not Recognized as an Official Currency: Crypto is only recognized as a commodity, not a means of payment.
These are the same laws and regulations as today, strict rules are enforced, even though they are legal, they are limited by rules.
I read the news yesterday in one of the telegram channels that: "Bitcoin and cryptocurrency ownership is now legal in China according to a ruling issued by the Chinese court", but it seems from the news here that the ruling was issued by the Shanghai court and I do not know if this ruling is binding on the Chinese government.
The judgment is simply an interpretation of Chinese law on cryptocurrencies. The Shanghai High People’s Court just gave Chinese citizens the green light to own cryptocurrencies because under Chinese law it is a legal asset. The court just clarified the misconception that owning cryptocurrencies as an individual is illegal. Except this judgment is set aside by a higher court, individuals cannot be persecuted for owning cryptocurrencies. However, in China, the Communist Party and not the court has the final say. 
I heard recently in a Youtube video that this could mean the legalization of mining in China, which I don't know what could be true or misinterpreted. In any case, I do not think that many companies would go there because of the legal uncertainty. They already had to run away once. Who can guarantee that they won't have to run away a second time?
Shanghai court says crypto ownership legal under China law amid bitcoin price surge
At first it looks like an interesting good news... just we've learned to take China news with quite a grain of salt, just for sure.
On one hand it could be one of the reasons the price continued to rise even after the "Trump won" wave has passed (and it should have been the "sell the news" phase).
On the other hand China has its fair share of ways to "twist the reality" and play with the market, so, again, I am a bit uncertain about this news: I'll leave it sink in for some days (and not few).. and see what happens next.
Cryptocurrency is legal in the United States, it is not a legal tender if that is what you mean, and there is no chance that it will, but cryptocurrency is legal in the States.
Yes I know that cryptocurrencies are legal in the United States, but what I mean is to create an open and tolerant regulatory environment for everything related to cryptocurrencies, whether individuals or institutions, through Trump's promises.Trump's promises will attract all crypto companies to the United States, and this will bring huge economic resources to the United States, whether through investments or taxes. A large part of these companies were operating in China, and thus China lost all these resources due to the ban. Perhaps this will make China realize its mistake in banning Bitcoin and cryptocurrencies and review its policy.
https://www.scmp.com/tech/blockchain/article/3287415/shanghai-court-says-crypto-ownership-legal-under-china-law-amid-bitcoin-price-surge
Shanghai court says crypto ownership legal under China law amid bitcoin price surge
In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal
"A Shanghai court has released an opinion stating that the personal ownership of cryptocurrencies is not against Chinese law, offering explicit legal clarity for crypto holders on the mainland amid a record-setting bitcoin price surge.
Sun Jie, a judge at the Shanghai Songjiang People’s Court, wrote in an article published on Shanghai High People’s Court’s official WeChat account this week that it is “not illegal for individuals to hold cryptocurrency”, even though Chinese business entities are not allowed to take part in cryptocurrency investments or token issuance “at will”. The comments were part of a case review for a recent lawsuit involving disputes between two companies about an initial coin offering, which is considered illicit financing in China.
Beijing sees cryptocurrencies as a threat to financial stability, and commercial activity related to these assets remains banned on the mainland, which has put their legal standing in doubt."
Shanghai court says crypto ownership legal under China law amid bitcoin price surge
In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal
"A Shanghai court has released an opinion stating that the personal ownership of cryptocurrencies is not against Chinese law, offering explicit legal clarity for crypto holders on the mainland amid a record-setting bitcoin price surge.
Sun Jie, a judge at the Shanghai Songjiang People’s Court, wrote in an article published on Shanghai High People’s Court’s official WeChat account this week that it is “not illegal for individuals to hold cryptocurrency”, even though Chinese business entities are not allowed to take part in cryptocurrency investments or token issuance “at will”. The comments were part of a case review for a recent lawsuit involving disputes between two companies about an initial coin offering, which is considered illicit financing in China.
Beijing sees cryptocurrencies as a threat to financial stability, and commercial activity related to these assets remains banned on the mainland, which has put their legal standing in doubt."
Well, it's an opinion by a local court. It has no validity in China mainland unless it is accepted and passed by Supreme People's Court or commonly known as SPC. China has never banned personal ownership of cryptos. It has banned ICOs because Chinese government thinks that ICOs are not right way of raising funding. It gives businesses the power to move out of the structured and regulated stock market route which Chinese government didn't want.
China contributes roughly 21% of the global Bitcoin mining hash rate. If cryptocurrency was illegal, it wouldn't have happened.
I read the news yesterday in one of the telegram channels that: "Bitcoin and cryptocurrency ownership is now legal in China according to a ruling issued by the Chinese court", but it seems from the news here that the ruling was issued by the Shanghai court and I do not know if this ruling is binding on the Chinese government.
Chinese government means CCP and the CCP controls the courts so I am assuming that somehow the Government is now going to lift the full ban on Bitcoin. As of now except HK, Bitcoin is banned from the mainland but with this ruling people from the mainland can hold Bitcoin but they cannot trade. It looks more like a partial ban on Bitcoin and with this ruling, it looks like China does not want to lose the tax for holding Bitcoin with the price surge.
In any case, I believe that if Trump fulfills his promises regarding Bitcoin and cryptocurrencies and they become legal in the United States, many countries will take the same step, led by China, which may seek to prevent the United States from dominating the cryptocurrency market within the framework of the cold economic war between it and the United States.
Cryptocurrency is legal in the United States, it is not a legal tender if that is what you mean, and there is no chance that it will, but cryptocurrency is legal in the States. There might be progress regarding crypto now that Trump is president and if he keeps to some of the things he said during his campaign. However, i doubt that China will lift the ban they have on cryptocurrency, no matter the positive steps that the United States makes toward the network.
-snip-
Beijing sees cryptocurrencies as a threat to financial stability, and commercial activity related to these assets remains banned on the mainland, which has put their legal standing in doubt."
Beijing sees cryptocurrencies as a threat to financial stability, and commercial activity related to these assets remains banned on the mainland, which has put their legal standing in doubt."
Trump boosting cryptocurrencies even if that could weaken the power of the US Government compared to private companies is one thing. But for a government as authoritarian as Chinese it will be much more difficult to leave such a big share of power go. There is no doubt that we are living in interesting times.
I might add that Russia and China have very large settlements for goods via cryptocurrencies. Many Chinese banks have joined the sanctions against Russia, but they prefer not to notice the cryptocurrency payments that Chinese companies accept through Hong Kong and other countries where crypto payments are legal. The sanctions are working 
.
.
I read the news yesterday in one of the telegram channels that: "Bitcoin and cryptocurrency ownership is now legal in China according to a ruling issued by the Chinese court", but it seems from the news here that the ruling was issued by the Shanghai court and I do not know if this ruling is binding on the Chinese government.
In any case, I believe that if Trump fulfills his promises regarding Bitcoin and cryptocurrencies and they become legal in the United States, many countries will take the same step, led by China, which may seek to prevent the United States from dominating the cryptocurrency market within the framework of the cold economic war between it and the United States.
In any case, I believe that if Trump fulfills his promises regarding Bitcoin and cryptocurrencies and they become legal in the United States, many countries will take the same step, led by China, which may seek to prevent the United States from dominating the cryptocurrency market within the framework of the cold economic war between it and the United States.
If this is the ruling in Shanghai then I am optimistic that is only a matter of time before Beijing follows suit. What Beijing is afraid is literally what other countries that share the same stance with them has but they fail to see that Bitcoin is in no competition with them. Although even when some other countries see that Bitcoin has the potential to improve their economy they still don't do anything because they don't want to disappoint those economic powers that loan them money like IMF, World Bank ect. So they just say it is a tool used by terrorist just like what my country is doing. All I can say is that, it is only a matter of time. We need more courts like the one in Shanghai all over the world.
https://www.scmp.com/tech/blockchain/article/3287415/shanghai-court-says-crypto-ownership-legal-under-china-law-amid-bitcoin-price-surge
Shanghai court says crypto ownership legal under China law amid bitcoin price surge
In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal
"A Shanghai court has released an opinion stating that the personal ownership of cryptocurrencies is not against Chinese law, offering explicit legal clarity for crypto holders on the mainland amid a record-setting bitcoin price surge.
Sun Jie, a judge at the Shanghai Songjiang People’s Court, wrote in an article published on Shanghai High People’s Court’s official WeChat account this week that it is “not illegal for individuals to hold cryptocurrency”, even though Chinese business entities are not allowed to take part in cryptocurrency investments or token issuance “at will”. The comments were part of a case review for a recent lawsuit involving disputes between two companies about an initial coin offering, which is considered illicit financing in China.
Beijing sees cryptocurrencies as a threat to financial stability, and commercial activity related to these assets remains banned on the mainland, which has put their legal standing in doubt."
Shanghai court says crypto ownership legal under China law amid bitcoin price surge
In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal
"A Shanghai court has released an opinion stating that the personal ownership of cryptocurrencies is not against Chinese law, offering explicit legal clarity for crypto holders on the mainland amid a record-setting bitcoin price surge.
Sun Jie, a judge at the Shanghai Songjiang People’s Court, wrote in an article published on Shanghai High People’s Court’s official WeChat account this week that it is “not illegal for individuals to hold cryptocurrency”, even though Chinese business entities are not allowed to take part in cryptocurrency investments or token issuance “at will”. The comments were part of a case review for a recent lawsuit involving disputes between two companies about an initial coin offering, which is considered illicit financing in China.
Beijing sees cryptocurrencies as a threat to financial stability, and commercial activity related to these assets remains banned on the mainland, which has put their legal standing in doubt."
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