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In a significant development, the Shanghai No.2 Intermediate People’s Court in China has officially recognized Bitcoin as a distinct and non-replicable digital asset, highlighting its scarcity and intrinsic value.
This recognition came to light through a report released on September 25th by the Chinese court, which delved into the evolution of internet technologies. The report specifically singled out digital currencies like Bitcoin as standing apart from the crowd due to their unique and non-replicable nature. It emphasized that, among the multitude of digital currencies, Bitcoin exhibits characteristics that distinguish it from other digital assets.
The report also shed light on some of the distinctive features of Bitcoin, including its scarcity and inherent attributes. Notably, it mentioned that Bitcoin possesses essential currency qualities, such as scalability, ease of circulation, storage, and usability. Despite its decentralized nature and absence of central authority, Bitcoin continues to gain global acceptance and utilization.
This recent judicial report, recognizing Bitcoin and its attributes as a distinct asset class, provides a boost to Bitcoin and other digital currencies in China, enhancing their legitimacy. Remarkably, this acknowledgment comes despite the Chinese government’s adversarial stance towards Bitcoin. China imposed a comprehensive ban on all cryptocurrency-related activities, including Bitcoin mining, in 2021. Nevertheless, various Chinese courts have recognized Bitcoin and other digital assets as legal properties protected by the law.
As previously reported on September 1st, a People’s Court in China released a report that assessed the legality of virtual assets and analyzed their attributes under criminal law. The report concluded that digital assets qualify as legal property and are thus entitled to legal protection.
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