A Local Chinese Court Declares Virtual Assets as Legal Properties Protected by Law
The Chinese government banned crypto in 2021, but the Chinese population has found ways to stay involved. Recently, a local Chinese court declared digital assets to be legal properties protected by law, causing a lot of debate in the country.
Key points from the report:
– Local Chinese courts have made headlines before, with one declaring Bitcoin as a legal virtual property.
– Despite the ban on crypto, Chinese users traded $90 billion worth of digital assets in May 2023, accounting for 20% of worldwide volume.
– The Fijian court’s report suggests treating crimes involving digital assets separately to ensure fair rulings.
– Virtual assets have economic attributes and can be classified as property.
– Despite the ban on foreign digital assets, assets held by individuals in China should be protected.
The crypto controversy continues in China, with local courts having different rulings than the government’s blanket ban.
Hot Take
The Chinese government’s ban on crypto has not stopped the country’s population from participating in the digital asset market. The recent declaration by a local Chinese court that digital assets are legal properties protected by law is a significant development. It highlights the ongoing debate surrounding crypto in China and the importance of independent judicial bodies in determining the status of digital assets. This ruling could have a significant impact on the Bitcoin price and the overall crypto market. Despite the ban, Chinese users continue to trade in digital assets, showcasing their strong interest and participation in the industry. The crypto controversy in China is far from over, and it will be interesting to see how the government and local courts navigate this complex landscape.
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