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A Shanghai court has officially declared that in China it is legal to own Bitcoin and cryptocurrencies, and that these have all the characteristics to be considered property assets. The South China Morning Post reported it yesterday, with an article dedicated to the matter. Bitcoin è legale in Cina In 2021 the Chinese government issued a ban that affected not only Bitcoin mining, but also the trading of cryptocurrencies. The ban was issued in May, after the price of Bitcoin had risen to $64,000, and suddenly caused the disappearance of Chinese capital from the crypto markets, declared effectively illegal in China. The price of Bitcoin plummeted to $30,000 within a month, but by the end of the year, it bounced back to record what was then the all-time high at $69,000.  However, the Chinese never stopped owning cryptocurrencies, and indeed after a while they started buying and selling them again using foreign exchanges.  The ban is still officially in place, but the Shanghai court has stated that by law it is at least permitted to own them.  So Bitcoin is actually legal in China, it’s just that it wouldn’t be legal to buy or sell it.  The opinion of the judge: in China it is legal to own Bitcoin The South China Morning Post cited an article written by judge Sun Jie of the Shanghai Songjiang People’s Court, published this week on the official WeChat account of the Shanghai High People’s Court. In that article Sun Jie explicitly wrote that in China it cannot be considered illegal for individuals to hold cryptocurrencies. However, Chinese commercial entities are not allowed to participate in investments in cryptocurrencies or the issuance of tokens “at will”.  The article by the judge contained comments on a case for a recent lawsuit that involved disputes between…

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Filed under: News - @ November 21, 2024 3:27 pm