Chinese Court Declares Bitcoin Is “Virtual Property”

This week, Shanghai High People’s Court said that Bitcoin, the world’s largest cryptocurrency by market capitalization, is a “virtual property” entitled to legal protections under Chinese law. This declaration stunned outsiders, given the country’s decision to ban cryptocurrency last year.

This is the first time a top court in China has ruled on Bitcoin.

In 2017, Beijing pursued a prohibition on crypto trading, which then shifted to stopping crypto miners, causing a massive exodus of mining to Kazakhstan and the United States.


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