The Shanghai High Court recognizes Bitcoin.
The Second People's Intermediate Court of Shanghai has officially recognized Bitcoin as a unique digital asset that cannot be replicated, characterized by its scarcity and intrinsic value.
On September 25th, the court issued a discussion report on the development of internet technology. The report highlights that, with the advancement of internet technology, digital assets like Bitcoin have become unique and non-replicable. It emphasizes that among a multitude of cryptocurrencies, Bitcoin stands out as distinctive and one-of-a-kind.
The document also outlines several distinctive features of Bitcoin, including its scarcity and property as an asset. Furthermore, the court asserts that Bitcoin exhibits characteristics of a currency, such as its ability to scale, ease of transfer, storage capabilities, and use as a means of payment. Bitcoin continues to be utilized globally without central oversight.
In 2021, Beijing imposed a comprehensive ban on cryptocurrencies, including mining activities. However, recent court rulings have recognized Bitcoin, along with numerous other digital assets, as legitimate assets protected by the law.
On September 25th, the court issued a discussion report on the development of internet technology. The report highlights that, with the advancement of internet technology, digital assets like Bitcoin have become unique and non-replicable. It emphasizes that among a multitude of cryptocurrencies, Bitcoin stands out as distinctive and one-of-a-kind.
The document also outlines several distinctive features of Bitcoin, including its scarcity and property as an asset. Furthermore, the court asserts that Bitcoin exhibits characteristics of a currency, such as its ability to scale, ease of transfer, storage capabilities, and use as a means of payment. Bitcoin continues to be utilized globally without central oversight.
In 2021, Beijing imposed a comprehensive ban on cryptocurrencies, including mining activities. However, recent court rulings have recognized Bitcoin, along with numerous other digital assets, as legitimate assets protected by the law.
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