Shanghai court says crypto ownership legal under China law amid bitcoin price surge

Quick Summary:

In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal.

It ramped up its crackdown in 2021, when it banned bitcoin mining and declared crypto-related business illegal.

As a virtual commodity with the attributes of property, cryptocurrency ownership is not prohibited by Chinese law, Sun wrote.

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Article Details

Author / Journalist: Xinmei Shen

Category: Business

Markets: Hong KongChina

Topics: Shanghai Illegal Activity Cryptocurrency Court Ownership Opinion Chinese Cryptocurrencies Business Banned

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-20 @ 22:30:07 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 248 words

Reading Time: 2 minutes read

Sentences: 8 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23721049

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