[JUST IN] Chinese court news said Cryptocurrencies are considered legal property

[RewFrew]

What a Fantastic News For Crypto currency lovers, Chinese court news said Cryptocurrencies are considered legal property and are protected by China law. I think gradually most countries will understand that cryptocurrency is the Future. Chaina is a big country and Their contribution is huge in crypto industry. So obviously a big impact will happen for this Fantastic News i think. Good news coming gradually so i also think Bullish market is coming.

Since Chaina considered Crypto as legal Property Others many country’s will also consider gradually i think.  

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

[_act_]

This has been known since many months ago, in May last year:

https://cointelegraph.com/news/china-court-declares-virtual-assets-as-legal-properties-protected-by-law-report

A People’s Court in China published a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets. The court noted in its report that virtual assets under the current legal policy framework are still legal property and protected by law.

Only what China do not consider bitcoin and other cryptocurrencies as is that they are not currencies, but they consider it as a digital property that can be hold legally.

[Bureau]

This was in the pipeline after Chinese banks showed a decline in their profits. Before that the big giant of Chinese construction Industry, Evergrande had filed for chapter 15 bankruptcy protection at a Newyork.court. China has not been able to overcome the COVID-19 shock to its economy. It might  be a rumor, that there are daily cases of COVID-19 that are coming out, after every citizen being administered with the local vaccine did not work as expected.

Things got very worst with CCP when they tried their level best to show the world that they have been able to counter the pandemic by allowing everyone to walk free. As per my understanding a country ruled by a fascist government would try to hide everything happening within the country.

Let's talk about the flood situation, CCP tried their level best to save the capital by destroying those regions which were supposed to generate farmed output. At present they have zero clue on how to get rice as India has banned rice export.

Mismanagement and ofcourse over confidence let them to this stage. Without the yes nod of CCP, this court would not have give such a positive statement. As per my understanding this statement from the court might bring back miners and it will allow ever citizen to invest, trade & hold their cryptocurrency. Another last attempt by CCP to get FDI inorder to reboot it's economy.

[Obari]

This is a welcome development  and China was one of the least countries I thought would accept bitcoin  and cryptocurrency but the reverse is now the case and I love the fact that that already switched to making bitcoin ownership legal and I hope all big countries and developing countries  do well to accept this as well.

I've also known China that, in all they do, they always make it worth doing and I wouldn't be surprised  seeing China owning highest portion of bitcoin.
Whatever the case  might be, I hope to see miners in China sooner than later.

[blckhawk]

Don't get your hopes up when it comes to crypto news that involves China, you'll only break your heart because they don't have a stable/steady relationship with crypto in their country since they're a totalitarian police state, crypto is opposite to their ideals and their citizens having control over their finances to some degree isn't in their best interest. Kind of weird though, the CCP owns a lot of bitcoin although they prohibit their people from owning or even mining them, that's China for you, trying to control everything but will eventually end up making situations get out of hand.

[nelson4lov]

I'm not sure why people take the words of government too seriously. Later they would say Bitcoin have no intrinsic value when the community itself gives it value. Also, I don't think anyone interested in Bitcoin should be excited for government to tell them what's already true. People of China used to be against Bitcoin and ICOs a few years ago, maybe they've realized that there's a lot to miss out by not joining the Bitcoin Bandwagon.

[_act_]

People of China used to be against Bitcoin and ICOs a few years ago, maybe they've realized that there's a lot to miss out by not joining the Bitcoin Bandwagon.

People of China like bitcoin, it is their government that is hostile against bitcoin. If you remember when bitcoin and other crypto mining was banned in China, mining hash rate went to zero with the IPs linked to China and bitcoin dropped from over $45000 to less than $30000 at that time. China has the largest miners before the ban. The mining hash rate went to zero. Later and now, China is the second largest after US. Chinese like bitcoin but their government is the problem. You know that people can buy bitcoin without the government using decentralized means. Chinese are still trading bitcoin.

[DooMAD]

China seem almost borderline schizophrenic with their statements about Bitcoin.  I'm guessing there isn't a great deal of organisation or discussion between the various branches of government and law, so they often seem to contradict each other.  

Besides which, they probably had to classify it as something and they decided not to label it a currency or stock.  Unless they were to make up a new category, there's not much else aside from property that they could aptly choose. 

I don't personally see it as news leaning to either bullish nor bearish.  It's just another thing that happened.

[jeraldskie11]

I'm not sure why people take the words of government too seriously. Later they would say Bitcoin have no intrinsic value when the community itself gives it value. Also, I don't think anyone interested in Bitcoin should be excited for government to tell them what's already true. People of China used to be against Bitcoin and ICOs a few years ago, maybe they've realized that there's a lot to miss out by not joining the Bitcoin Bandwagon.

China's population is really big, and there's also a lot of investors in their country. If they are going to make some noise about crypto or Bitcoin, it will really affect its price depending on the news if it is good or bad. If you remember in the past years when China's government authorities announces that Bitcoin is illegal, the price immediately drop. News especially in big country has huge impact to crypto, and some people taking advantage it, they manipulate the market through spreading a news that create FOMO or FUD. Until now, it's very effective strategy for them.

[Fiatless]

What a Fantastic News For Crypto currency lovers, Chinese court news said Cryptocurrencies are considered legal property and are protected by China law. I think gradually most countries will understand that cryptocurrency is the Future. Chaina is a big country and Their contribution is huge in crypto industry. So obviously a big impact will happen for this Fantastic News i think. Good news coming gradually so i also think Bullish market is coming.

Since Chaina considered Crypto as legal Property Others many country’s will also consider gradually i think.  

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

Over the years there have been several court judgments giving conflicting judgments about crypto regulations. But we all know that China is not a democratic nation so these these court judgments are just academic exercises, they will hardly be implemented. China's economy is going through a lot of problems, maybe the government wants to set its stance on Bitcoin and others. Reversing the ban on cryptocurrencies can be a good economic strategy to attract investors back to China.

I'm not sure why people take the words of government too seriously. Later they would say Bitcoin have no intrinsic value when the community itself gives it value. Also, I don't think anyone interested in Bitcoin should be excited for government to tell them what's already true. People of China used to be against Bitcoin and ICOs a few years ago, maybe they've realized that there's a lot to miss out by not joining the Bitcoin Bandwagon.

We just have to wait if this court judgment will change the stance of the Chinese government. A slight favorable change in China's policy on Bitcoin will affect the crypto market positively.

[Fivestar4everMVP]

Well, this is indeed a good news, but I personally have learnt to never trust anything, news, concerning cryptocurrency ,coming from China, because the government of this country are like chameleon, they say one thing today, and tomorrow they say another, they are yet to take a permanent side in crypto, they are still waving left and right and until they become stable, I personally can never believe anything concerning cryptocurrency coming from China, whether it be a bullish or Bearish news..

But anyways, concerning this particular one, it is a really good news which I believe that if the market were to respond to it, we will be seeing a lot of green candles, but all the same, let's see where this leads to .

[Doan9269]

What a Fantastic News For Crypto currency lovers, Chinese court news said Cryptocurrencies are considered legal property and are protected by China law.

Aside that this is even an old news, let's accept they said it truly, this is nothing to celebrate on or be happy about because it's just a statement, they are not making an official announcement to allow bitcoin or cryptocurrency use by their citizens, it's still against the law, we don't even know if the court is a private one or government controlled court, they can say anything but if their stand doesn't change about the whole approach they had on cryptocurrency, it's as worthless as nothing to write on, it still remains illegal to use bitcoin or crypto in china.

[Faisal2202]

As far as I understood after reading all the resources, this news or statement is not released by Chinese government or by any official authority. While the origin of this news is this If we read the news carefully then we will understand that the author or some ordinary person having knowledge of law and finance is saying that according to current financial rules of China. Crypto or digital assets are not legal instead they are property with protections.

Means, if those assets are considered as property under protection then it means the source of earning or buying must be legal one. If assets from illegal sources are found then they will be seized by the government.

Another statement by the Banks of People in china is The People’s Bank of China Crypto Crackdown Continues. If we read this news carefully then a confusion will create in mind that this bank is saying crypto and other stuffs like that are illegal while some author or ordinary man is saying these are legal.

To be honest I do not know what comes out of this but if this news will prevail then this will create a FOMO situation.

[Woodie]

This is something unexpected from the Chinese government...especially that it's been in the forefront of hindering crypto growth from making it tough for miners to holding crypto..

But reading this to say cryptocurrencies are legal property that should be protected by law is bullish news and any product that has the support of one of the biggest economies in the world is guaranteed to succeed and once word goes out about this I see price jumping up again !!

I'm not sure why people take the words of government too seriously. Later they would say Bitcoin have no intrinsic value when the community itself gives it value.

Well the government giving its position on crypto actually removes any doubt and fears of wanting to invest in this industry and any possibility of facing the law...and if you recall back in the day anything that had to do with China always affected price but now getting this is very much bullish news.

[DVlog]

This not not something new. We all know that China news creates a great impact on the crypto market. In every bear or bull cycle, positive or negative news affects the market or starts a bull run. This news was something unexpected in this time because we saw how their govt took strict policy against the bitcoin miners. Their court's decision to let their citizens to keep their crypto currencies as legal property points towards that we are very close to the next bull cycle. However, I believe there can be a big dump before the start of the next rally.

[darkangel11]

Great news, although you can feel desperation in Chinese government as their stocks and real estate are falling and the country is trying to cut ties with the Dollar and be a part of BRICS. In 2018-2021 when they felt strong economically, Chinese gov was against crypto, trying to ban exchanges, the use of cryptocurrencies, even mining, but when things started to go wrong for them it's time to do a 180.

Good news coming gradually so i also think Bullish market is coming.

Funny that this coincides with the lowest bitcoin price since June. I guess the manipulators want to go as low as they can before the halving.

[khiholangkang]

This has been known since many months ago, in May last year:

https://cointelegraph.com/news/china-court-declares-virtual-assets-as-legal-properties-protected-by-law-report

A People’s Court in China published a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets. The court noted in its report that virtual assets under the current legal policy framework are still legal property and protected by law.

Only what China do not consider bitcoin and other cryptocurrencies as is that they are not currencies, but they consider it as a digital property that can be hold legally.

That is not a problem in my opinion, because everything needs an initial approach to receive bitcoin as an asset or transaction tool, this will lead to the original Bitcoin if everyone menggal Bitcoin completely.
Whether it's considered property or commodities like in my country, in the end people also find out about bitcoin and what is the real essence of bitcoin.
At least this news will reflect a positive reaction in the future, if you do not believe what I say, just look at the next few years when running normally, and China no longer changes in the regulation of crypto assets, all will be as our hope today About Bitcoin.

[Hamza2424]

What Fantastic News For Cryptocurrency lovers, Chinese court news said Cryptocurrencies are considered legal property and are protected by China law. I think gradually most countries will understand that cryptocurrency is the Future. Chaina is a big country and Their contribution is huge in the crypto industry. So obviously a big impact will happen for this Fantastic News i think. Good news coming gradually so i also think the Bullish market is coming.

Since China considered Crypto as legal Property many other countries will also consider it gradually i think.  

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

There are two things that we should understand, One is crypto is not unbanned in China instead the crypto owned by people in China which might be from old times or from the times when it was legal there, has become legal means they have become legal property. So to my knowledge, it indicates they have to pay taxes and other stuff too while withdrawing and depositing them. But what I do not think is there is no other country like China that has banned the crypto and if they unban it then it will make a mass impact on the price of BTC. Instead, there is no such other country from which we need such good news.

In the first place, I do not consider it bullish news means this is not some bullish news to increase the price of BTC. Instead, this might be information that we do not know before but now we know about it. And for the people of China, it might not be new.

But still, there is a lot of confusion, to be honest, I have no words to clarify it instead one thing I can say is this news is not a bullish one.

[Wapfika]

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

What really concerns me is the source. It's from Justin Sun,  A well known hiller and the father of "news of news". This is not just in but Sun use it as a click bait for trying to manipulate the markets which is not effective anymore since everyone already tired to his useless news.

Being legal property means they will be charged by taxes. Also they still ban Bitcoin imho which makes this news confusing. I'm interested to find the real source to this news because I don't trust Justin word since he doesn't attached source to his tweet while this news should be headline just now.

[macson]

snip

Since Chaina considered Crypto as legal Property Others many country’s will also consider gradually i think.  

Source link- https://twitter.com/justinsuntron/status/1697544578319204437?s=20

i see this is not new news anymore

Bitcoin is protected as a virtual asset under Chinese law, but shall not be deemed as currency or financial product, as a Shanghai court decided in Li et. al. v. Yan et. al. (2019).

On 6 May 2020, in a case involving the recovery of Bitcoins, Shanghai First Intermediate People's Court confirmed that Bitcoin was protected as a virtual asset under Chinese law, but shall not be deemed as currency or financial product, nor shall its value be determined at the price published by the Bitcoin Exchanges that are not recognized by China. (See Li and Bu v. Yan, Li, Cen and Sun, (2019) Hu 01 Min Zhong No. 13689/(2019) Hu 0112 Min Chu No. 12592 ((2019)沪01民终13689号/(2019)沪0112民初12592号) )

[1] https://www.chinajusticeobserver.com/a/chinese-court-confirms-bitcoin-as-virtual-commodity

as reported in the news that i provided above, bitcoin is legally protected in China and is included in the category of virtual commodities because everyone spends money on it, but the thing that i highlight the most in this article is that the intended bitcoin value is not based on the value issued by the stock exchange in general, but the value is based on an agreement, i am not a Chinese citizen and also do not understand the law against bitcoin in China, maybe there is someone who can explain this ambiguity!