Bitcoin recognized as digital currency in Shanghai

[bbc.reporter]

I would like to witness this recommendation by their court become a precedent that would open the doors for bitcoin to be traded, mined and used openly in China. I was very bullish on the return of bitcoin in Shanghai before, however, the communist party of China might be a difficult challenge. They do not have an uncle Gary who we laugh on and make jokes. The communist party will kill people or imprison them in rural educational centers similar to Alibaba founder Jack Ma if they do not listen to the mysterious elders of the party.


Chinese man bidding in bitcoin auction

A recent Shanghai People’s Court announcement in China acknowledged Bitcoin as a unique digital currency despite the country’s official ban on cryptocurrencies.

In the article, the Shanghai court recognized Bitcoin as a distinctive digital currency, setting it apart from virtual counterparts like Q coins. It cited Bitcoin’s rarity, global acceptance, and inherent monetary qualities. This stands in contrast to China’s conventional classification of cryptocurrencies as speculative investments.

Regulatory bodies in China have prohibited cryptocurrency trading and mining. However, the court expressed the view that Bitcoin’s attributes make it challenging to ignore in legal contexts. When disputes arise regarding theft or ownership, the article suggests that Bitcoin can be considered personal property, acquired through purchase, mining, or inheritance.

This announcement builds upon a previous decision by a Shanghai court in May 2022 that also acknowledged Bitcoin’s legitimacy. At that time, a legal expert argued that China’s laws could indeed protect cryptocurrency holders despite the trading ban.

Read in full https://watcher.guru/news/bitcoin-recognized-as-a-digital-currency-in-shanghai

[OcTradism]

Chinese man bidding in bitcoin auction

A recent Shanghai People’s Court announcement in China acknowledged Bitcoin as a unique digital currency despite the country’s official ban on cryptocurrencies.

The Chinese man pumped Bitcoin with a so-called Xi pump years ago then caused a Bitcoin Great Hashrate Migration two years after that. I don't trust the Chinese President Mr. Xi.

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Now they recognized Bitcoin as an unique cryptocurrency, LMAO. Bitcoin is Bitcoin and it has been recognized by Bitcoin community who use it and understand its value. Shanghai or Chinese government won't be able to stop or break the Bitcoin adoption growth.

[iBaba]

I recieved this news as a good news. I may not be aware of the details and the intention of the court and government in identifying Bitcoin as a unique currency, however, it is generally a beautiful idea that can thrive when fully brought to live and implemented.

Lending from their idea of demystifying Bitcoin above any other virtual or digital currency boils down to how the currency has consistently maintained it's relevance and dignity over the years through its open source technology and decentralization. Like the article mentioned at a point, owning Bitcoin is a personal decision and how you intend to use it is still left to the owner.

The value of the digital currency goes up and down by the time, as it's reflective of the market trends and investment bloom over the time. Nonetheless, it's fluctuations in value is reasonably okay and could be easily monitored and predicted. This is adrift of other currencies which are closed to a centralized system and the volatility of the market is almost-always horrendous.

What gives me joy about this news is that if China is able to adopt Bitcoin as a means of transaction as investment currency, that will further strengthen the power of the currency across the globe taking into consideration, the influence and population of the country, China.

[Poker Player]

I don't trust the Chinese President Mr. Xi.

Neither do I, but the ann does not come from him, but from Shanghai People’s Court, although I think it is better to assume that if they announce this, it is because they somehow have the approval of the President or high authorities of the state. With the policy they followed after being one of the first countries to adopt Bitcoin and its mining, I don't trust a simple statement.

[Fiatless]

This announcement builds upon a previous decision by a Shanghai court in May 2022 that also acknowledged Bitcoin’s legitimacy. At that time, a legal expert argued that China’s laws could indeed protect cryptocurrency holders despite the trading ban.[/i]

Read in full https://watcher.guru/news/bitcoin-recognized-as-a-digital-currency-in-shanghai

I am viewing this news from two perspectives.  One,  it is possible that the Chinese government is gradually changing the unfriendly perception about bitcoin so they are using court judgments to prepare the path for the policy change. Secondly, these judgments are merely for academic exercise, nothing will come out of them. The Chinese judiciary are not independent,  in fact they are just rubber stamp to the communist party.

What gives me joy about this news is that if China is able to adopt Bitcoin as a means of transaction as investment currency, that will further strengthen the power of the currency across the globe taking into consideration, the influence and population of the country, China.

Just like the US market, the Chinese financial market is a major player in the global economy. Bitcoin will get a big push if China changes its negative perception and policies. And the acceptance of Bitcoin by China will make other countries also become friendly to the currency.

[348Judah]

Shanghai can project their take on bitcoin being recognized as a digital currency just as the court in China also proclaimed the same situation in recognising bitcoin as a digital currency, China is a country that is predictable in their acts and don't think anything of such can come directly from their government, people or the organizations and corperate bodies can decided to accept bitcoin as a recognized digital currency since they are not including other cryptocurrencies.

Just as the US government official once made a statement on same view recognizing bitcoin from other cryptocurrencies as a legal digital currency, Shanghai csn do thesame while if the government is not making a motion to support this or work towards it adoption is not yet a big surprise.

[kryptqnick]

I didn't consider Hong Kong that big of a deal because it's a very peculiar part of China where things are done differently and which even has a different legal status from most of China. But Shanghai's a very different story, as it's one of the biggest Chinese cities. The court suggest viewing Bitcoin as personal property, not a currency, but it's still significant. Is this decision likely to be overruled? Or is it likely that this court's actually expressing the view of the government, considering how centralized power is in that country?

[gunhell16]

The verdict issued by the Shanghai government court indicates that the country of China is once again receptive to the notion of Bitcoin, and what they have done has had a beneficial impact, at least on the community in this field of industry. Despite the fact that China previously cracked down on bitcoin, the situation is different now. As a result, the Shanghai government court may be relaxing its stance.

Furthermore, it is obvious from Shanghai's actions that it may gradually improve the acceptance percentage of their Bitcoin community in their country. Aside from that, it demonstrates that cryptocurrency will become more broadly recognized and will have a significant positive impact on the economy.

[legendbtc]

I didn't consider Hong Kong that big of a deal because it's a very peculiar part of China where things are done differently and which even has a different legal status from most of China. But Shanghai's a very different story, as it's one of the biggest Chinese cities. The court suggest viewing Bitcoin as personal property, not a currency, but it's still significant. Is this decision likely to be overruled? Or is it likely that this court's actually expressing the view of the government, considering how centralized power is in that country?

Even if it is rejected, I still see it as a positive thing from the country of billion people because as we know, they are one of the countries with the harshest ban on bitcoin and cryptocurrency. So even if this recognition is rejected, it is certain that there will be other proposals in the future.

Bitcoin has been growing without China for years, this news is not big news for bitcoin. But it is also interesting to know that the demand for bitcoin has become so great that there is no way to stop it anymore. Like it or not, I believe the Chinese government must accept the fact that it cannot stop bitcoin.

[Bureau]

It was supposed to happen, earlier this year they allowed HK to become a hub of crypto. Recognising Bitcoin as a digital currency was the next step in the mainland. Does that mean Bitcoin and cryptocurrency ban would be removed? I doubt it will happen soon, as large amount of members from CCP are still against it.

Does the court verdict influence the decision making of a authoritarian government? Again, I doubt it, I feel unless Xi Jinping says yes the ban would not be removed. Already he has done incredible injustice to the Bitcoin community in the past, this judgement seem very dubious. Unless, he agrees nothing positive would happen after the announcement of Bitcoin recognised as a digital currency by their local court.

[Dave1]

I don't trust the Chinese President Mr. Xi.

Neither do I, but the ann does not come from him, but from Shanghai People’s Court, although I think it is better to assume that if they announce this, it is because they somehow have the approval of the President or high authorities of the state. With the policy they followed after being one of the first countries to adopt Bitcoin and its mining, I don't trust a simple statement.

Yeah, we should take everything with a grain of salt here. I mean it's surprises us that suddenly Shanghai People's Court recognized BTC, but it's kinda late though. They have had their hardline stance since 2017-2018 if my memory serves me right, that's why there are a lot of exchanges who move out and then the rating they gave to bitcoin is very poor.

Then the drama on the mining itself driving out most of the miners outside of China. And then they just make a U-turn this 2023? Hmm, something is not adding up right here from the Chinese government.

[Sophokles]

I don't trust the Chinese President Mr. Xi.

Neither do I, but the ann does not come from him, but from Shanghai People’s Court, although I think it is better to assume that if they announce this, it is because they somehow have the approval of the President or high authorities of the state. With the policy they followed after being one of the first countries to adopt Bitcoin and its mining, I don't trust a simple statement.

Yeah, we should take everything with a grain of salt here. I mean it's surprises us that suddenly Shanghai People's Court recognized BTC, but it's kinda late though. They have had their hardline stance since 2017-2018 if my memory serves me right, that's why there are a lot of exchanges who move out and then the rating they gave to bitcoin is very poor.

Then the drama on the mining itself driving out most of the miners outside of China. And then they just make a U-turn this 2023? Hmm, something is not adding up right here from the Chinese government.

It's been common that in a bear market, we see Chinese negativity about bitcoin, but it turns positive before the bull run. I think China is also one of the biggest holders of bitcoin as a country, after the USA. They are just full of drama about bitcoin, which I mostly ignore. However bitcoin market become more mature now while big player are trying to accumulate before blackrock like giant get their approval for bitcoin ETF.

[so98nn]

Oh yeah, we hear you China. I think they will definitely open the trades for crypto one more time because they had a horrifying end when they last time shut down every operation related to the mining of bitcoin. They had the biggest infra for the mining and they were getting paid enough in return for the electricity plants. I think they definitely have made a mistake. Now if someone is going argue that they shut it down because it was polluting the china then let us not forget how big their manufacturing plants are that pollute it.

The only reason they shut it down was heroic decision from the dicatrtos of china who always want to do something opposite to what world is doing. There was and there is no logic behind this.

Now they will reopen when they realise how much they are losing in the process.

[franky1]

many many countries done this years ago. ban it and the permit it via licencing under their jurisdiction

the whole ploy of "recognised as currency" is to put it into the financial jurisdiction of financial regulations, as oppose to its previous status as private tradable property

US done it with the Bit Licence. when the whole "mainstream" ploy of recognising bitcoin as a currency*

china is doing the same by gaining financial jurisdiction.. but instead of the US overnight ban then permit.. china have had a couple year gap to prepare some regulations

so while most people want to celebrate bitcoin mainstreaming in china the big thing they are missing is bitcoin is no longer treated as private property(tax free) and now treated as currency(taxable/financial rule limited)

*then once getting teeth into the game, converted it to a commodity for extra jurisdictional control of the gateways

[BitDane]

No matter how we see this thing like Chinese government taking advantage of Bitcoin by possibly implementing tax, this a a good news inclined to adoption.  One big country that used to ban Bitcoin and is opening its door for Bitcoin to be traded, owned and use fuels the good sentiment of the Bitcoin market.  If China fully allowed Bitcoin in their country, this might be another catalyst for the making of the new ATH.

[panganib999]

Doesn't mean they accept it. That's a different story. Sure, they may have seen and realized that bitcoin is a real currency with economy, commerce, and a circulation to boot, but that doesn't automatically mean that they'd accept it or allow it to proliferate within their country. Although if this means that they are taking a step towards regulating and adopting bitcoin within China, I think that's good and would mean well for bitcoin which nowadays is primarily centered towards third-world countries and the USA. Having a little diversity within the bitcoin populace will mean great as it strengthens bitcoin's hold of its community. allowing for a better traction in times when other countries may not feel so accepting of bitcoin.

[Darker45]

I'm not sure if this is worth celebrating. After all, this doesn't in any way change the policy of China as far as Bitcoin is concerned. And this isn't the first time that a Chinese court acknowledges Bitcoin in one way or another. But nothing has changed as regards Bitcoin policy. The courts, after all, don't craft state policies. Bitcoin remains illegal in the red state.

This is just a guide as to how courts treat cases which involve Bitcoin and other cryptocurrencies. There was a legal dilemma before as far as ownership of cryptocurrencies are concerned. I remember there was a case in which the court ruled that the stolen cryptocurrencies are not to be seized and returned to the owner because they weren't under the protection provided for by the laws on properties.

This recent recognition makes it clear that Bitcoin and other digital currencies are properties that are acquired and owned. So, such recognition is merely for the purpose of proper court disposal of cases involving cryptocurrencies.  

[Ben Barubal]

       It seems that the country of China is waking up again to the fact that it cannot really bring down Bitcoin, and that it can only do so until it is banned. Because he noticed that many countries are slowly recognizing Bitcoin, China made a good decision to accept it again.

       Maybe China also thought that they have nothing to lose if they accept the adoption of Bitcoin in their country, because in truth it can really help if they are really open to accepting Bitcoin here.

[Wind_FURY]

China probably needs to open up on Bitcoin as a censorship-resistant transactions network, especially during the current situation when the United States is restricting swap-lines and tightening the supply of U.S. Dollars. The network will fill the gaps that that restriction caused.

It's a good illustration of its usage as a tool for breaking down economic-political strongholds. Restrict swap-lines? OK, let's use a censorship-resistant, decentralized network.

 

[Husires]

I do not know how decisions are made and laws are formulated in China, but I think that the Communist Party rules the country and a court decision in a city cannot rewrite the law in China.
Bitcoin is considered banned, and if this changes, it is positive news. If it does not change, it will not affect the price, so there is no difference.
There is nothing at the moment that will change that Bitcoin is banned in China, so we may not hear an update about that in the near future.