JUST

2024

Bitcoin

<h4><strong>Chinese crypto owners just got a huge break following a new court ruling that states that holding crypto is not illegal. </strong></h4> 
<p>A judge at a Shanghai court has <a href="https://mp.weixin.qq.com/mp/wappoc_appmsgcaptcha?poc_token=HOtrQGejps8NXEmbcJkiZkitafSr0WDTIdHSVSwX&amp;target_url=https%3A%2F%2Fmp.weixin.qq.com%2Fs%3F__biz%3DMzA3MjcxNDM5OQ%3D%3D%26mid%3D2650784656%26idx%3D1%26sn%3D12cb5b68872ef0e5a8135b9709b5c356%26scene%3D21" target="_blank" rel="noopener">clarified</a> that individual ownership of cryptocurrencies does not break any Chinese law.</p> 
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      <h5><strong>Chinese Court: Crypto Can Be Owned, But Trading Is Banned</strong></h5> 
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<p>The news offers a breath of fresh air to crypto owners in mainland China. Judge Sun Jie of the Shanghai Songjiang People’s Court affirmed that individuals can legally own crypto as property. Chinese law recognizes crypto as a virtual commodity with attributes of property.</p> 
<p>However, Chinese rules do not allow individuals to participate in trading or initial coin offerings (ICOs). The judge warned that speculative trading and token-related activities can lead to illegal transactions and disrupt the economy.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">JUST IN: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e8-1f1f3.png" alt="🇨🇳" class="wp-smiley" style="height: 1em; max-height: 1em;"> Chinese court says that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> and crypto are property, so holding them is legal. <a href="https://t.co/CaUPzpW48U">pic.twitter.com/CaUPzpW48U</a></p> 
 <p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1859550816044204461?ref_src=twsrc%5Etfw">November 21, 2024</a></p>
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<p>Judge Sun wrote in her statement, “Although it is not illegal for individuals to simply hold virtual currency, commercial entities cannot participate in virtual currency investment transactions or even issue tokens on their own.”</p> 
<p>Sharing some of the dangers of crypto activities, the judge warned: “Virtual currency trading speculation activities such as Bitcoin will not only disrupt the economic and financial order but also may become a payment and settlement tool for illegal and criminal activities, breeding money laundering, illegal fund-raising, fraud, pyramid schemes, and other illegal and criminal activities.”</p> 
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 <p dir="ltr" lang="en">China bends the knee, as predicted. Nobody is bigger than Bitcoin. Everything goes to zero against Bitcoin. Bitcoin is the God communist China will be praying to forever. <a href="https://t.co/qlv4u2CTkT">https://t.co/qlv4u2CTkT</a></p> 
 <p>— Max Keiser (@maxkeiser) <a href="https://twitter.com/maxkeiser/status/1859553310082040006?ref_src=twsrc%5Etfw">November 21, 2024</a></p>
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<h5><strong>China Still has Tough Stance on Crypto?</strong></h5> 
<p>China has <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/why-is-china-banning-cryptos/" target="_blank" rel="noopener">maintained a tough stance</a> on crypto-related business activities for years. In 2017, Beijing banned ICOs and shut down local crypto exchanges. The crackdown escalated in 2021 with a nationwide ban on Bitcoin mining and the declaration that all cryptocurrency-related businesses were illegal.</p> 
<p>While local courts have previously ruled that cryptocurrencies should be treated as property, China’s broader legal and regulatory framework&nbsp;remains highly restrictive.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">You’re completely lost if at this point you don’t realize this is pure market manipulation.<br> China bans <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a>, AGAIN.</p> 
 <p>(click image) <a href="https://t.co/ZbiE6OdYXU">pic.twitter.com/ZbiE6OdYXU</a></p> 
 <p>— Or Weinberger (@orweinberger) <a href="https://twitter.com/orweinberger/status/1395781938397470720?ref_src=twsrc%5Etfw">May 21, 2021</a></p>
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<p>Beijing still holds a tight grip on crypto activities. Several Chinese lawmakers and experts have urged the government to reconsider its stance on digital assets. Notably, Zhu Guangyao, China’s former finance vice-minister, claimed the nation could fall behind rivals like the U.S. if it continues its tight-hand approach.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/chinese-court-rules-bitcoin-and-crypto-as-legal-property/">Chinese Court Rules Bitcoin and Crypto as Legal Property</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Chinese Court Rules Bitcoin and Crypto as Legal Property

Altcoin Buzz

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