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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/shanghai-court-recognizes-bitcoins-uniqueness-calls-it-non-replicable/">Shanghai Court Recognizes Bitcoin’s Uniqueness, calls it ‘non-replicable’</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a recent announcement, Tron network founder Justin Sun&nbsp; took to his social media platform to reveal a significant development in the legal recognition of Bitcoin. Sun shared that the Shanghai No. 2 Intermediate People’s Court has officially recognized Bitcoin as a one-of-a-kind digital currency. They believe it’s unlike virtual currencies such as Q coins due to its scarcity and inherent value.</p> 
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 <p>He wrote, “The Shanghai No. 2 Intermediate People’s Court believes that with the development of Internet technology, digital currency represented by Bitcoin is unique and non-replicable. It is different from virtual currencies such as Q coins. Its relative scarcity has been widely recognized, and property Attributes are unavoidable no matter in the fields of social life or finance.”</p> 
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<p>The Second Intermediate People’s Court of Shanghai acknowledges that as internet technology advances, digital currencies like Bitcoin become more unique and irreplaceable.</p> 
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   <p lang="en" dir="ltr">The Second Intermediate People's Court of Shanghai believes that with the development of internet technology, digital currencies represented by Bitcoin possess uniqueness and non-replicability.</p>— H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1705915442026680492?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 24, 2023</a> 
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<p>China has banned cryptocurrency activities and barred foreign exchanges from serving its mainland customers. However, Chinese courts hold a different view on Bitcoin. A lawyer in September 2022 argued that Chinese law could protect crypto holders in theft or breach cases, despite the national crypto ban. In May 2022, a Shanghai court supported this view by recognizing Bitcoin as virtual property, strengthening legal rights for cryptocurrency in China.</p> 
<p>Recently, it was reported that the value of cryptocurrencies in Justin Sun’s known wallets shot up by more than 50% in just one month. According to data from Arkham Intelligence, on August 19, Sun’s wallets had around $733 million in crypto.&nbsp;</p> 
<p>By September 19, this amount had skyrocketed to over $1.1 billion. Sun’s biggest crypto holding is Wrapped Staked Ethereum (WSTETH), worth about $315 million, with almost 169,000 tokens. These rapid gains underscore the volatile nature of the crypto market.</p>

Shanghai Court Recognizes Bitcoin’s Uniqueness, calls it ‘non-replicable’

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