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 <p>A recent <a rel="dofollow" title="Shanghai" href="https://thebittimes.com/tag/shanghai.html">Shanghai</a> People’s Court announcement in China acknowledged Bitcoin as a unique digital currency despite the country’s official ban on cryptocurrencies. Justin Sun, the founder of Tron, brought attention to the <a rel="dofollow" title="Shanghai" href="https://thebittimes.com/tag/shanghai.html">Shanghai</a> No. 2 Intermediate People’s Court, which published an article affirming certain characteristics of Bitcoin.</p> 
 <p>In the article, the <a rel="dofollow" title="Shanghai" href="https://thebittimes.com/tag/shanghai.html">Shanghai</a> 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.</p> 
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    <p lang="en" dir="ltr">JUST IN: 🇨🇳 #Bitcoin officially recognized as a unique digital currency in <a rel="dofollow" title="Shanghai" href="https://thebittimes.com/tag/shanghai.html">Shanghai</a> People's Court, China.</p> 
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 <h2 class="wp-block-heading" id="h-china-s-crypto-ban-remains-strong">China’s crypto ban remains strong</h2> 
 <p>Regulatory bodies in China have prohibited <a rel="dofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> 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.</p> 
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 <p>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. </p> 
 <p><strong>Also read:&nbsp;Justin Sun Reveals $8 Million ETH Heist on Crypto Exchange HTX</strong></p> 
 <p>It’s essential to note that the recent article does not represent an official policy shift. The ban on <a rel="dofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> trading remains firmly in place. However, the recognition of <a rel="dofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> as property strengthens legal positions related to ownership within the existing constraints.</p> 
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<div class="cs-entry__tags">
 <ul>
  <li>bitcoin</li>
  <li>china</li>
  <li>cryptocurrency</li>
  <li>Shanghai</li>
 </ul>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-recognized-as-a-digital-currency-in-shanghai-tbt63975.html">https://thebittimes.com/bitcoin-recognized-as-a-digital-currency-in-shanghai-tbt63975.html</a></p>

Bitcoin Recognized as a Digital Currency in Shanghai

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TheBitTimes

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