🚀Big news! 🇨🇳Chinese courts issued a document to loosen up Bitcoin🪙, calling for virtual currencies to change from prohibition to regulation!

Recently, the China Court Newspaper published an article entitled "The Judicial Disposal of Virtual Currency Must Be Standardized", which mentioned the problems and difficulties faced by virtual currencies in judicial disposal, and suggested that judicial organs can provide clear legal basis for law enforcement personnel and the public to refer to.

Does this mean that the authorities will transition virtual currencies from the gray area to specific practices with explicit provisions? The article also mentioned the seriousness of virtual currency crimes. In 2023, China cracked down on 428 virtual currency crime cases, involving a total amount of RMB 430.719 billion. Given that the People's Court Newspaper is a media organization under the jurisdiction of the Supreme People's Court of China, the issuance of this article may imply that the official attitude towards cryptocurrencies may change from prohibition to regulation.

The article points out that in China's current judicial practice, the disposal of virtual currencies has become a focus of attention. For example: the issue of ownership recognition, the issue of virtual currency value assessment, and the issue of virtual currency money laundering. The article also mentioned that the dilemma of judicial disposal is that while the property attributes of virtual currency are denied in cognition, the property value presented by virtual currency cannot be avoided in the process of financial processing involved in the case.

In other words, since Bitcoin is considered to have no value by the Chinese government, why can it be confiscated by the police? Does divorce property include Bitcoin? Can assets be transferred by purchasing Bitcoin with RMB before divorce? How to ensure the safety of judicially confiscated private keys and who keeps them?

The article suggests that judicial practice must issue a comprehensive set of guidelines for the judicial disposal of virtual currency as soon as possible to provide a clear legal basis and operational norms for this emerging field. This means that Bitcoin may undergo a huge change in people's cognitive level, and Bitcoin will no longer be defined as a worthless pyramid scheme currency. Will this regulatory shift increase Bitcoin by 10,000! $BTC $ETH $BNB

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