Cryptocurrency ownership has been legalized in China, a significant shift in the country’s stance on digital assets. Judge Sun Jie from the Sonjiang People’s Court in Shanghai declared that individuals can legally own cryptocurrencies, a decision that could impact Bitcoin and other digital currencies.
Although China has strict regulations on speculative activities in crypto markets, this ruling indicates that digital asset ownership is not prohibited. The legal position aligns with other countries, such as the US, where the IRS treats Bitcoin as an asset. The timing of this decision is crucial, as Bitcoin’s price is nearing a historic high of $100,000.
Despite China’s controversial cryptocurrency regulations, Chinese miners continue to operate the network, and many Chinese investors have found workarounds for trading cryptocurrencies. As the price of Bitcoin breaks records, analysts predict it may reach $100,000 soon and even $120,000 by the first quarter of 2025.
This legal shift may be a turning point in China’s cryptocurrency policy, potentially opening new opportunities for investors and the global market.
Source
<p>The post Cryptocurrencies Legal in China: Judge Sun’s Decision Sparks Interest and Potential Growth first appeared on CoinBuzzFeed.</p>
