In China, a court has decided that individuals can legally own cryptocurrencies, potentially impacting the future of Bitcoin and other digital assets in the country. This decision may open new opportunities for Chinese investors and the global market. Judge Sun Jie, from the Sonjiang People’s Court in Shanghai, states that cryptocurrencies can be treated as assets under Chinese law, despite restrictions on speculation in crypto markets.
This legal position aligns with that of other countries, such as the United States, where the IRS treats Bitcoin as an asset. The timing of this decision is noteworthy, as the Bitcoin exchange rate has been approaching its historical high of $100,000. Despite controversial regulations in China, Chinese miners still account for over 50% of the global Bitcoin network’s hashrate and are actively involved in maintaining the network.
The price of Bitcoin has recently exceeded $99,400 and may reach the psychological limit of $100,000 soon, according to analysts. Some experts predict that Bitcoin could even reach $120,000 by the first quarter of 2025. This precedent-setting decision may represent a significant milestone in China’s cryptocurrency policy, potentially reshaping the country’s official stance on digital assets and providing new opportunities for investors and the global market.
Source
<p>The post China’s Legal Landscape for Cryptocurrencies Takes a Surprising Turn first appeared on CoinBuzzFeed.</p>
