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CHINESE COURT RULES BITCOIN AND CRYPTO AS LEGAL PROPERTY

China has taken a significant step in recognizing Bitcoin and other cryptocurrencies as legal property. A recent court ruling has clarified that Bitcoin can be protected by law as a general property, although it's not considered legal tender.

This decision is a milestone in China's cryptocurrency landscape, as it provides a clear framework for handling Bitcoin-related disputes.

The court emphasized that while Bitcoin can't be used as legal tender, it can still be considered a virtual commodity, which is a significant distinction.

The ruling also highlighted five key categories of Bitcoin-related disputes, including:

Disputes over the return of unjustified profits of Bitcoin: These disputes involve the return of profits made from Bitcoin transactions.

Disputes over the purchase of Bitcoin mining machines: These disputes arise from the purchase of machines used for Bitcoin mining.

Bitcoin transfer disputes: These disputes involve the transfer of Bitcoin between individuals.

Bitcoin entrusted investment disputes: These disputes arise from investments made in Bitcoin through third-party platforms.

Bitcoin investment disputes between users and platforms: These disputes involve investments made in Bitcoin through online platforms.

The court's decision provides a clear direction for resolving these disputes and recognizing Bitcoin as a legitimate form of property in China.