Despite a blanket ban on cryptocurrencies in China, legal arguments for defining bitcoins as personal property have gained a lot of traction from the local Chinese courts.

The latest recognition from one of the key courts in Shanghai comes despite the hostile attitude of the Chinese government toward Bitcoin. China imposed a blanket ban on all forms of cryptocurrency activities, including Bitcoin mining, in 2021. However, several courts in China have recognized Bitcoin and other digital assets as legal properties protected by law.