In 2021, China introduced a total ban on Bitcoin and Bitcoin mining. Now the country is coming through a high court from Shanghai with a surprising twist. In a lawsuit, the high court in question recognizes Bitcoin as property before the law. Earlier, a lower court already recognized the value of Bitcoin based on its scarcity and liquidity and classified it as virtual property at the time. So that statement is now confirmed by a higher court in the country.
China and Bitcoin
The fact that a high court recognizes Bitcoin’s value and classifies it as virtual property is encouraging. This means that there may be a future for Bitcoin in China, which is the largest country in the world with a population of 1.4 billion people. The judge’s ruling does not immediately open the door for Chinese to buy and trade Bitcoin again, more is needed for that.
China’s relationship with Bitcoin has been one of ups and downs from the early days. Several times in Bitcoin’s history, there have been rumors of a blanket ban. It eventually came in 2021, but China is known as a country where a lot can change in the short term. However, they are unlikely to make Bitcoin legal again any time soon, as the government places a high value on controlling the money. Especially now that it is trying to market the digital yuan in the country.
