Bitcoin Nears $100,000 as China Clarifies Personal Crypto Rights
A Shanghai court has clarified that personal ownership of cryptocurrency is legal in China. The statement comes during a record-setting rise in Bitcoin prices.
A Shanghai court has clarified that personal ownership of cryptocurrency is legal in China. The statement comes during a record-setting rise in Bitcoin prices. Bitcoin enthusiasts are now speculating whether the price will cross $100,000 in the coming days.
Shanghai Court on Cryptocurrencies
This development provides legal clarity for cryptocurrency holders amid Beijing’s crackdown on commercial crypto activities.
Sun Jie, a judge at the Shanghai Songjiang People's Court, published an article this week on the Shanghai High People’s Court's WeChat account. He stated that individuals are not prohibited from holding cryptocurrencies.
However, business activities involving remain banned to protect financial stability. Sun highlighted that cryptocurrencies, as virtual commodities with property attributes, are not inherently illegal under Chinese law.
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