Chinese court contradicts government’s stance on virtual currencies, declares them to be legal property

2023-9-2 22:00

A Chinese court has reportedly ruled that virtual currency should not be immediately treated as illegal under the nation’s legal framework, in apparent contravention to prevailing CCP policy.

Beijing-based Web3 news outlet Odaily reported Sept. 1 that the People’s Court of China had ruled that virtual currency should not be classified as illegal within the current policy framework.

Citing court documents, Odaily reported that the court held that virtual currencies should be considered property under the current law. It suggested that cases dealing with criminal proceeds of virtual currencies be handled on a case-by-case basis to balance individual property rights and public interests.

At press time, the primary court documents were not publicly accessible.

This shift in legal perspective is intriguing, given China’s historical opposition to cryptocurrencies. China has a long history of antagonism towards the crypto industry. In 2013, the Chinese government prohibited banks from handling Bitcoin transactions; in 2017, it banned initial coin offerings (ICOs); it cracked down on Bitcoin mining operations in 2019 and eventually imposed outright bans on crypto trading and mining in 2021. These are but a few of the many other measures the CCP has taken to curb crypto adoption within the country.

Precedent

This is not the first time a Chinese court has challenged government policy on crypto. A 2018 case in Hangzhou also upheld the legal status of Bitcoin as “virtual property,” marking the first time a Chinese court has appeared to contradict existing policy. In that case, despite the illegal status of trading and mining of Bitcoin, the court ruled that Bitcoin had the attributes of property: value, scarcity, and responsibility. It is unclear if this ruling was consulted as precedent for today’s ruling.

China’s history with blockchain and cryptocurrency is a complex narrative marked by an ongoing tension between innovation and centralized control. On one hand, China has shown significant interest in harnessing the potential of blockchain technology. It has published national blockchain standards to guide industry development, launched a national blockchain research center, and taken significant strides toward implementing the digital yuan, the world’s first true Central Bank Digital Currency (CBDC). These efforts have all been centralized, with the state playing the most crucial role in guiding and controlling blockchain technology use cases.

The CCP’s enthusiasm for blockchain technology does not extend to decentralized cryptocurrencies. More than twenty cryptocurrency firms left China due to a severe ban on crypto, underscoring the government’s desire to maintain strict control over the country’s financial system. The Chinese government has exhibited a clear preference for technologies it can regulate and control, such as its digital yuan, which is centrally issued and controlled by the People’s Bank of China.

Furthermore, the country’s stance toward generative AI regulations is demonstrating a similarly authoritarian approach, mandating that AI developments must adhere to the “core values of socialism.” While the country continues to foster innovation, it does so within a tightly controlled framework that aligns with its socio-political objectives.

The post Chinese court contradicts government’s stance on virtual currencies, declares them to be legal property appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Aragon Court (ANJ) на Currencies.ru

$ 0.1722 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -1.39 %
Cегодня L: $0.1722 - H: $0.1722
Капитализация $22.15m Rank 99999
Цена в час новости $ 0.0341235 (404.64%)

legal chinese virtual court under nation illegal

legal chinese → Результатов: 74


Bitmain’s Wu Regains Power Over Micree Zhan As Jihan Named Legal Representative

The struggle for Bitmain’s control has taken a different turn, with Jihan Wu regaining the position of executive director and legal representative of this Chinese Bitcoin mining rig manufacturer. According to the latest update on China’s business registration record, Macree Zhan will no longer serve in the above capacities but remains a general manager in […] The post Bitmain’s Wu Regains Power Over Micree Zhan As Jihan Named Legal Representative first appeared on BitcoinExchangeGuide.

2020-9-15 18:42


Фото:

Sichuan’s Blockchain Park: Chengdu Government Officials Welcome Bitcoin Miners

In mid-August officials from the Chinese province of Sichuan approved a number of enterprises that mine bitcoin for legal hydropower consumption in the region. Following the local government of Ya’an city deciding to foster mining, officials from Chengdu recently spoke about welcoming crypto mining at the Hashcon 2020 event as well as bolstering a blockchain […] The post Sichuan’s Blockchain Park: Chengdu Government Officials Welcome Bitcoin Miners appeared first on Bitcoin News.

2020-9-2 11:30


По стопам SEC: китайская полиция занялась децентрализованной биржей EtherDelta

Китайская полиция, по некоторым данным, расследует деятельность децентрализованной биржи EtherDelta. В частности, об этом сообщила управляющий партнер фирмы Primitive Дави Ван: JUSTIN and 🤦🏻‍♀️🤦🏻‍♀️🤦🏻‍♀️ EtherDelta is involved in a major scam in China, police officially take legal action against it The actual beneficiaries of EtherDelta are all Chinese after ownership transition in 2017 Highly recommend […]

2019-8-7 10:27


Iran Legalizes Crypto Mining Within Days of a Chinese Plea for ‘Better Conditions’

Iran is legalizing crypto-mining, giving a boost to this activity which was already booming despite the unfavorable position of the authorities. According to the Iran Chamber of Commerce, Industries, Mines and Agriculture, the government decided to give the green light to this activity, promoting a series of legal reforms that put an end to a […] The post Iran Legalizes Crypto Mining Within Days of a Chinese Plea for ‘Better Conditions’ appeared first on CCN Markets

2019-7-23 12:32


Фото:

A Major Chinese State-Run Media Organisation Labelled Bitcoin a “Safe Haven Asset”

The legal status of cryptocurrencies in China is a controversial topic. Yet, the Asian country is one of the most developed nations in the field of blockchain. This might change after a major Chinese state-run media went against all the opinions of the government by publishing a financial study that highlights the potential of alternativeRead MoreRead More.

2019-6-30 15:00


Фото:

A Major Chinese State-Run Media Organisation Labelled Bitcoin “Safe Haven Asset”

The legal status of cryptocurrencies in China is a controversial topic. Yet, the Asian country is one of the most developed nations in the field of blockchain. This might change after a major Chinese state-run media went against all the opinions of the government by publishing a financial study that highlights the potential of alternativeRead MoreRead More.

2019-6-30 15:00


Фото:

Moonday Mornings: Jaguar Land Rover plans to reward drivers with IOTA cryptocurrency, and more

It’s Monday morning, you know the drill. But if you don’t, here’s a wrap-up of the weekend’s top cryptocurrency and blockchain headlines. 1. British carmaker Jaguar Land Rover announced that it’s testing software from IOTA which would allow it to reward its drivers for sharing data about their car journeys, reports Reuters.

2019-4-29 11:22


Фото:

Chinese Court: Bitcoin Is Property and Protected by Law

A Chinese Court recently ordered a company in a civil dispute to repay a misappropriated amount of cryptocurrency, setting a legal precedent for cryptocurrency-related disagreements. According to a Finance Magnates’ article published on November 5, 2018, despite China’s 2017 cryptocurrency ban, the Shenzhen Court recognized in the civil dispute that cryptocurrencies have economic value.

2018-11-7 04:00


China's Central Bank Wants to Put the Damper Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-5 22:04