wizz on Nostr: A recent ruling by a Chinese court declaring virtual currencies legal property, in ...

A recent ruling by a Chinese court declaring virtual currencies legal property, in apparent contradiction to the prevailing policy of the Chinese Communist Party (CCP), has sparked speculation and highlighted the complicated relationship between China and digital currencies.
This change in legal perspective is significant given China's historical stance against digital currencies. Over the years, China has taken several measures to limit the adoption of digital currencies, including banning banks from handling bitcoin transactions, banning initial token offerings (ICOs), and cracking down on bitcoin mining operations.court has challenged the government's cryptocurrency policy. In 2018, a case in Hangzhou also recognized Bitcoin as a virtual asset despite its illegal status in trading and mining. This ruling highlights the value, scarcity and accountability characteristics of Bitcoin.