Shanghai Court in China Officially Recognizes Bitcoin!

• Justin Sun, the founder of Tron, shared that the Shanghai 2nd Intermediate People’s Court has officially recognized Bitcoin as a unique digital currency.
• The Shanghai 2nd Intermediate People’s Court acknowledges that with the advancement of internet technology, digital currencies like Bitcoin have become even more unique and immutable.
• Chinese courts have had differing views on Bitcoin. In September 2022, a lawyer argued that it could protect crypto owners in addition to the national crypto ban in cases of theft or violations.

According to Justin Sun’s recent announcement, the Shanghai 2nd Intermediate People’s Court in China has officially recognized the existence of Bitcoin.

Shanghai Court Officially Acknowledges Bitcoin

Justin Sun, the founder of the Tron network, announced a significant development in the legal recognition of Bitcoin with a recent statement. Sun shared that the Shanghai 2nd Intermediate People’s Court has officially recognized Bitcoin as a unique digital currency. The court believes it is different from virtual currencies like Q coin due to its limited supply and intrinsic value.

Sun wrote, “The Shanghai 2nd Intermediate People’s Court believes that with the development of internet technology, digitally represented currencies like Bitcoin are unique and uncopyable. It is distinct from virtual currencies like Q coin. Its relative scarcity is widely accepted, and its ownership characteristics are inevitable, regardless of whether it is in social life or finance.”

The Shanghai 2nd Intermediate People’s Court acknowledges that with the advancement of internet technology, digital currencies like Bitcoin have become even more unique and immutable.

China has banned crypto activities and prevented foreign exchanges from serving mainland customers. However, Chinese courts have had differing views on Bitcoin. In September 2022, a lawyer argued that the national crypto ban could also protect crypto owners in cases of theft or violations. In May 2022, a Shanghai court recognized Bitcoin as a virtual commodity, strengthening legal rights for cryptocurrencies in China.

Sun Increases Crypto Holdings

Recently, it was reported that the value of Justin Sun’s known wallets containing cryptocurrencies increased by over 50% in just one month. According to data from Arkham Intelligence, on August 19th, Sun’s wallets held approximately $733 million worth of crypto.

However, by September 19th, this amount exceeded $1.1 billion. Sun’s largest crypto holding is Wrapped Staked Ethereum (WSTETH), valued at around $315 million, with nearly 169,000 tokens. These rapid gains underscore the volatile nature of the crypto market.