In a significant stride for Bitcoin’s legal recognition, Justin Sun, the founder of the Tron network, recently revealed on social media that the Shanghai No. 2 Intermediate People’s Court has formally acknowledged Bitcoin’s Uniqueness as a digital currency. This court’s declaration separates Bitcoin from other virtual currencies like Q coins due to its inherent value and scarcity.
Bitcoin’s Unique and Non-replicable Nature
According to the announcement, the court recognizes the unique and non-replicable nature of Bitcoin. They believe that the evolution of internet technology has led to the development of digital currencies, with Bitcoin standing out due to its distinct attributes. The court stated, “Its relative scarcity has been widely recognized, and property attributes are unavoidable, both in social life and finance.”
China’s Stance on Cryptocurrencies
Despite banning cryptocurrency activities and prohibiting foreign exchanges from serving mainland customers, Chinese courts seem to hold a different perspective on Bitcoin. A lawyer argued in September 2022 that Chinese law could protect crypto holders in cases of theft or breach, even amidst the national crypto ban. Further strengthening this stance, a Shanghai court recognized Bitcoin as virtual property in May 2022, enhancing legal rights for cryptocurrency holders in China.
Volatility of the Crypto Market
The volatile nature of the crypto market was underscored by a reported increase in the value of cryptocurrencies in Justin Sun’s known wallets by over 50% within a single month. Data from Arkham Intelligence indicated that Sun’s wallets, which held around $733 million in crypto on August 19, soared to over $1.1 billion by September 19. His most significant crypto holding is Wrapped Staked Ethereum (WSTETH), worth about $315 million, with nearly 169,000 tokens.
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