{"id":181762,"date":"2023-09-24T19:39:08","date_gmt":"2023-09-24T19:39:08","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181762"},"modified":"2023-09-24T19:39:08","modified_gmt":"2023-09-24T19:39:08","slug":"shanghai-court-recognizes-bitcoins-uniqueness-calls-it-non-replicable-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/shanghai-court-recognizes-bitcoins-uniqueness-calls-it-non-replicable-coinpedia-fintech-news\/","title":{"rendered":"Shanghai Court Recognizes Bitcoin's Uniqueness, calls it \u2018non-replicable\u2019 – Coinpedia Fintech News"},"content":{"rendered":"
In a recent announcement, Tron network founder Justin Sun took to his social media platform to reveal a significant development in the legal recognition of Bitcoin. Sun shared that the Shanghai No. 2 Intermediate People’s Court has officially recognized Bitcoin as a one-of-a-kind digital currency. They believe it’s unlike virtual currencies such as Q coins due to its scarcity and inherent value.<\/p>\n
He wrote, \u201cThe Shanghai No. 2 Intermediate People’s Court believes that with the development of Internet technology, digital currency represented by Bitcoin is unique and non-replicable. It is different from virtual currencies such as Q coins. Its relative scarcity has been widely recognized, and property Attributes are unavoidable no matter in the fields of social life or finance.\u201d<\/p>\n
The Second Intermediate People’s Court of Shanghai acknowledges that as internet technology advances, digital currencies like Bitcoin become more unique and irreplaceable.<\/p>\n
China has banned cryptocurrency activities and barred foreign exchanges from serving its mainland customers. However, Chinese courts hold a different view on Bitcoin. A lawyer in September 2022 argued that Chinese law could protect crypto holders in theft or breach cases, despite the national crypto ban. In May 2022, a Shanghai court supported this view by recognizing Bitcoin as virtual property, strengthening legal rights for cryptocurrency in China.<\/p>\n
Recently, it was reported that the value of cryptocurrencies in Justin Sun’s known wallets shot up by more than 50% in just one month. According to data from Arkham Intelligence, on August 19, Sun’s wallets had around $733 million in crypto. <\/p>\n
By September 19, this amount had skyrocketed to over $1.1 billion. Sun’s biggest crypto holding is Wrapped Staked Ethereum (WSTETH), worth about $315 million, with almost 169,000 tokens. These rapid gains underscore the volatile nature of the crypto market.<\/p>\n