A Shanghai court has declared that the personal ownership of cryptocurrencies is legal under Chinese law. This ruling comes amid a considerable surge in Bitcoin prices, which recently soared past $97,000.
“Not Illegal for Individuals to Hold Cryptocurrency”
Judge Sun Jie of the Shanghai Songjiang People’s Court stated in an article published on the Shanghai High People’s Court’s official WeChat account, “It is not illegal for individuals to hold cryptocurrency.”
This clarification provides explicit legal recognition for crypto holders on the mainland, even though business entities are still prohibited from engaging in cryptocurrency investments or token issuance2.
Strict Regulations on Business Activities
Despite the legal recognition of personal crypto ownership, the court emphasized that business activities involving cryptocurrencies remain heavily regulated.
“Laws and regulations always maintain a high-pressure crackdown on speculative activities in cryptocurrency trading,” Judge Sun noted. This stance is part of China’s broader effort to maintain financial stability and prevent economic disruption.
Bitcoin(BTC) Price Soars to $97,000: Analysts Predict Further Gainshttps://t.co/8dHahUkefX #BTCUSD #Bitcoin #bitcoinsurge pic.twitter.com/819Au1jP5f
— PanAsiaBiz – Daily Dose of News (@PanasiabizN) November 21, 2024
Bitcoin Price Surge
The court’s decision coincides with a record-setting surge in Bitcoin prices, which have recently surpassed $97,000.
Analysts attribute this rise to growing expectations of favorable US crypto regulations under President-elect Donald Trump.
“Bitcoin has seen remarkable growth, crossing $97,000 and nearing the crucial $100,000 threshold,” said Shivam Thakral, CEO of BuyUcoin.
Implications for Crypto Holders
This ruling offers a substantial boost to individual crypto holders in China, providing them with legal clarity and protection.
However, it does not signal a shift in the government’s strict stance on commercial crypto activities. “The property rights of individuals owning cryptocurrencies are recognized, but speculative trading activities are not permitted,” Judge Sun reiterated.
Related Stories:
China’s Supreme Court Approves Crypto Use in Debt Cases: What It Means
Bitcoin Boom: Standard Chartered Predicts BTC Price at $100,000 by 2024!
China issues new warning against crypto scams amid crackdown in Dalian
UAE’s Crypto Revolution: CNBC Arabia Unveils Bitcoin Mining Boom
Bitcoin Price Plummets To 54K Amid Disappointing U.S. Jobs Data
Massive Crypto Movement: Bitcoin and XRP Whales Move Over $650M in 24 Hours
Bitcoin (BTC) Price Slips Under $64.5K: Global Worries Shake Up Crypto World
Bitcoin, Crypto Prices Down After SEC Threatens to Sue Coinbase
Leave a Reply