Chinese court recognizes Bitcoin as digital currency

In 2021, the Chinese government banned BTC and mining activities. But a court disagrees: it is hard to ignore Bitcoin in a legal context.

A people's court in Shanghai has recognized Bitcoin as a unique and non-reproducible digital asset.

The rapport published on Sept. 25, thus giving more legitimacy to BTC and other digital currencies in China.

According to the report, the court recognized important currency features in Bitcoin, such as its scalability, ease of circulation, ability to store and payment function.

The Chinese government proposed a 2021 general ban in on cryptocurrencies, including Bitcoin mining.

The report has no bearing on the ban. However, the court stated that it was difficult to ignore Bitcoin in the legal context.