A court in China stated how crypto ownership and all other virtual assets could be regarded as legal property despite a ban on crypto-related activities.
Crypto-related activities are currently banned in China. But the move doesn’t seem to have hampered a court in China to publish opposing views. A People’s Court in the country has published a report that dwells on crypto ownership. According to the report, owning virtual assets would be legal despite the ban in China.
The report is called “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case.” It touches upon several aspects of the ban in China. It stated how virtual assets had economic attributes. Due to the same reason, they could be treated as legal property, it claimed. A Chinese daily also reported the court’s claims.
Further, the report mentioned ways of preventing crimes in the crypto industry. It also suggested that cases of such crimes be handled separately due to their unique nature. The industry could consider the report significant due to the People’s Courts of China’s influence in the country.
Moreover, Chinese authorities have also encouraged central bank digital currencies (CBDCs). Powered by blockchain technology, CBDCs could positively impact the broader crypto landscape in China. On the other hand, Hong Kong is on its way to becoming a crypto hub. The government, private industry, and all other stakeholders have worked together for Hong Kong’s crypto popularity in the recent past.