A high court in China is saying Bitcoin is protected by law and has economic value
While China’s ouster of crypto miners within its borders, and various other rulings had more or less banned crypto trading and related activities in the country, the Shanghai ruling might come as a point of respite for the community.
The ruling in question declared Bitcoin as a virtual asset that is protected by Chinese law, and has economic value. In the actual trial practice, the People’s Court has formed a unified opinion on the legal position of Bitcoin, and identified it as a virtual property.