China’s Supreme Court calls for better property rights, digital currency included

Known for banning all cryptocurrency transactions, China has changed its stance on cryptocurrencies, preparing for the launch of its digital Yuan, and in a recently published document about the protection of property rights, China’s Supreme Court mentioned digital currency. The document expressed the need for better protection of “digital currency, network virtual property, and data”, which would imply that cryptocurrencies are, in fact, subject to legal protections in China. Interestingly, Bitcoin, the biggest cryptocurrency, was recognized as a property in China for the first in October 2018, and then in July 2019. Will China’s Supreme Court’s nod to cryptocurrencies be a sign of the promising crypto future? The upcoming months will bring our answers!

Source:
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