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Primary reason for changes in China's crypto policy by end of 2024?
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Resolution / Starting Odds
Economic Growth • 25%
Financial Stability • 25%
Technological Advancement • 25%
International Pressure • 25%
Official statements or policy documents from Chinese authorities
Story
Shanghai Court Affirms Legal Crypto Ownership, Bans Commercial Activities; Bitcoin Reaches $97,930
Nov 21, 2024, 10:56 AM
The Shanghai Supreme Court has ruled that virtual currencies like Bitcoin are legally recognized as property under Chinese law, affirming that ownership is legal for individuals. Judge Sun Jie of the Shanghai Songjiang District People's Court emphasized that while digital assets are considered virtual commodities with property attributes, commercial activities such as token issuance and investments are strictly restricted. This landmark decision provides explicit legal clarity for crypto holders in China amid a surge in Bitcoin's price, which has reportedly reached a record $97,930. The ruling stems from a 2017 case where a company lost 300,000 yuan ($41,000) in a failed token deal, highlighting the stringent restrictions on virtual currency-related business activities under Chinese laws and regulations.
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Positive policy change • 25%
Negative policy change • 25%
No significant change • 25%
Reversal of current stance • 25%
Lift Bitcoin ban • 25%
Stricter regulations • 25%
No changes • 25%
Other • 25%
Introduction of new regulations • 25%
Repeal of existing regulations • 25%
No significant changes • 25%
Other • 25%
Money laundering • 25%
Fraud • 25%
Tax evasion • 25%
Other • 25%
Transaction monitoring • 25%
Taxation • 25%
Exchange licensing • 25%
Other focus • 25%
Tax-free gains on virtual assets • 25%
AI policies for finance • 25%
Other crypto-friendly tax breaks • 25%
None • 25%
More strict • 33%
Less strict • 33%
No change • 33%
Yes • 50%
No • 50%
Tax incentives for crypto investments • 25%
Relaxation of crypto trading regulations • 25%
Introduction of a national digital currency • 25%
Other • 25%