Shanghai Court Recognizes Crypto as Property, Bitcoin Surges to $97,930

Nov 21, 2024, 10:44 AM

A Shanghai court has ruled that cryptocurrency, including Bitcoin, is legally recognized as property in China, providing legal protections for individual ownership. This ruling comes amidst a surge in Bitcoin's value, reaching a record high of $97,930. However, a 2017 case saw a company lose 300K yuan ($41K) in a token dispute, highlighting the complexities of crypto transactions. Despite the legal recognition, the Shanghai High Court clarified that commercial token issuance and investments remain prohibited.