According to today's headline the Shanghai High People's Court made Bitcoin the largest crypto currency as a virtual property protected by Chinese law.
Governments across the world have struggled to place Bitcoin under existing rules as some Indians said BTC is a gambling. According to the announcement china had a different thought they viewed it as a property and this was a relief to investors. According to reports, it was confirmed that Bitcoin is a virtual property as the Shanghai People's Court, issued a statement on their Official WeChat Channel regarding Bitcoin. This got many people surprised because the Chinese government has not lifted the ban on crypto trading. During the main trial practice the Shanghai People's Court formed a unified opinion that Bitcoin is a or will be identified as a virtual property and Bitcoin has a noticeable economic value that conforms to the properties attributes. This calls for the Legal rules of property to apply for the protection of Bitcoin. Everyone observing the confusing behavior of the crypto world and the Chinese government by their harsh banning of Bitcoin and expelling its miners from the country in 2021 got people confused. Recently, data from website traffic metric supplier Similarweb showed that crypto exchanges like Deribit, FaithTribe, OKX and Threedium still get huge traffic from China where the major portion of the participation is from the Decentralized Finance Sector. Cheng Mou filed a case against Shi MouMou in Shanghai Baoshan District People's Court telling the court to issue an official statement about BBitcoin because Shi MouMou was meant to return a Bitcoin to Cheng Mou in 2020 when none of them agreed to come to an agreement the High court had to intervene.
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