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In a recent ruling, a Shanghai court stated that owning cryptocurrencies is legal for individuals in China. This comes as Bitcoin hits record highs.
Judge Sun Jie from the Shanghai Songjiang People's Court clarified this important point. According to the South China Morning Post, he explained that it’s “not illegal for individuals to hold cryptocurrency.” This clarification is significant, especially since the blanket ban on cryptocurrency transactions from 2021 is still in place.
Sun made a clear distinction between holding and trading cryptocurrencies. He said, “That’s why laws and regulations always maintain a high-pressure crackdown on speculative activities in cryptocurrency trading.” His comments were part of a case review involving a lawsuit between two companies over an initial coin offering, which is illegal in China, along with cryptocurrency mining.
This ruling is crucial given China’s complex stance on cryptocurrencies. Even with a ban on trading and mining, China still controls over 50% of the global Bitcoin hash rate. This indicates the country’s strong influence over Bitcoin mining pools.
Interestingly, reports suggest that Chinese investors are finding ways to engage with the cryptocurrency market despite the restrictions. In September, Zhu Guangyao, a former Vice Minister of Finance, urged the Xi Jinping administration to explore cryptocurrencies, considering global shifts and policy changes.
The judge's opinion comes as Bitcoin, the largest cryptocurrency, surpasses $97,000, reaching a new all-time high. Data from Benzinga Pro shows that Bitcoin has surged 45% since Donald Trump, a pro-cryptocurrency advocate, won the U.S. presidential election.
In other news, Floki has outperformed Dogecoin and Shiba Inu with impressive gains following its announcement for listing on Coinbase.
Stay tuned for more updates and insights!