A Shanghai court has clarified that personal ownership of cryptocurrency is legal in China. The statement comes during a record-setting rise in Bitcoin prices. Bitcoin enthusiasts are now speculating whether the price will cross $100,000 in the coming days.

Shanghai Court on Cryptocurrencies

This development provides legal clarity for cryptocurrency holders amid Beijing’s crackdown on commercial crypto activities.

Sun Jie, a judge at the Shanghai Songjiang People's Court, published an article this week on the Shanghai High People’s Court's WeChat account. He stated that individuals are not prohibited from holding cryptocurrencies.

However, business activities involving cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term remain banned to protect financial stability. Sun highlighted that cryptocurrencies, as virtual commodities with property attributes, are not inherently illegal under Chinese law.

🇨🇳 JUST IN: Shanghai judge says #Bitcoin and crypto are legal for individuals to own but bans commercial token issuance and investments. pic.twitter.com/qfoQ3gUZg6

— Cointelegraph (@Cointelegraph) November 21, 2024

This legal position stems from a case involving a dispute between two companies over an initial coin offering, which is categorized as illicit financing. The judge emphasized that speculative trading activities disrupt economic order and are thus strictly regulated.

Bitcoin Eyes $100,000 Mark

Bitcoin's recent rally has added to the global spotlight on cryptocurrencies. The cryptocurrency surged past $99,000 this week, driven partly by news of former U.S. President Donald Trump’s re-election and his promise to adopt a pro-crypto stance.

As of writing, Bitcoin is traded at around 99500.00. The H4 chart shows that the price has been surging toward the North by obeying a trend line. If the price consolidates, it may find support at the flipped level of 98,000. A bullish reversal pattern could attract buyers to go long, potentially driving the price toward the key 100,000 mark.

BITCOIN Looks read for $100000 - #BTCUSD TradingView https://t.co/Wwq1hz3muR

— Trendonomics by Harsh Dixit (@TrendonomicsHD) June 22, 2024

Former Official Faces Charges

China’s restrictions on cryptocurrency activities began in 2017 with a ban on initial coin offerings and crypto exchanges. These measures escalated in 2021 with a prohibition on Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining and a broader ban on crypto-related businesses.

Despite these restrictions, some courts in China have previously ruled that cryptocurrencies qualify as personal property under existing laws.

Separately, the Central Commission for Discipline Inspection announced this week that Yao Qian, former head of the People's Bank of China’s digital currency research institute, was involved in a bribery case involving cryptocurrency. This case marks a setback for crypto advocates in China, especially given Yao's earlier pro-crypto remarks.

Despite local legal clarifications, China’s regulatory stance on the broader crypto industry remains restrictive. Experts like Zhu Guangyao, China’s former finance vice-minister, have called for opening the market to ensure China remains competitive in the global digital economy.