In a landmark ruling, China’s Supreme Court has approved using cryptocurrency as a legal means of settling debts. This decision marks a significant shift in the country’s stance on digital assets, which have been subject to strict regulation and scrutiny.
According to the court, cryptocurrency is a property that can be used to pay off debts or transferred as part of a contract. The court also clarified that cryptocurrency transactions are subject to the same legal protections and obligations as other forms of property.
The ruling comes amid a global surge in interest and adoption of cryptocurrencies, especially among younger generations and tech-savvy consumers. China has been one of the leading countries in cryptocurrency innovation and development, with its own central bank digital currency (CBDC) in the works.
However, the court’s ruling does not mean the cryptocurrency is fully legalized or recognized as legal tender in China. The country still maintains a ban on cryptocurrency trading and initial coin offerings (ICOs), and warns of the risks and challenges associated with digital assets.
The court’s ruling is expected to positively impact the cryptocurrency industry and community in China, as well as the global market. It could also pave the way for more legal clarity and acceptance of cryptocurrency in other jurisdictions.
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