It became known which country recognized bitcoin as a unique cryptocurrency

The People’s Court in Shanghai (China) has issued a ruling calling the flagship crypto asset BTC $98,522.62 Bitcoin -0.34% Market capitalization $1.95 trillion VOL. 24 hours $3.58 billion «unique and non-replicable». The court came to this conclusion based on a number of «special features of BTC». As a result, the country has recognized the value of the first cryptocurrency at the legal level.

The court published a report titled «Legal Attributes and Judicial Disposition of Digital Currency», which is dedicated to the development of virtual technologies. In it, law enforcement agencies note that, contrary to disagreements, cryptocurrencies have financial and property properties.

However, the Shanghai court emphasizes that bitcoin stands out from all other virtual coins due to a number of characteristics. These include rarity, intrinsic value, scalability, ease of storage and payment.

Earlier this year, China recognized cryptocurrencies as the property of citizens. The published document stated that virtual assets are still legal property under the current legal policy and are protected by the state. The logic is based on the fact that virtual assets have economic properties, and thus can be classified as property.

It should be added that the Chinese ruling elite is not averse to accumulating cryptocurrency. Earlier, we talked about the research of CryptoQuant analysts. According to the cryptocurrency fact-checkers, the Chinese government has not only become one of the largest bitcoin whales in the world but also owns more BTC than is held in the accounts of MicroStrategy, the most famous company that regularly buys the flagship crypto asset.