China Crypto Roundup (Aug. 16-Aug. 22)：Bitcoin as Virtual Property Admitted by Shanghai Court
1. Well-known Chinese entrepreneur Feng Lun: we can’t deny its rationality and future trends just because someone speculates with Bitcoin
When answering users’ questions about Bitcoin, he said that when new things come out, they feel strange at first, and then slowly accept them. In this process, as the frequency of transactions and the scope of use change, relevant laws and regulations will certainly increase and become more standardized. Bitcoin and other digital currencies are the same. With the improvement of system, laws and regulations, if someone violates the law or regulations, they should be caught. But we can’t deny its rationality and future trends just because some speculators.
2. People’s Bank of China (PBoC) Shenzhen: 11 companies suspected of carrying out illegal virtual currency activities have been cleaned up
PBoC Shenzhen stated that Shenzhen has recently carried out a special rectification of illegal virtual currency trading activities to promptly clean up and rectify 11 newly emerging companies suspected of carrying out illegal virtual currency activities.
3. Shanghai Minhang Court: Bitcoin is a virtual property, which is disposable, exchangeable and exclusive
On August 17, Shanghai Minhang Court published an article titled “How to protect virtual property that is visible and intangible? “. The article mentioned that acquiring bitcoin requires certain resources, property, energy, etc., which have value in the sense of exchange and belong to virtual property. At the same time, although Bitcoin does not have monetary properties such as legal compensation and compulsion, it cannot be used as currency in the market, but it is obtained through legal labor, is disposable, exchangeable, and exclusive, and has the properties of a virtual commodity.