The Supreme People’s Court of Shanghai ruled that bitcoin has “some economic value” and is a virtual asset protected by the country’s laws.
“In actual jurisprudence, the People’s Court has formed a unified opinion on the legal status of bitcoin, identified it as virtual property … Bitcoin has a certain economic value in the characteristics of property and property law, and is entitled to legal protection,” the ruling said.
The court’s ruling is the nation’s first judicial decision on cryptocurrencies. Notably, the Supreme People’s Court of China is considered the highest court in the provinces.
Previously, China banned any activity with cryptocurrencies.