Amid Crypto Bans, Chinese Judiciary Upholds Virtual Asset Rights
Portfolio Pulse from Bibhu Pattnaik
A Chinese court has recognized digital assets as legal property, despite the country's broader restrictions on them. The court's report argues that individual-owned virtual assets should be acknowledged as legal and safeguarded under the existing policy framework. This comes amid China's ban on foreign crypto exchanges, including Robinhood (NASDAQ:HOOD) and Coinbase (NASDAQ:COIN). However, Chinese courts have historically shown a more accommodating viewpoint on digital assets, including Bitcoin (CRYPTO: BTC).
September 03, 2023 | 1:48 pm
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NEUTRAL IMPACT
China's recognition of digital assets as legal property could potentially impact the price of Bitcoin.
China's recognition of digital assets as legal property could potentially lead to increased demand for Bitcoin in the country, which could impact its price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
NEUTRAL IMPACT
China's recognition of digital assets as legal property could potentially impact Coinbase's operations in the country.
While the news does not directly affect Coinbase, any changes in China's regulatory stance towards digital assets could potentially impact the company's operations and future expansion plans in the country.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
China's recognition of digital assets as legal property could potentially impact Robinhood's operations in the country.
While the news does not directly affect Robinhood, any changes in China's regulatory stance towards digital assets could potentially impact the company's operations and future expansion plans in the country.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50