In a recent announcement, Tron network founder Justin Sun took to his social media platform to reveal a significant development in the legal recognition of Bitcoin. Sun shared that the Shanghai No. 2 Intermediate People’s Court has officially recognized Bitcoin as a one-of-a-kind digital currency. They believe it’s unlike virtual currencies such as Q coins due to its scarcity and inherent value.
He wrote, “The Shanghai No. 2 Intermediate People’s Court believes that with the development of Internet technology, digital currency represented by Bitcoin is unique and non-replicable. It is different from virtual currencies such as Q coins. Its relative scarcity has been widely recognized, and property Attributes are unavoidable no matter in the fields of social life or finance.”
The Second Intermediate People’s Court of Shanghai acknowledges that as internet technology advances, digital currencies like Bitcoin become more unique and irreplaceable.
China has banned cryptocurrency activities and barred foreign exchanges from serving its mainland customers. However, Chinese courts hold a different view on Bitcoin. A lawyer in September 2022 argued that Chinese law could protect crypto holders in theft or breach cases, despite the national crypto ban. In May 2022, a Shanghai court supported this view by recognizing Bitcoin as virtual property, strengthening legal rights for cryptocurrency in China.
Recently, it was reported that the value of cryptocurrencies in Justin Sun’s known wallets shot up by more than 50% in just one month. According to data from Arkham Intelligence, on August 19, Sun’s wallets had around $733 million in crypto.
By September 19, this amount had skyrocketed to over $1.1 billion. Sun’s biggest crypto holding is Wrapped Staked Ethereum (WSTETH), worth about $315 million, with almost 169,000 tokens. These rapid gains underscore the volatile nature of the crypto market.