The Chinese court news stated that cryptocurrencies are considered legal property.
China has an unstable relationship with cryptocurrencies.
The crypto market has experienced significant growth and massive development over the years. Every country around the world has started adopting and creating a crypto-friendly environment for people. On the other hand, Justin Sun, the founder of Tron, disclosed that in China, cryptocurrencies are protected by law and are regarded as legal property.
On September 1, Justin Sun, the founder of Tron, tweeted that the Chinese court news stated that cryptocurrencies considered legal property and protected. China is one of the countries that have banned cryptocurrencies around the world. The news from Justin Sun has caught the attention of the crypto community around the world.
China is Returning to the Crypto Sector
After banning cryptocurrency exchanges in 2017, China had an unstable relationship with virtual currencies and began tightening regulations in the middle of 2021. Moreover, the Bank of China issued a statement saying that users of cryptocurrencies will considered criminals. The recent tweet from Justin Sun sent shockwaves through the crypto community.
Tron founder Justin Sun has already stated that China is planning to return to the crypto sector. On January 30, 2023, Justin Sun tweeted that China’s new tax on cryptocurrency transactions was a signal that the government was once again interested in the cryptocurrency sector.
China has taken a major step by returning to the crypto sector. The tweet from Justin Sun confirms that the country is back in crypto by considering its legal property. The news sparks a debate among the crypto community. The return of China to the crypto sector expected to boost the market.