BRICS: China Rules Crypto as Property, Bars Business Holdings
In what is a crucial step for the country and its BRICS alliance shift toward the asset class, China has ruled cryptocurrency as property while maintaining a ban on business dealings. Indeed, a November 18th ruling states that cryptocurrencies maintain the same attribute as property. The ruling was made by the Shanghai Songjiant People’s Court and clarified the legal status of the tokens in the country. Moreover, the recent development has the industry as a whole hopeful. Specifically, the property status is a good sign for the future direction of its cryptocurrency regulation. Source: Business Telegraph Also Read: Donald Trump Poised to Take on BRICS and the Yuan China Establishes Crypto as Propert, Still Faces Business Ban Throughout this year, the cryptocurrency industry has become as important as ever on a global scale. In the United States, the arrival of crypto-based ETFs has opened up increased institutional investments. Indeed, Bitcoin ETFs have recently surpassed $100 bil...