Tron network founder Justin Sun announced a significant development in the legal recognition of Bitcoin in a recent announcement. Sun shared that the Shanghai 2nd Intermediate People's Court officially recognized Bitcoin as a unique digital currency. The court believes that it differs from virtual currencies such as Q coin due to its limited number and intrinsic value.

Sun wrote: "Shanghai 2nd Intermediate People's Court believes that with the development of internet technology, digital money represented such as Bitcoin is unique and cannot be copied. It is different from virtual currencies such as Q coin. Its relative limitation has been widely recognized and its property characteristics are inevitable, social life or finance regardless of whether it is in the field."
Shanghai 2nd Intermediate People's Court recognizes that with the advancement of internet technology, digital currencies such as Bitcoin have become even more unique and unfungible.
China has banned cryptocurrency activities and blocked foreign exchanges from serving mainland customers. However, Chinese courts have a different view on Bitcoin. In September 2022, a lawyer argued that a national crypto ban could also protect crypto holders in cases of theft or breach. In May 2022, a Shanghai court strengthened legal rights for cryptocurrency in China by recognizing Bitcoin as a virtual commodity.
Sun increases crypto holdings
Recently, it was reported that the value of crypto assets in Justin Sun's known wallets increased by more than 50% in just one month. According to data from Arkham Intelligence, Sun had approximately $733 million worth of crypto in his wallets on August 19.
However, on September 19, this amount increased to over 1.1 billion dollars. Sun's largest crypto asset is Wrapped Staked Ethereum (WSTETH), which is worth approximately $315 million and has almost 169,000 tokens. These rapid gains highlight the volatile nature of the crypto market.
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