In China, cryptocurrencies are becoming more accepted but are still highly regulated. A recent ruling by Shanghai’s Songjiang People’s Court clarified that owning cryptocurrencies is not illegal, but their use is limited to personal ownership and use as a commodity. Businesses cannot invest in, trade, or issue tokens.
The crypto community has reacted positively to this development, seeing it as a potential relaxation of China’s strict approach to cryptocurrency. While there is speculation that China may be gradually shifting its stance on cryptocurrencies, they are still considered a threat to financial stability.