Global Crypto Adoption On The Rise
Well, we know that after the massive banking turmoil following the collapse of major banks like Silvergate, Silicon Valley Bank (SVB), Signature Bank, First Republic and Credit Suisse, global investors started looking at digital assets as an alternative to the traditional banking system. Bitcoin has risen 40% on the back of banking crisis, bringing bitcoin’s rally to almost 70% so far this year. Now it seems, the global banking crisis has rekindled the interest of governments and policymakers who now seem to be cosying up to virtual currencies at last.
A major development comes from China that has so far steadfastly kept digital currencies at bay.
The Shanghai High People’s Court has given a ruling that Bitcoin comes in the category of a virtual asset and, despite the cryptocurrency trading ban, comes under the protection of the Chinese law. The court also stated in its ruling that Bitcoin possessed economic worth.
The Court’s official WeChat channel posted a notice last week, “In the actual trial practice, the People’s Court has formed a unified opinion on the legal position of bitcoin and identified it as virtual property.”
The message further reiterated Bitcoin’s status as an asset which “has a certain economic value and conforms to the property’s attributes, the legal rules of property rights are applied for protection.” The development marks the first time a higher court has issued a favourable ruling in a bitcoin case in China.
Bitcoin will be on the spotlight once again as Robert F. Kennedy Jr. chooses a cryptocurrency conference in Miami as the venue for his first public appearance as a US presidential candidate.
At the conference, one of the most prominent topics of conversation that attendees are anticipating will be Bitcoin.
Kennedy has been a vocal proponent of the industry, and his attendance at the event is crucial since it provides him with the opportunity to engage in conversation with a sizeable segment of the voting population.
It was a clever move on Kennedy’s part to agree to deliver a lecture at the Bitcoin 2023 conference because it gives him the opportunity to hobnob with a substantial segment of his supporters, and perhaps new ones.
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