China is likely to unban #bitcoin in the near future 🇨🇳 

The country has a spotted past of anti-bitcoin policy. Recent court filings have suggested a shift in tone.

Lets dive deeper and highlight the country’s bitcoin policy decisions from past to present:

-June, 2009 (#BTC value $0.0001): Six months after Bitcoin was invented, China announces it will prohibit virtual currencies, primarily out of a desire to prevent gamers from using in-game money to purchase real-world goods. (Bitcoin isn’t mentioned.)

-December, 2013 (#BTC value $900): The People’s Bank of China (PBOC) prohibits Chinese banks from engaging in Bitcoin-related business, although individuals can still trade. Prices drop 13% after tech giant Baidu stops accepting BTC and crypto exchange BTCChina is temporarily unable to accept yuan deposits.

-January, 2014 (#BTC value $850): Prices fall again after e-commerce behemoth Alibaba follows Baidu’s lead, proactively banning bitcoin transactions and sales of mining equipment. (This week, the company published a reminder about this policy.)
September, 2017 (BTC value $4,000): The Wall Street Journal reports on Chinese authorities’ plan to shutter all Bitcoin exchanges: “the government’s attack on Bitcoin comes amid a focus on preventing capital from fleeing to digital currencies.” 

-May, 2021 (#BTC value $37,000): Despite previous bans, China remains the global hub for bitcoin mining, with about 46% of the average hashrate as of April, according to a Cambridge University estimate. After government officials begin a widespread mining crackdown, miners begin to halt Chinese operations and migrate abroad — especially to North America. Mining power has steadily recovered since.

-September, 2021 (#BTC value $43,000): As the PBOC reiterates existing restrictions on trading and mining, and moves to close a loophole around offshore crypto accounts, some vestiges of crypto activity (including over-the-counter trading) begin to shut down. Notably, the possession of crypto still appears to be legal — and many longtime local traders took advantage of low prices to add to their holdings. “These policies are not new to us, so we view them as a buy signal,” one Shanghai-based crypto investor told Bloomberg. 

-September, 2024 (#BTC Value $65,000): The Shanghai No.2 Intermediate People’s Court acknowledged Bitcoin as a legal digital currency for the first time. The courts described Bitcoin as “non-replicable” and highlighted its scarcity and ease of use as a currency. 

The recent court acknowledgments have signaled  that the that the country may change its course on anti-bitcoin policy, although there has been no official announcement from the PBOC. As for bitcoin’s fate in China, time will tell. 


#NOSTR #Bitcoin #BTC #China https://image.nostr.build/61913f587859af08fd6cb7e5cc3111b4fec4f455a835ddfcb1b90008efa81e19.jpg  

 How close is the Shanghai People's Court to the CCP?  

 In China, the Intermediate People’s Courts, as part of the judiciary system, are theoretically separate from the Communist Party of China (CCP) in terms of their judicial functions. However, in practice, the CCP exerts significant influence over the legal system, including the courts.

	1.	Party Control Over Judiciary: While the courts in China are meant to interpret and apply the law, the CCP maintains tight control over the judicial process. Judges, especially in higher courts such as the Intermediate People’s Courts, often hold dual roles as Party members. This means their decisions are influenced by the Party’s directives and priorities. The CCP controls the appointment and promotion of judges, and there is little room for independent judicial decision-making that conflicts with Party interests.

	2.	Political Influence in Cases: In politically sensitive or high-profile cases, the CCP often plays a direct role in guiding or influencing the outcome. The Party’s Central Political and Legal Affairs Commission oversees the legal system, ensuring that court rulings align with Party policy. Courts are expected to serve the Party’s goals, particularly in cases involving political dissent, corruption, or issues related to national security.

	3.	“Rule by Law” vs. “Rule of Law”: The Chinese legal system operates under a principle often referred to as “rule by law,” where the law is used as a tool to enforce Party control, rather than the “rule of law” seen in liberal democracies, where the law is independent of government influence. The CCP’s leadership ensures that the judiciary serves its interests, including maintaining social stability and safeguarding Party authority.

	4.	Judicial Reforms: In recent years, there have been some reforms aimed at increasing the efficiency and transparency of the judicial system, but these reforms are largely designed to ensure that the courts align more effectively with CCP goals, rather than granting the courts greater independence.

In summary, the Intermediate People’s Courts are not independent in the Western sense. They are closely intertwined with the CCP, which heavily influences judicial outcomes to ensure that they align with the Party’s interests and policies.

Intermediate People’s Courts are one level above Basic People’s Courts and operate throughout Municipalities in China including Beijing, Cangzhou, Shanghai, Tianjin, and Chongqing. 

 Wow thank you.