JUST IN: A court in China has officially recognized Bitcoin as property, even though cryptocurrency trading and related activities remain banned in the country 🇨🇳
The ruling came after a man was sentenced to nearly 11 years in prison for stealing 107 BTC from a friend. Authorities said he memorized 11 out of 12 words from the victim’s seed phrase and successfully figured out the final word, allowing him to access and empty the wallet.
What makes the case significant is that prosecutors argued Bitcoin should be treated as property under criminal law, similar to cash, gold, or other valuable assets. The court agreed, marking a notable legal recognition of Bitcoin despite China's ongoing restrictions on crypto.