Shanghai reaffirms BTC’s labor income, and 67% of people in Singapore participate in currency speculation!

ZB Academy
4 min readAug 18, 2021

According to the news on August 18, in a case of buying bitcoin “WKJ” through the Internet, the Shanghai court held that, according to the relevant provisions of the civil code, bitcoin does not have monetary attributes such as legal compensation and mandatory, and cannot be circulated and used as money in the market, but it is obtained through legal labor, disposable, exchangeable and exclusive, and has the attribute of virtual goods. Therefore, the sales contract is valid.

According to ZB Research Institute, Shanghai has been taking the lead in the new digital track. By using cutting-edge technologies such as artificial intelligence, blockchain, cloud computing, big data and quantum computing, Shanghai has successfully built a mature and systematic financial technology core in the fields of basic technology, industrial application, consulting and digital operation.

In terms of digital currency, as of August 18, the optional operating institutions of China’s digital RMB wallet have expanded to 19, and more provinces are opening digital RMB wallet deposit. At present, wallet operators that have supported deposit include six major banks and joint-stock banks such as China Merchants Bank, Ping An Bank, Shanghai Pudong Development Bank, Guangdong Development Bank and China CITIC Bank, as well as urban commercial banks such as Bank of Jiangsu, Bank of Nanjing, Bank of Suzhou, Bank of Changsha and bank of Luzhou.

ZB Research Institute believes that China’s judgment cases from the legal level have fully proved the fact that bitcoin, as a virtual commodity, exists and is legally traded in China. This undoubtedly has a positive impact on China’s cryptocurrency trading market, and the rapid progress of CBDCis also one of the landing applications of blockchain technology. Perhaps in the near future, major exchanges around the world need to add CBDC / BTC transactions.

On August 18, according to the data learned by ZB Research Institute from Gemini: 67% of the 4348 Singapore adult respondents aged 18 to 65 have cryptocurrency. Among them, Ethereum holds the most encrypted assets, followed by bitcoin and other platform currencies. Some analysts believe that this figure shows that Singapore has changed from fully accepting blockchain technology to fully accepting cryptocurrency. However, compared with other Southeast Asian countries, lack of knowledge and understanding is the main reason affecting the popularity of cryptocurrency.

On August 18, Iran’s State Administration of Taxation (INTA) put forward suggestions on a new legal system for cryptocurrency transactions. Relevant Iranian departments said that the main problem facing Iran is to widely draft the legal framework and avoid imposing strict restrictions on cryptocurrency exchanges that may contribute to the growth of the black market.

Some analysts believe that the proposal aims to obtain more taxes, and the taxation of cryptocurrency will undoubtedly have an impact on the transactions of cryptocurrency in Iran. However, compared with the larger global cryptocurrency trading market, whether Iran levies or not still cannot control the direction of the whole market.

According to data obtained by ZB Institute from USA today, blacks, Hispanics and LGBTQ Americans are more likely to own encrypted assets. According to the survey of American adults in 2010 and 2003, 23% of black Americans and 17% of Hispanic Americans said they were currently investing in crypto assets, while the proportion of white Americans was only 11% and that of ordinary Americans was 13%. 25% of LGBTQ respondents also said they held cryptocurrency.

50% of black Americans, Hispanic Americans and Asian Americans said they were familiar with cryptocurrency, 43% of black Americans thought they were not treated fairly in banking and loan business, and 39% of LGBTQ respondents agreed with this view. In contrast, 28% of the public said they had been unfairly treated by the financial sector.

Analysts believe that with the global popularity of cryptocurrency and the application of blockchain technology, more and more people’s awareness of cryptocurrency and blockchain is also improving, and the most important thing is that centralized financial institutions are facing more and more questions, which will eventually turn people to hold and use cryptocurrency.

On August 18, Birchall, the head of the musk family office of Tesla (TSLA.O), will serve as the legal and financial adviser of the Dogecoin foundation. The foundation said it remained committed to its original goal of supporting the Dogecoin ecosystem and protecting the brand.

On August 18, PSV Eindhoven became the first European football club to pay all its sponsorship fees in bitcoin after signing an agreement with cryptocurrency company Anycoin Direct. This partnership, aimed at promoting cryptocurrency awareness in Europe, will last two seasons. Frans Janssen, business director of PSV, has created the cryptocurrency wallet necessary to facilitate payment and holding of cryptocurrency.

ZB Research Institute believes that the possibility and future provided by the cryptocurrency world are very promising. The legal trading status of bitcoin in China has been reaffirmed and established, such as PSV Eindhoven Club accepting cryptocurrency donations, and countries around the world have begun to establish relevant tax laws for cryptocurrency. Both are pointing in the same direction, that is, the cryptocurrency and blockchain industries are getting repeated value demonstration and value affirmation all over the world. In the process of demonstration and affirmation, the cryptocurrency trading market will maintain an overall upward trend.



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