The founder of the Tron blockchain told his subscribers that a Chinese court recognized cryptocurrencies as property, and now they are protected by law.

“Just now: Chinese court news says cryptocurrencies are considered legal property and protected by law in China,” Justin Sun tweeted.

The People’s Court of China has published a decision in a criminal case on embezzlement of digital assets.

After the ban on cryptocurrencies in 2017, the Chinese authorities have imposed a negative attitude towards virtual currencies. In mid-2021, the country began tightening the rules even further. The Bank of China issued a statement saying that users of cryptocurrencies will be considered criminals. However, in China, a high percentage of citizens still use cryptocurrencies.

The day before, the founder of the Tron blockchain pleased bitcoin enthusiasts by saying that he is an adherent of the first cryptocurrency with more than 100,000 BTC in his account. Sun recently withdrew about $52 million in stablecoins from the AAVE decentralized finance protocol, influencing borrowing rates. The businessman did not publicly comment on the reason for the withdrawal of such a large part of the assets.