Blockchain Investment Goes Green: Court Says Bitcoin Is Legally Protected

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Transcription

Welcome to The Daily Forkast, August 19, 2021. I’m Angie Lau. Editor-in-chief of Forkast.News.

Coming soon, Hong Kong-based Sonic Capital is launching a green investment initiative.

In China, a Shanghai court rules that bitcoin is virtual property protected by law; and Australia and Singapore are teaming up for cross-border commerce blockchain trial.

Let’s go from Asia to the rest of the world.

First, Hong Kong-based venture capital fund Sonic Capital launched an environmentally friendly certificate and actively managed. What is it exactly ?

Well, blockchain technology has had its fair share of bad press when it comes to its environmental impact lately. But this new investment option aims to change that.

Sonic Capital says its Sphere certificate will invest in blockchain companies fighting climate change.

Forkast.News Lucas Cacioli has over Hong Kong.

Sonic Capital launched Sphere in collaboration with Zurich-based Travis Digital.

The investment product uses the 17 United Nations Sustainable Development Goals, or SDGs, as a guiding framework while applying environmental, social and governance investment criteria.

The United Nations SDGs address the most pressing global challenges, including climate action.

This requires a strict reduction in greenhouse gas emissions as well as climate adaptation measures.

Blockchain-based technology and business solutions show significant potential to have a positive impact on the environment, “Sphere” investing in areas such as carbon markets, renewable energy and supply chain traceability .

Sonic Capital told Forkast.News that these credentials are essential.

“When investors arrive, they look for an opportunity to invest in an ESG-compliant company before they allocate funds to a specific proposal, project and opportunity or business or enterprise. “

Rust says he’s also seeing a slew of companies entering the space with endless growth potential.

For Forkast.News, I’m Lucas Cacioli in Hong Kong.

Meanwhile, in China, in the eyes of the law, bitcoin ownership is legitimate.

The Minhang District Court in Shanghai has ruled that bitcoin is virtual property protected by Chinese law.

But the court reiterated the People’s Bank of China position that crypto is virtual property, not a currency allowed to circulate.

Forkast.News Timmy Shen has over Taipei, Taiwan.

The plaintiff in the case claimed that the deal he made to buy bitcoin mining machines was invalid, given the 2017 People’s Bank of China guidelines banning initial coin offerings.

They had requested a refund, after canceling the order. The courts have ruled the deal to be valid, saying the exchangeability, exclusion and availability of bitcoin means it has the attributes of a virtual product.

According to a report from Decrypt, the decision is in line with a similar decision made by the Hangzhou Internet Court in 2019, saying that bitcoin should be considered legal virtual Internet property.

But there are nuances in ruling on the crypto-related cases in China. In July, a Jinan court ruled that the purchase of cryptocurrency was not protected by law, nor the contracts related to such transactions.

Meanwhile, the PBOC has pledged to continue its crackdown on cryptocurrency trading and speculation, as part of its work plan for the second half of the year.

For Forkast.News, I’m Timmy Shen, Taipei, Taiwan.

Finally, Australia and Singapore have joined forces to conduct a cross-border commerce blockchain trial.

Australian border forces said they have concluded a lawsuit with Singapore Customs who issued and verified trade documents between the two.

It showed that trade documents issued in Australia, offering instant authentication of where goods are coming from, can be embedded in QR codes on digital certificates of origin, or COOs, which are then accepted by Singapore customs.

Now, the trial has been designed to make cross-border trade more efficient by reducing both time and costs.

Last month, the Global Shipping Business Network said it was testing the use of blockchain in the same way, to speed up the clearance of goods at ports.

This trial offers a new step towards getting goods to the shelves and to your door faster, and by removing the need to print and deliver paper documents, it also offers a great environmental benefit.

All in all, a pretty green blockchain tech day today.

And that’s The Daily Forkast from our perspective here in Asia. To learn more, visit Forkast.News. I am the editor-in-chief Angie Lau. Until next time.

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