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I don't think DRM has anything to do with ownership of the book. Kobo has both DRM and DRM-free books for sale, but I don't own the DRM-free ebooks any more than I own the DRM-encumbered ones, as I can't sell or give away either ebook to someone else as I could with the paper books I own.
I think of buying an ebook from Kobo as buying a lifetime lease. Owning the book would be better, but the difference in price between the ebook and paper book, along with other conveniences, makes it worthwhile leasing rather than owning.
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