Shanghai High Court Declares Bitcoin Virtual Asset With Economic Value Protected by Chinese Law

The Shanghai High People’s Court has declared bitcoin to be a virtual plus protected by Chinese law. The court notes that the cryptocurrency has amount.

Bitcoin Is Property Protected by Law in China

The Shanghai High People’s Court has declared that bitcoin qualifies as a virtual asset protected by Chinese law despite the ban on cryptocurrency commerce in China, Sina reported weekday.

The court’s official Wechat channel denote a notice last week stating:

In the actual trial apply, the People’s Court has shaped a unified opinion on the legal position of bitcoin, and known it as a virtual property.

The court more explained that bitcoin “has a particular amount and conforms to the property’s attributes, the legal rules of property rights ar applied for defense.”

The statement marks the primary time that a better court in China has issued a ruling regarding a bitcoin case.

The Bitcoin Case

The court’s statement refers to a case involving man. Cheng Mou World Health Organization filed a suit with the Shanghai Baoshan District People’s Court on Oct. 10, 2020, demanding that man. Shi Moumou come back his one bitcoin.

After the trial, the court dominated on February. 23, 2021, that Shi should repay Cheng his BTC inside ten days of the judgment. However, Shi refused to form the payment, prompting Cheng to hunt more redress from the native court system. The Baoshan court later on organized for mediation between the 2 parties.

Liu Yang, a Lawyer from Beijing’s Deheng house, told native media that the high court’s statement can have sturdy significance as a reference ruling for civil disputes involving bitcoin within the Shanghai space.

The post Shanghai High Court Declares Bitcoin Virtual Asset With Economic Value Protected by Chinese Law first appeared on BTC Wires.

Credit: Source link