A Shanghai court stated that Bitcoin should be considered a digital property protected by Chinese law

According to Weixin, the Minhang District Court in Shanghai stated that Bitcoin is a digital property protected by Chinese law, which is disposable, exchangeable, and exclusive.

Shanghai, Chinese court case suggests that Bitcoin is digital property protected by law

The article disclosed a case in which the plaintiff purchased Bitcoin mining machines from the defendant through the Internet. Later, the plaintiff believed that the People’s Bank of China had cracked down on Bitcoin and therefore the transaction was illegal and claimed that the contract was invalid and required a refund.

The court held that Bitcoin has the attributes of a virtual commodity, so the sale and purchase contract was valid, and the court rejected the plaintiff’s claim. Someone said this is a bullish signal.

The court has also described various cases that confirmed the nature of cryptocurrencies as digital properties. Bitcoin is considered a “special digital currency”, in which acquisition requires a certain amount of resources like electricity or properties.

Even though the Shanghai court is considering Bitcoin and other currencies property, a judge in Jinan, another region of China, has previously stated that the purchase of cryptocurrency is not protected by law in the country, and related agreements signed thereby are also not protected by law.

Meanwhile, recently, as AZCoin News reported, the Shenzhen branch of the People’S Bank of China (PBoC) has launched a special rectification for illegal cryptocurrency trading activities.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like