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 asset protected by Chinese law. The court notes that the cryptocurrency has economic value.The Shanghai High People’s Court has declared that bitcoin qualifies as a virtual asset protected by Chinese law despite the ban on cryptocurrency trading in China, Sina reported Friday.
The court further explained that bitcoin “has a certain economic value and conforms to the property’s attributes, the legal rules of property rights are applied for protection.”The statement marks the first time that a higher court in China has issued a ruling concerning a bitcoin case.The court’s statement refers to a case involving Mr. Cheng Mou who filed a lawsuit with the Shanghai Baoshan District People’s Court on Oct. 10, 2020, demanding that Mr. Shi Moumou return his one bitcoin.
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