On 5th May, Bitcoin became a virtual asset protected by Chinese law proclaimed by the Shanghai High People’s Court. Shanghai high court notices cryptocurrency has economic value even after the prohibition on crypto exchange in China.
Weeks ago, the court’s main Wechat channel issued a notice that stated:
“In the actual trial practice, the People’s Court has formed a unified opinion on the legal position of bitcoin, and identified it as a virtual property.”
The court additionally described 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 assertion denotes the initial occasion when a higher court in China has given a decision concerning a bitcoin case.
Oct.10, 2020, Mr. Cheng Mou, who filed a suit with the Shanghai Baoshan District People’s Court. Wanting that Mr. Shi Moumou restore his 1 bitcoin, is indeed the topic of the high court announcement
Shi refused to pay, causing Cheng to seek further remedy through the local judicial system. Following that, the Baoshan court called for mediation between the two parties.
As per Liu Yang, a legal counsellor from Beijing’s Deheng Law Firm, the high court’s assertion will have areas of strength to have as a source of prospective decision for common debates including bitcoin in the Shanghai region.
