• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
TodayinCrypto.com

TodayinCrypto.com

  • Home
  • Latest News
  • YOUTUBE RECAPS
  • CONTACT US

Shanghai High Court declares Bitcoin to be a legal asset with economic value under Chinese law


May 12, 2022 · By Muhammad Awwal
Bitcoin (BTC)

The Shanghai High People’s Court has ruled that bitcoin qualifies as a virtual asset protected by Chinese law despite China’s ban on cryptocurrency trading.

The Shanghai High People’s Court declared that Bitcoin has a “certain economic worth” and is a virtual asset protected by Chinese law, adding to the country’s tumultuous cryptocurrency scene. 

The court stated that Bitcoin has some economic worth and possesses the relevant property features in a notification posted on the WeChat messaging app.

“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 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 decision stems from a case filed in October 2020 by Cheng Mou with the Shanghai Baoshan District People’s Court, in which he demanded that one Shi Moumou restore his single Bitcoin. 

However, the defendant failed to return the Bitcoin within the ten-day period specified by the court in a February 2021 order. Cheng decided to seek restitution through the Shanghai local court system, where the Baoshan Court mediated between the two parties.

The decision is significant given that China has banned cryptocurrencies like Bitcoin, alleging a threat to the country’s financial sector stability.

The court’s verdict is the first time the country’s legal system has ruled on Bitcoin. The high people’s court of China is notable for being the highest local court within provinces. It’s uncertain whether other higher courts will take a similar stance on Bitcoin.

Primary Sidebar

LATEST NEWS

Sam “Bankman” Behind Bars: An Early Release Appeal Gone Fried

September 21, 2023

From Virtual Vanity to 8-Bit Bankruptcy: The Tale of NFTs’ Free-fall in Value

September 21, 2023

PayPal Infuses Crypto into Venmo: Meet the PYUSD Stablecoin!

September 20, 2023

FTX Salary Scandal: SBF’s Father and Mother Accused of Misappropriation

September 20, 2023

Busted! Crypto Influencer’s Not-So-Cryptic Arrest Linked to JPEX Troubles

September 19, 2023

  • Facebook
  • Instagram
  • Twitter

Newsletter

Footer

ABOUT US

TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

TODAY IN CRYPTO

  • “Binance and Zhao Call for SEC Checkmate: The Request for Lawsuit Dismissal” September 22, 2023
  • Sam “Bankman” Behind Bars: An Early Release Appeal Gone Fried September 21, 2023
  • From Virtual Vanity to 8-Bit Bankruptcy: The Tale of NFTs’ Free-fall in Value September 21, 2023

Search

Tags

Aave (AAVE) Aleph.im (ALEPH) Arweave (AR) Avalanche (AVAX) Benchmark Protocol (MARK) Binance Coin (BNB) Bitcoin (BTC) Bondly (BONDLY) Bridge Mutual (BMI) Cardano (ADA) Celsius Network (CEL) Chainlink (LINK) Decentraland (MANA) Dogecoin (DOGE) Elrond (EGLD) Enjin Coin (ENJ) Ethereum (ETH) Ethernity Chain (ERN) Fantom (FTM) FTX Token (FTT) Kusama (KSM) Litecoin (LTC) NFT OriginTrail (TRAC) PAID Network (PAID) PancakeSwap (CAKE) Polkadot (DOT) Polkastarter (POLS) Polygon (MATIC) SnowSwap Solana (SOL) SuperFarm (SUPER) Sushi (SUSHI) Terra (LUNA) Terra Classic (LUNC) The Graph (GRT) Theta Network (THETA) Tixl (TXL) Trustswap (SWAP) Uniswap (UNI) USD Coin (USDC) VeChain (VET) XRP (XRP) yearn.finance (YFI) Yield Optimization Platform & Protocol (YOP)

Copyright © 2023 · Today in Crypto · Terms & Privacy · Log in