According To The China High Court, Bitcoin is Protected Under Chinese Law.

2022-05-16 | Selina Mathew

According To The China High Court, Bitcoin is Protected Under Chinese Law.

After proclaiming Bitcoin to be a virtual asset protected by Chinese law, the Shanghai High People's Court added a fresh twist to its opinion on cryptocurrencies.

The Court also determined that Bitcoin had monetary value. "The People's Court has established an unanimous view on the legal position of bitcoin in actual trial practice, and designated it as a virtual property," it wrote on its official WeChat channel.

Cheng Mou demanded that Shi Moumou refund a loan of one (1) bitcoin that Mou claimed belonged to him in October 2020. The defendant, Moumou, refused to refund the bitcoin, and the case was taken to the District People's Court.

The parties have agreed that the defendant would make restitution at a discount from the value of the Bitcoin at the time of the loan since the May 2021 mediation.

The matter was subsequently taken to Shanghai's High People's Court. In China, the Supreme People's Court is the highest court.

Is China setting a new crypto precedent?

This newest decision may establish a new standard for how virtual assets are treated under Chinese law.

In the past, the Chinese government has discouraged cryptocurrency trade, shunning miners in an effort to save electricity. China explicitly prohibited all cryptocurrency transactions and mining within its borders last year.

 

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