The Shanghai High People's Court has declared bitcoin to be a virtual asset protected by Chinese law. $BTC cryptocurrency crypto
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.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 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.within 10 days of the judgment. However, Shi refused to make the payment, prompting Cheng to seek further redress from the local court system.
Liu Yang, a lawyer from Beijing’s Deheng Law Firm, told local media that the high court’s statement will have strong significance as a reference ruling for civil disputes involving bitcoin in the Shanghai area.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pinecrest plans to add high-end lauded Chinese restaurant Lao Sze ChuanLao Sze Chuan was recognized as “Best Chinese Restaurant in the U.S.” by Travel & Leisure in 2013, The Daily Meal in 2015 and Thrillist in 2018. It currently has 15 locations nationwide, with Pinecrest's location coming in 2023.
Read more »
Colorado weather: High fire danger expected again this week, and that means more wind, tooFire danger is expected to stay high for several days in a row this week across Colorado. This is coming off the most active April ever in terms of fire danger and is also coming off a weekend wher…
Read more »
Biden announces plan to increase access to affordable high-speed internetTwenty internet service providers have agreed to either cut costs or increase speeds to provide millions of households with affordable high-speed internet.
Read more »
Auburn police investigate high school restroom assaultAuburn police said a dispute over a girl led to the incident, which included other students blocking the door to the restroom so the victim couldn’t leave and someone taking the video.
Read more »
High school football team helps a neighbor in needNot many teens would choose to spend their morning doing yardwork, but a group of high school football players jumped at the opportunity to help a fan in need.
Read more »
18-year-old dies after falling from Jeep in Riverton, just weeks before high school graduationAn 18-year-old who was supposed to graduate from high school next month was killed in an accident last week in Riverton.
Read more »