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China’s High Court Affirms Bitcoin as a Legally Protected Valuable Asset

Shanghai’s district court has ruled in favor of a Bitcoin holder’s right to compensation. The court admitted that Bitcoin is subject to property rights,...
China’s High Court Affirms Bitcoin as a Legally Protected Valuable Asset China’s High Court Affirms Bitcoin as a Legally Protected Valuable Asset

Shanghai’s district court has ruled in favor of a Bitcoin holder’s right to compensation. The court admitted that Bitcoin is subject to property rights, regulations, and laws, and released a document affirming such. The ruling was made in relation to a lawsuit filed in October 2020, through which the accuser sought the recovery of a 1 BTC loan. The Shanghai High People’s Court recognized 1 BTC as having value and disposability, and as such the loan provider does have legal right to reimbursement.

China’s First-ever Ruling on Bitcoin as an Asset with Economic Value

This particular case at Shanghai’s district court is historic, given the circumstances, especially when considering that China had previously levied an official ban on cryptocurrencies, citing concerns of destabilization to the country’s financial sector.

The court ruled in favor of plaintiff Cheng Mou, and the defendant, Shi Moumou, is now legally obliged to return the BTC. However, the process will not be simple, as trading Bitcoin is no longer legal in China. Nonetheless, the affected parties have agreed on a compromise, with a resolution that the defendant will have to provide compensation for the BTC loan at a discounted price.

What This Means in Terms of Crypto Law

Even though China’s ‘High People’s Court’ stands as the top provincial court, it is unclear if courts of higher authority will be as keen to adopt a similar outlook on BTC.

Beijing lawyer Liu Yang has described the ruling by the court as a “significant point of reference for Bitcoin-related civil disputes”, but was unsure as to what extent it would impact the current climate. It is well known that the Chinese government stands opposed to crypto, with efforts being made to to curb the use of crypto in China since 2017. Eventually, the Chinese government gradually cut the nation’s crypto miners off from the power supply, and similar policies are now seemingly targeting NFTs.

There is also competition between China’s native digital currency, the digital yuan, and cryptocurrencies. The digital yuan has already seen popular use at the Beijing Winter Olympics 2022, and it appears that China’s CBDC is being rapidly adopted amongst Chinese citizens, due to its use in purchasing public transport tickets. Reportedly, there are at least 80 countries working on a national CBDC. China is currently setting the tempo, thus painting a bright picture for the future of the digital yuan in place of crypto in the world’s second biggest economy.

Continue reading on DailyCoin

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23-05-2022 23:48:41 (UTC+7)

EUR/USD

1.0679

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EUR/USD

1.0679

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AUD/USD

0.7103

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 EUR/USD1.0679↑ Buy
 GBP/USD1.2576Buy
 USD/JPY127.82↑ Sell
 AUD/USD0.7103Neutral
 USD/CAD1.2790↑ Buy
 EUR/JPY136.51↑ Buy
 EUR/CHF1.0317Buy
 Gold1,849.50Neutral
 Silver21.757↑ Sell
 Copper4.3507↑ Buy
 Crude Oil WTI110.14↑ Sell
 Brent Oil110.27↑ Sell
 Natural Gas8.617Sell
 US Coffee C215.45Neutral
 Euro Stoxx 503,708.39↑ Buy
 S&P 5003,965.80↑ Sell
 DAX14,175.40↑ Buy
 FTSE 1007,513.44↑ Buy
 Hang Seng20,470.06Neutral
 Small Cap 20001,791.50↑ Sell
 IBEX 358,625.80↑ Buy
 BASF49.735↑ Buy
 Bayer64.47↑ Buy
 Allianz199.38↑ Buy
 Adidas175.48↑ Buy
 Lufthansa6.903Neutral
 Siemens AG116.70↑ Buy
 Deutsche Bank AG10.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,890/ 6,990
(15/ 15) # 1,765
SJC HCM6,905/ 6,995
(10/ 10) # 1,769
SJC Hanoi6,905/ 6,997
(10/ 10) # 1,771
SJC Danang6,905/ 6,997
(10/ 10) # 1,771
SJC Nhatrang6,905/ 6,997
(10/ 10) # 1,771
SJC Cantho6,905/ 6,997
(10/ 10) # 1,771
Cập nhật 23-05-2022 23:48:44
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ↀ Giá vàng thế giới
$1,851.00+5.180.28%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$109.56+0.150.13%
Brent$110.61-0.07-0.07%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 18:52:02 23/05/2022
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