Shanghai High Court Categorizes Bitcoin as Virtual Property Protected by Chinese Law


The Shanghai High People's Court has
pronounced that bitcoin qualifies as a virtual asset protected by Chinese
regulation regardless of the restriction on cryptocurrency exchanging in China,
Sina detailed on Friday.
The court’s official Wechat channel posted
a notice last week stating: "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."
Elaborating on the same the court said that
bitcoin “…has a certain economic value and conforms to the property’s
attributes, the legal rules of property rights are applied for protection.”
China High Court for the first time has
given a ruling concerning a bitcoin case by this statement.
The court had to make a statement about
Bitcoin because of a case. Cheng Mou had supposedly filed a case again Shi
Moumou with the Shanghai Baoshan District People's Court. While this was back
on Oct 10, 2020, Shi Moumou was expected to return one Bitcoin to Cheng Mou. As
not a single one of them came near a settlement, the high court was
additionally encouraged to reach out.
After the preliminary, the court ruled on
Feb. 23, 2021, that Shi should reimburse Cheng his Bitcoin within something
like 10 days of the judgment. Nonetheless, Shi wouldn't make the payment,
inciting Cheng to look for an additional review from the local court framework.
As the globe has been moping over the most
recent downturn that the crypto market is in, this news came as a great relief.
Moreover, this came as a shock to numerous as the Chinese government keeps on
keeping the ban on crypto exchanging.

Joyashree Dey
CBW - External Analyst
INDIA