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September 19, 2020
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Bitcoin in China is a “resource protected by law” – Blocksats

A Shanghai court ruled that Bitcoin is an asset protected by Chinese law. The case concerns the theft of two different cryptocurrencies, one of which is Bitcoin. The defendants claimed that BTC was not regulated by Chinese law. The court disagreed with this claim, citing the documents of the central bank, People’s Bank of China (PBOC).

In China, Bitcoin is a resource protected by law

According to Chinese media reports, on Thursday a Shanghai court ruled on a case important for the cryptocurrency market. This concerned three Chinese and a Malaysian who broke into the home of an American and his wife (Chinese citizenship) on the night of June 12/13, 2018. Shine reported what happened next. The couple were imprisoned and beaten. The intruders forced her to hand them 18.88 bitcoins and 6,466 Skycoins on their wallets.

The first interrogation in this case showed that there was an economic dispute and the perpetrators were sentenced to prison, but only for six and a half months. The accused agreed to hand over all Skycoins, but not Bitcoiny, arguing that kryptowaluty they are not assets under Chinese law, so the couple had no right to demand them back from them. The court disagreed and ordered them to return all the cryptocurrencies they took over or pay them as much as the coins were worth. When the couple received neither Bitcoins nor funds, they filed another lawsuit.

Four accused appealed, reiterating that cryptocurrencies, including Bitcoins and Skycoins, are not covered by property rights under Chinese law. However, a court in Shanghai ordered them to return cryptocurrencies. The court found Bitcoin for a digital asset that should be protected by law.

Liu Jiang, the main judge in this case, explained that the documents provided by the central bank, the People’s Bank of China (PBOC), never denied that Bitcoin is covered by property rights, and Chinese law does not prohibit the possession of cryptocurrencies.

Other rulings

Several other Chinese courts have previously issued a similar ruling on cryptocurrencies. For example, last year Hangzhou Internet Court also recognized the legality of Bitcoins. Recently, the Shenzhen Futian District People’s Court in Guangdong Province in turn recognized the units Ethereum for legal ownership in China.

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