In China, Bitocin (BTC) has been recognized as “virtual property”. This does not mean that trading activity is permitted or simplified, but it confirms the right to own an asset.
The Hangzhou online court ruling confirmed Bitcoin’s status as “legal to own” an asset in China, which suggests that its holders will be protected in case of disputes over ownership.
According to Beijing News (translated from Chinese), “Bitcoin has the attributes of ownership. It is valuable, scarce and affordable. Therefore, we must recognize it as virtual property in accordance with the “General Civil Law”. Virtual property is legally protected by the laws of the People’s Republic of China. ”
Today in the Hangzhou Digital Court, the first case of violation of ownership rights to bitcoins was considered, as a result of which it was confirmed that the attribute of “virtual property with value” was assigned to bitcoin.
WOW ? BITCOIN IS LEGALLY PROTECTED IN CHINA
Bitcoin case law Bitcoin, acknowledged as a “virtual property” of the property, a property with a value of https://t.co/W8ZeqLCYge
– Dovey Wan ? ? (@DoveyWan) July 18, 2019
In addition, in 2018, the Shenzhen Arbitration Commission stated that “the asset must be protected in accordance with the law” and is legal for ownership and transfer.
The Hangzhou court added bitcoin another confirmation that the cryptocurrency meets the requirements for virtual property, because it has value, is scarce and accessible.
This is not a signal for traders, as the ban on operations with digital currencies is maintained.
The current ordinance gives certain rights to Bitcoin as a commodity on a wider scale.
Publication date 07/19/2019
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