The Hangzhou City Court, which specializes in dealing with digital data on the Internet, has recognized Bitcoin as “virtual property”. This was reported by Primitive partner Davie Van, citing local media.
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 particular, during the 2.6 BTC case, the court allegedly ruled that Bitcoin possesses signs of virtual property. So, in 2013, the plaintiff purchased a cryptocurrency and left it to the merchant for the company, which later closed.
“Bitcoin has signs of ownership – value, scarcity and accessibility for transactions with it. We must recognize its virtual value. According to general civil law, virtual value is protected by the law of the People's Republic of China, ”writes Wang, quoting a court decision.
Nevertheless, Wang noted that this decision does not mean the legalization of Bitcoin trade.
to be clear here, it’s a bit legal, yet
There is still a long way to go.
One step a time
– Dovey Wan ? ? (@DoveyWan) July 18, 2019
Recall that this is not the first precedent when a Chinese court makes such decisions. So, last year, one of the branches of the China International Economic and Trade Arbitration Commission in Shenzhen in the framework of the cryptocurrency case decided that the laws of the PRC do not prohibit owning bitcoins.
We also note that last month, the official news agency of the Chinese government, Xinhua, called Bitcoin a “safe haven” for investors.
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