China is one of the countries that deal strangely with Bitcoin and encrypted digital currencies. On the one hand, it is allowed to mine and keep it, and on the other hand it is prohibited to trade and platforms for trading cryptocurrency are prohibited from operating on Chinese soil. It should be noted that the Chinese president has previously encouraged investment and demand in Blockchain technology.

In a recent case, the image of bitcoin and cryptocurrency has become clear to the courts and tribunals in China.

Where flower In a media report about a court case in Shanghai, China, Bitcoin is an asset protected under Chinese law in a case that has been going on for years.

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The case involves the theft of various currencies from an American living in China.

The defendants argued that Bitcoin is not recognized under Chinese law, citing documents from China’s central bank.

Chinese law protects Bitcoin:

Last Thursday, Chinese media reported that Shanghai’s No. 1 Intermediate People’s Court ruled on a multi-year Bitcoin case.

The case involved three Chinese and a Malaysian who broke into the home of an American and his Chinese wife on the night of June 12, 2018, media in eastern China reported.

After the couple were locked up and beaten, the thieves forced them to transfer 18.88 bitcoins and 6,466 skycoins to their account.

The first hearing of this case concluded that there was an economic dispute and the perpetrators were sentenced to six and a half to eight months in prison.

The defendants agreed to return all Skycoin but not bitcoin, arguing that bitcoin is not an asset under Chinese law, so the couple had no right to demand it.

The court disagreed and ordered them to return all the cryptocurrency they took from the spouses or pay them the value of the cryptocurrency.

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When the couple received neither bitcoins nor equivalent funds, they re-filed the lawsuit.

The four defendants appealed, and reiterated that cryptocurrencies, including Bitcoin and Skycoin, are not legal property under Chinese law.

However, the Shanghai court ordered the return of all cryptocurrencies, and it concluded:

Bitcoin is a digital financial asset that must be protected by law.

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Liu Jiang, the chief justice in the case, explained that the documents issued by the Central Bank of China (PBOC), never denied Bitcoin as a financial asset and that laws in China do not prevent citizens from holding it.

Several other Chinese courts have issued a similar ruling regarding cryptocurrencies.

For example, the Shenzhen Court of International Cryptocurrency Arbitration recognized a case involving 20 bitcoins and 50 bitcoin cash in 2018.

Last year, the Hangzhou Internet Court also recognized bitcoin.

Recently, the Shenzhen Futian District People’s Court in Guangdong Province declared the legal ownership of Ethereum in China.

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