China’s Supreme Court Declares Cryptocurrency Not Protected By Law
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer China’s Supreme Court Declares Cryptocurrency Not Protected By Law
The Supreme Court of the northern Chinese province of Shandong has ruled against cryptocurrencies.
The dispute involved an investment of $10,756 by the plaintiff and the case filer.
The plaintiff filed a lawsuit over his purchase of cryptocurrencies in 2017, but was surprised by the closing of his account by the People’s Bank of China in 2018 following Chinese anti-cryptocurrency decisions.
The central bank reconfirmed the ban on payment institutions that support cryptocurrencies.
The Shandong Supreme Court upheld the ruling of the Jinan Intermediate Court in January this year.
The Jinan City Court considered the plaintiff’s claim of fraud unjustified, as cryptocurrencies lack legal status in the country.
Read:The founder of the crypto company FTX declares: Bitcoin has no future as a payment system
This ruling was reinforced by the Shandong High Court on Sunday, as this court made clear that investing or trading cryptocurrencies is not protected by law.
Contradictions in the provisions:
The aforementioned ruling contradicts another Chinese court in Shanghai Province, where the ruling of the latter refers to the protection of virtual intangible property.
The Minhang District Court in Shanghai has argued that Bitcoin is digital property.
This court made clear that bitcoin is an exclusive, exchangeable, virtual asset.
However, the Shanghai Minhang District Court also highlighted Bitcoin’s lack of regulatory ground.
According to the regulators in China, Bitcoin has a strong exchange valuation status, but it falls short of monetary properties, which leads to an unsatisfactory case for its use as a currency in the country.
The bottom line is that the regulatory issues for cryptocurrency in China are not good at all and are moving towards a complete ban, and this could be in preparation for the launch of the digital yuan, which will be available soon.
Read:Ripple reveals plans to accelerate development of its blockchain network
Read also:
Visa buys NFT for $165,000 in Ethereum
PayPal Launches Cryptocurrency Trading Service in the UK
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time