Bitcoin is legally protected, Chinese court rules

Last year, the Chinese government decided to stop trading cryptocurrencies, as of course bitcoin (BTC)for the common citizen. The consequences for the crypto industry were huge and most crypto companies left the country. Recently, however, something remarkable happened. The Supreme Court in Shanghai ruled that bitcoin does have economic value and is therefore protected by law.

Bitcoin in China

This became known after the court shared a note on the popular chat platform WeChat, reports Bitcoin.com† It is the first time a court in China has ruled on bitcoin since the ban was introduced by the Chinese government a year ago. This ban was introduced at the time with the aim of allegedly safeguarding the financial stability of China. The judgment of the court reads as follows:

“In actual litigation practice, the People’s Court has reached a unanimous verdict on the legal position of bitcoin, identifying it as virtual property […] Bitcoin has a certain economic value, and according to the properties of property, the rule of law of property law is applied for protection.”

Consequences for the ban

Now, of course, the question remains how the government and the crypto industry will respond to this monumental statement. According to a Beijing lawyer, Liu Yang, it is possible that this ruling will be cited in the future in cases concerning bitcoin and other cases. crypto in the Shanghai region.

While there is certainly no end to the ban on bitcoin in China, this does show that the controversial ban may violate Chinese law.

In essence, the judgment states that bitcoin should not have been banned just like that. It is protected by law. Whether the Chinese government has a message for this remains to be seen, of course. In addition, even higher courts can overturn this decision of the court in Shanghai.

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