Major Crypto News Sees Chinese Court Rule Bitcoin is Protected By Law
Chinese Court Says Bitcoin is Protected By Law
According to the Twitter user and cryptocurrency analyst @cnLedger, the Shenzhen Court of International Arbitration confirmed that Bitcoin is protected by law. This is quite important for the cryptocurrency market since China has attacked Bitcoin and other virtual currencies during the last year.
@cnLedger explains that the Chinese court ruled a case involving cryptocurrencies saying that the Chinese law does not forbid owning and transferring bitcoin. At the moment, in China is not possible to exchange virtual currencies because trading platforms have been banned, and the same happened with the use of virtual currencies.
1/ Chinese court confirms Bitcoin protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law bc its property nature and economic value.
— cnLedger (@cnLedger) October 26, 2018
The court document explains that Bitcoin should be protected by law because it is considered property and has economic value.
Finally, the court concluded that if Bitcoin is a legal tender or not, does not change the fact that BTC ownership should be protected by China’s contract law.
On the matter, the court wrote:
“Bitcoin has the nature of a property, which can be owner and controlled by parties, and is able to provide economic values and benefits.”
The last year, when Chinese authorities decided to ban cryptocurrencies, the market experiencing a momentaneous drop. However, after it, Bitcoin and other virtual currencies reached all-time highs.