Shanghai Court Confirms Bitcoin as Virtual Property, Subject to Property Rights

The Shanghai High People’s Court released a document stating that Bitcoin is subject to property rights laws and regulations. This finding is related to a lawsuit filed in district court in October 2020 concerning the recovery of a loan of 1 Bitcoin (bitcoin). The lower court recognized that Bitcoin has value, scarcity and disposability, and thus is subject to property rights and fits the definition of virtual property.

according to China The Shanghai Baoshan District People’s Court ruled in favor of the plaintiff Cheng Mou and ordered the defendant Shi Mou to return the bitcoins. When the defendants failed to do so, the case was sent back to court, where mediation took place in May 2021. Since the Defendant no longer owns the Bitcoin, the parties agree that the Defendant provides the Bitcoin at the time of the compensation loan at a discount in value.

The current value of the lent bitcoins cannot be determined due to the ban on transactions in China. The case has also been complicated by court investigations and restrictions by law enforcement agencies that have been unable to conduct investigations of virtual properties, according to the publication.

China starts cracking down on cryptocurrency trading Intensified in 2017. The government has gradually adopted Disconnecting cryptocurrency miners from the grid and KV for the crypto Attention has since turned to to “Illicit Financial Activities Related to NFTs”.

related: Bitcoin network carbon emissions grow 17% after China ban: report

At the same time, China is in a leading position in the world Introducing Central Bank Digital Currency (CBDC).digital yuan saw its first widespread useat the Beijing Winter Olympics despite Covid restrictions.