The Supreme Court of China’s northern Shandong province ruled against the cryptocurrency in a recent ruling. The dispute over the virtual tokens involved the plaintiff’s $ 10,756 investment. The lawyer sued in 2017 for the purchase of a virtual token. However, ongoing Chinese crypto pressures led to the closure of the claimant’s account by the people’s Bank of China in 2018. This came after the central bank again banned payment institutions from resuming cryptocurrency transactions.
January of this year, Shandong’s High Court upheld the decriminalization of the Jinan Intermediate Court. The Jinan City Court found the plaintiff’s claim of fraud unreasonable because digital assets do not have legal status in the country. That ruling was upheld by Shandong’s High Court on Sunday, which said “investing or using Cryptocurrency is not protected by law.”
Chinese court recognizes digital ownership of BTC
The decision contradicted the Chinese court’s recent article on protecting visible and intangible virtual property. The Shanghai Minhang Court, in a recently published article, justified bitcoin’s status as digital property. He said BTC was a virtual entity that was disposable, interchangeable and private.
Hof highlights BTC’s high stock market value
The Shanghai minhang District Court has defended Bitcoin’s high currency rating as the reason for its virtual ownership status. This means that all the resources exchanged for BTC, including real estate and energy, have a higher exchange value, which again points to undisputed virtual ownership status. Moreover, the Shanghai minhang court emphasizes that BTC is a virtual product because it is bought by legal labor. Besides, it is disposable, replaceable and special. The court noted that after receiving virtual commodity status, BTC also received virtual property status.
However, the Shanghai minhang District Court also pointed to the lack of BTC regulation. While holding Bitcoin St
