- Wenjie is titled towards the protections accorded to who owns virtual property.
- In the ruling on cryptocurrencies, a legal court stated that although LTC is really a “network currency.”
Based on a current report, a Chinese intermediate court reiterated a lesser court’s decision that litecoin is really a virtual property paid by Chinese law. A legal court made obvious the relevant administrative legislation in america doesn’t stop using virtual currencies in general, just their circulation and employ as money.
Following a Beijing court heard Ding Hao’s appeal, it ruled he must pay back 33,000 litecoin (LTC) to Zhai Wenjie in compliance using their agreement.
Justice Offered
A legal court record claims that on December 5, 2014, Hao got 50,000 LTC from Wenjie and it was needed to pay for this in four instalments. Based on the filing in the court, the final instalment of 8,334 LTC was due on October 15, 2015.
But Hao contended the lower court designed a mistake in ruling in support of Wenjie. Citing rules printed through the Bank of China along with other relevant government bodies. That declare virtual cash is not paid by what the law states. Hao also contended that his loan arrangement with Wenjie was illegal because it incorporated “prohibited financing conduct.”
However, china intermediate court could not agree with Hao. Proclaiming that the guidelines he referenced are basically “regulatory opinions” and don’t relieve him of his responsibilities.
In the ruling on cryptocurrencies, a legal court stated that although LTC is really a “network currency.” Still it lacks crucial options that come with a currency for example “legal compensation and coercion.” However, a legal court ruled the cryptocurrency satisfies the phrase virtual property. And therefore Wenjie is titled towards the protections accorded to who owns virtual property.
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