Shanghai Court Declared Bitcoin As Legal Virtual Property

Shanghai Court Declared Bitcoin As Legal Virtual Property
  • The home legal rights protection will affect Bitcoin under Chinese law.
  • In the last 24 hrs Bitcoin has dropped 13.48%

China is among the largest crypto markets however it were built with a cold war with cryptocurrency. Caused by this In September 2021, The People’s Bank of China cautioned that digital currency related activities are illegal and cryptocurrency users are thought as crooks. The federal government is seriously worried about the security of people’s assets.

However, thinking about China’s ban on crypto buying and selling the Shanghai High court announced that property legal rights protection will affect Bitcoin under Chinese law.

The Shanghai High Court issued an announcement on its official WeChat funnel confirming that Bitcoin is recognized as virtual property since it has economic value and privilege. 

In the trial practice, the People’s Court has created a unified opinion around the legal position of Bitcoin, and identified it as being an online property.

This announcement is a massive relief to individuals who’ve been suffering within the crypto market’s recent downturn. The surprise would be that the government has yet to withdraw the prohibition on cryptocurrency buying and selling.

Where It Started 

On March 2020, Mr. Cheng Mou, filed a petition using the Shanghai Baoshan District Court demanding that Mr. Shi Moumou needs to return his one bitcoin.

After that in February 2021, a legal court made the decision that Shi must pay back Cheng his bitcoin within ten days from the judgement but Shi declined to repay it. Cheng searched for further remedy with the local judicial system therefore the Baoshan court planned to set up mediation backward and forward parties. But each of them declined to shut the situation and also the high court was advised to engage in it.

Having a 24-hour buying and selling amount of $77,537,230,884 USD current Bitcoin cost is $27,348.25 USD. In the last 24 hrs, Bitcoin has dropped 13.48% Having a live market cap of $520,644,471,681 USD.

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