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Shanghai Court of Justice classifies bitcoin as virtual property

 


The Shanghai Supreme Court has ruled that bitcoin is a property right. The court came to this conclusion in a trial that was originally recorded in a Chinese district court in October 2022. The district court had already ruled here that Bitcoin ( BTC ) has value and is a scarce and available commodity, which is why the cryptocurrency can be understood as virtual property.


As reported by the Chinese news portal Sina , the Shanghai Baoshan District People's Court had ruled that the defendant Shi Moumou must reimburse the plaintiff Cheng Mou for the 1 BTC loan that the latter had granted to the former. However, since the defendant did not comply with this verdict, mediation initially took place in May 2021. This revealed that Mou no longer owned the original Bitcoin, which is why both parties ultimately agreed that the defendant would have to pay damages in the amount of the Bitcoin rate at the time the loan was taken out.


The crux of this agreement, however, is that no legally permissible Bitcoin rate can be determined at this point in time, since the cryptocurrency was already banned in China at the time. A further complication is that the investigative authorities have no opportunity to conduct further investigations with regard to virtual property.


China had already stepped up action against the crypto industry in 2017, and a possible ban on Bitcoin was followed by the end of the domestic crypto miners. The government is now also taking action against NFTs and related investment activities.


At the same time, China is the world leader in developing its own central bank digital currency (CBDC). The digital yuan was increasingly involved in practical tests, especially in the context of the corona crisis, including at the Winter Olympics in Beijing.

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