In a latest verdict, the First Intermediate People’s Court of Beijing mentioned that though China prohibits the buying and selling of crypto, crypto can be protected by regulation as a sort of digital asset.
In an attraction case file launched publicly on September 7, the mid-level courtroom mentioned that crypto ought to be thought of as digital properties. The courtroom referenced the joint announcement by the Chinese central financial institution in 2013 which said, “Bitcoin should be, by its nature, a specific virtual commodity.”
The courtroom additional mentioned that “there are no laws, administrative regulations or departmental rules that negate the protectability of cryptocurrency itself as virtual property.”
This assertion by the courtroom was made in response to an attraction case over a Litecoin compensation dispute.
Compiled by Coinbold