A Chinese court has recognized bitcoin right to “protection by law”
In a recent trial in China, the court ruled that “bitcoin is protected by the law” because of its proprietary nature and economic values. The case was heard in the International arbitration court of Shenzhen, and it was associated with the cryptocurrency and the agreement on the transfer of ownership of shares of the company.
In particular, it was considered unpaid share capital. It was assumed the transfer of funds in crypto-currencies (bitcoin, Bitcoin Bitcoin Cash and Diamond). The court concluded that “there are laws and regulations that prohibit bitcoin become the object of delivery or transmission.”
In addition, the bankruptcy court stated that “the digital asset bitcoin is protected by law,” and also decided that bitcoin is not Fitna currency, however this does not prevent its protection by the law as property.
Thus, the court found that the digital assets or otherwise included in the legislation and protected as cash.
Chinese court confirms that bitcoin is protected by law. Shenzhen international arbitration court ruled on a case involving cryptocurrencies. Verdict: China’s not illegal to own bitcoins and transfer them; they must be protected by law because of their proprietary nature and economic values.