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The High Court Of Shanghai Classifies Bitcoin As A Virtual Property With Legal Protection.

The High Court Of Shanghai Classifies Bitcoin As A Virtual Property With Legal Protection.

Highlights

• China has yet to lift its ban on cryptocurrency trading.
• The lawsuit was a disagreement over a BTC debt settlement.
• The conclusion could have ramifications in the future.

Expulsions of crypto miners and other court rulings had effectively confined crypto trading and related businesses within China’s borders, but a recent ruling by the Shanghai High People’s Court found Bitcoin to be a virtual asset with economic value that is protected by Chinese law.

The ruling came in response to a case filed in district court in October 2020 seeking to recover a 1 Bitcoin debt, and it will bring some respite to the country’s crypto community.

The Shanghai High People’s Court, according to Sina, published a statement on its official WeChat channel confirming that Bitcoin is considered virtual property. “In the real trial practice, the People’s Court has established a unified opinion on the legal standing of Bitcoin and designated it as a virtual property,” according to the court notification.

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“Bitcoin has a specific economic worth and conforms to the property’s qualities,” it continued, “and the legal norms of property rights are applied for protection.”

The high people’s court is the highest municipal court in China, and it is preceded by the people’s courts and intermediate people’s courts. They are directly controlled by the central government and have the same structure as the Supreme People’s Court, the country’s highest court.

The Statement Was Made In The Context Of A Bitcoin-Related Disagreement Between Two Persons.

In October of last year, an individual named Cheng Mou filed a case with the Shanghai Baoshan District People’s Court, requesting that Shi Moumou restore his 1 BTC. The case was returned to the court, which held a mediation after the defendant failed to do so.

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The High Court Of Shanghai Classifies Bitcoin As A Virtual Property

While the case is still proceeding in China’s lower courts, the ruling could be significant since it sets a precedent for how virtual assets are treated under Chinese law.

Russian Oligarchs Are Suspected Of Exploiting Virtual Currency To Circumvent Sanctions.

This has prompted the Ukrainian government, as well as US and European politicians, to request that all Russian users be banned from cryptocurrency sites. However, many businesses have ruled this out. “Now that their currency has collapsed, some regular Russians are using cryptocurrencies as a lifeline,” said Brian Armstrong, CEO of cryptocurrency business Coinbase.

“Many of them are likely to oppose what their country is doing, and a ban would harm them as well,” he said. Mr Putin’s remarks on forcing “unfriendly” countries to pay in roubles sent the currency to a three-week high on Wednesday.

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Mr. Zavalny, the chairman of Russia’s State Duma’s energy committee, said on Thursday that the country is looking into alternate payment methods for energy exports. China and Turkey, he said, were among the “friendly” nations that were “not involved in the sanctions pressure.”

“We’ve been recommending to China for a long time that we convert to national currency settlements for roubles and yuan,” Mr Zavalny added. “It’ll be lira and roubles with Turkey.” “You can even exchange bitcoins,” Mr. Zavalny continued.

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Sambhrama S
Sambhrama Shttps://premierenext.com/
My name is Sambhrama S, from Shimoga, Karnataka. I'm studying in MSC Biochemistry at Mysore University Mysore. I am interested in reading books, listening music, painting. I am also passionate to write good content on various day to day issues.
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