According to the case analysis of the Shenzhen Court of International Arbitration that was published on Thursday via WeChat, an arbitration body in China considers that bitcoin and other cryptocurrencies should be legally protected as a property.
The case was observing the situation in which the unnamed plaintiff signed an agreement with the defendant, which allowed to trade and manage a pool of cryptocurrencies. After that, the defendant failed and refused to return the cryptocurrencies after an agreed deadline.
The Shenzhen Court of International Arbitration noted that whether bitcoin is a legal tender or not, does not have an impact on the fact that bitcoin should be protected legally based on China's Contract Law.
The arbitration body also added that bitcoin has the nature of a property, which can be owned and controlled by parties, and is able to provide economic values and benefits
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