Shanghai Court Recognizes Bitcoin as Legally Protected Property
Main page News, China, Bitcoin

The Shanghai High Court has classified Bitcoin as a virtual asset with legally protected economic value.

According to the document published by the court:

"Based on established practice, the People's Court has concluded that Bitcoin meets the attributes of ownership and has a certain economic value. In order to protect it, legal norms should be applied."

The statement relates to a case involving Cheng Mou, who last October 10, 2020 filed a lawsuit with the Baoshan (Shanghai) District People's Court demanding the return of 1 BTC from the defendant, Shi Moumou.

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After a hearing held on February 23, 2021, the court ordered the defendant to return the coin within ten days of the judgment. However, she refused to do so, prompting the plaintiff to seek legal enforcement. Subsequently, the Baoshan court arranged mediation between the two parties.

Liu Yang, an expert at Deheng Law Firm, has said the High Court's ruling will be used as a precedent for Bitcoin-related civil disputes.

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