The Shanghai No.2 Intermediate People's Court has recognized Bitcoin as a "unique and irreproducible" digital asset, confirming its value on a legal level.
Judge Ren Suxian has described in her report the main characteristics of cryptocurrencies and has highlighted the difficulties of interpreting these terms in practice.
She has referred to two similar cases of USDT theft worth 12 million yuan and Bitcoin. In the first case, the court characterized the crime as theft of property and, in the second, as illegal obtaining of computer information.
Suxian has also made mention of the main difficulties of litigation involving digital assets, including the undefined legal properties of cryptocurrencies, the difficulties of tracking and manipulation as well as the irreversibility and anonymous nature of transactions.
According to the report, Bitcoin has inherited the key characteristics of currencies, including scalability, ease of circulation, storage and payment. At the same time, the currency continues to be used worldwide, despite its decentralized nature.