China declares bitcoin ownership is legal
The Internet Court recognized that crypto coins have the attribute of virtual property and must be protected in accordance with the country's regulations
A Chinese court’s ruling reaffirms that owning bitcoin in China is legal and that it is a product with corresponding property rights, despite the situation that has arisen in the country with the cryptocurrencies.
The case began in 2013 when the plaintiff bought 2,675 BTCs for 20,000 yuan; approximately $2,900 on a website called FXBTC through Taobao.
In 2017 the plaintiff wanted to access the funds and found that the website was closed and could not contact the operator to retrieve the BTCs. This action generated obvious desperation on the part of the investor.
The operator, Shanghai Tech, did not give a notice prior to the closure of the website. In the end, the plaintiff could not prove that Shanghai Tech was the owner of the store that sold them bitcoin. In fact, the court ended up rejecting the lawsuit.
Although the plaintiff could not recover his possessions a decision was made relevant to the rest of the crypto community in China. It is worth remembering that in 2018 it was ruled that crypto coins should be protected according to Chinese regulations on property, according to the Shenzhen Arbitration Commission.
However, facilitating trade in cryptographic coins and mining continue to be illegal activities in the Asian country.
L.Saenz
Source: Bitcoin.es
