cryptocurrency

Chinese court rules crypto as virtual property protected by law

Chinese court rules crypto as virtual property protected by law
  • Wenjie is entitled to the protection granted to the owner of Virtual Property.
  • In its ruling on cryptocurrencies, the court said that although LTC is a “network currency.”

According to a recent report, a Chinese intermediate court has reiterated a lower court ruling that Litecoin is a virtual property protected by Chinese law. The court clarified that the administrative legislation in force in the country does not prohibit the use of virtual currencies as a whole, but only prohibits their circulation and use as money.

distance Beijing The court heard Ding Hao’s appeal, and ruled that he should repay 33,000 I wish youain (LTC) to Zhai Wenjie as per their agreement.

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The court record states that on December 5, 2014, Hao received 50,000 LTC from Wenjie and was required to pay it in four installments. According to the filing in the court, the final payment of 8,334 LTC was due on October 15, 2015.

But Howe asserted that the lower court made an error in ruling in favor of Wenjie. Quoting the rules you posted Bank of China and other relevant authorities. Virtual money advertising is not protected by law. Hao also argued that his loan arrangement with Wenjie was illegal because it involved “prohibited financing behaviour”.

However, the Chinese Intermediate Court disagreed with Hao. He states that the rules he referred to are essentially “regulatory opinions” and do not absolve him of his responsibilities.

In its ruling on cryptocurrencies, the court said that although LTC is a “network currency.” It still lacks the critical features of currency such as “legal compensation and coercion”. However, the court ruled that cryptocurrency meets the definition of virtual ownership. Thus, Wenjie is entitled to enjoy the protection granted to the owner of virtual property.

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