BITCOIN CANNOT BE PROTECTED BY CHINESE LAWS AND LOCAL COURT RULES

The Fujian court says Bitcoin is not protected by Chinese law - but other Chinese courts seem to have a different view.

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The Fujian court says Bitcoin is not protected by Chinese law - but other Chinese courts seem to have a different view.

Bitcoin (BTC),a virtual commodity, cannot be protected by Chinese law, a court in Fujian province reportedly ruled on May 13.

According to Fujian rule of Law News, the court was considering a dispute involving investment in a “Bitcoin-themed club.” The plaintiff, named Liao, allegedly invested 500,000 yuan ($70,500) in this club. His expectation was that higher returns would come.

Unable to recover any of his money, Liao sued the operator of the so-called Bitcoin Club. Changting people's Court later ruled that Bitcoin did not fall under its jurisdiction because it was a virtual commodity. As a result, the case was dismissed.

Interestingly, the latest decision appears to contradict previous news from China. Earlier this month, the No. 1 Intermediate People's Court in Shanghai ruled that Bitcoin is a digital entity and therefore must be protected by law.

The case was started by an international married couple in Shanghai, Pete and Xiaoli Wang, who were robbed in their home by four people in 2018. The attackers forced Pete and Xiaoli to transfer cryptocurrency savings held in BTC and Skycoin into their wallets. .

The court ordered the robbers to return the same cryptocurrency or pay their victims in yuan based on the price of BTC and Skycoin from June 12, 2018. The thieves appealed the decision, claiming they could not decide on” existing Chinese laws, Bitcoin and Skycoin."

The court has since ordered the attackers to return 18.88 btc of the couple. The thieves never returned the couple's stolen Skycoins.

In July 2019, the Hangzhou Internet Court ruled that Bitcoin should be considered digital property, although experts interviewed by Cointelegraph also cast doubt on it as a regulatory thaw.


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