As a virtual commodity, Bitcoin (BTC) cannot be protected under Chinese law, as a Fujian province court reportedly ruled on May 13.
The Fujian court dismisses a lawsuit related to Bitcoin
According to Fujian’s Rule of Law News, the court considered a dispute over an investment in a “Bitcoin-themed club.” The plaintiff named Liao reportedly invested 500,000 yuan ($ 70,500) in this club. His expectation was that high profits would be made.
After getting none of his funds back, Liao sued the operator of the Bitcoin club. The Changting People’s Court then decided that Bitcoin, as it is a virtual commodity, was not under its jurisdiction. The lawsuit was then dismissed.
Other Chinese courts have viewed Bitcoin as digital property
Interestingly, the recent ruling appears to contradict previous reports from China. Earlier this month, Shanghai’s No. 1 Intermediate People’s Court ruled that Bitcoin is a digital asset and therefore needs to be protected by law.
The case was initiated by an international marriage between Shanghai, Pete, and Xiaoli Wang, robbed by four people in their home in 2018. The attackers forced Pete and Xiaoli to transfer their cryptocurrency savings stored in BTC and Skycoin to their wallets. .
The court ordered the thieves to return the same cryptocurrency or pay their victims in yuan based on the price of BTC and Skycoin on June 12, 2018. The thieves appealed the verdict, arguing that “current Chinese law recognizes you.” the proprietary attributes of Bitcoin and Skycoin are not. “
The court ordered the attackers to return the couple’s 18.88 BTC. The thieves never returned the couple’s stolen skycoins.
In July 2019, the Hangzhou internet court also ruled that Bitcoin should be viewed as digital property, although experts questioned by Cointelegraph at the time were skeptical to call it regulatory thaw.
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