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October 27, 2018 12:45 am

Chinese Court Rules Bitcoin Should Be Protected As Property

A Chinese court has ruled that despite the country's central bank's ban on cryptocurrency trading, bitcoin should be legally protected as a property with economic values. CoinDesk reports: The Shenzhen Court of International Arbitration published a case analysis on Thursday via WeChat, detailing its ruling on a recent economic dispute that involved a business contract relating to possession and transfer of crypto assets. According to the case analysis, the unnamed plaintiff signed a contract agreement with the defendant, which allowed the latter to trade and manage a pool of cryptocurrencies on the plaintiff's behalf. However, the plaintiff said the defendant failed and refused to return the cryptocurrencies after an agreed deadline. As a result, they brought the case to the arbitrator, seeking the return of the assets with interest. The court concluded that, whether bitcoin is a legal tender or not, does not have an impact on the fact that bitcoin ownership should be protected legally based on China's contract law, adding: "Bitcoin has the nature of a property, which can be owned and controlled by parties, and is able to provide economic values and benefits."

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