New Bitcoin (BTC) Decision from the Chinese Court! A court in China has ruled that Bitcoin is a virtual property!
A new decision was made in China, where cryptocurrencies are almost on the verge of being banned. A district court in Shanghai has ruled that the leading cryptocurrency is not actually a currency in a Bitcoin-related lawsuit. The court ruled that Bitcoin is a virtual property.
Bitcoin Decision from China!
At the hearing in the Minhang district, it is reported that the plaintiff received Bitcoin mining devices from a person, but later this agreement was voided. The court's decision in the lawsuit filed against the agreement, which had to be canceled within the scope of the regulation issued by the People's Bank of China in 2017, was interesting.
The court emphasized that this agreement is still valid and that Bitcoin is more virtual property than currency. The court stated that Tencent's QQ cryptocurrencies and points, Baidu's virtual currency and currencies such as BTC will be considered collectively as virtual property. Stating that these are considered as property because they require a certain level of resources and energy, the court made an interesting decision and caused reactions.
In another case in China in 2017, Bitcoin was recognized as a "legal virtual internet property" and was not accepted as a currency. Different cases have been seen around the world regarding Bitcoin, and it is known that in Russia it is accepted as a currency by the court. China, on the other hand, seems determined not to take a step back in this regard.