The Shanghai Supreme People’s Court ruled that Bitcoin (BTC) has “determined economic value” and is a virtual asset protected by country laws.
The decision is of great importance considering China’s Bitcoin policy.
“The People’s Court has formed a consensus on the legal position of Bitcoin and defined it as virtual property. Bitcoin has a certain economic value, and according to the characteristics of the property, property is the rule of law”
The court’s decision is the first of the country’s legal system about Bitcoin. China’s supreme people’s court is the highest local court in the provinces. However, it is unclear whether other high courts will take a similar decision on Bitcoin
Effect of the Decision
Commenting on the decision, Beijing lawyer Liu Yang said that the court’s decision was related to Bitcoin in the Shanghai region. He said it would be an important reference point for various disputes.
Given the decision for Bitcoin, it remains to be seen how crypto actors and the government will react to the decision.
