Shanghai court affirms that Bitcoin is virtual property, subject to property rights
A district court in Shanghai ruled for Bitcoin owner’s right to compensation in case involving unpaid loan and decided on Bitcoin legal status in the process.
The Shanghai High People’s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation to a lawsuit filed in a district court in October 2020 involving the recovery of a loan of 1 Bitcoin (BTC). The lower court recognized Bitcoin as having value, scarcity and disposability, and therefore being subject to property rights and meeting the definition of virtual property.
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