In a recent verdict, the First Intermediate People’s Court of Beijing said that although China prohibits the trading of crypto, crypto can be protected by law as a kind of virtual asset.
In an appeal case file released publicly on September 7, the mid-level court said that crypto should be considered as virtual properties. The court referenced the joint announcement by the Chinese central bank in 2013 which stated, “Bitcoin should be, by its nature, a specific virtual commodity.”
The court further said that “there are no laws, administrative regulations or departmental rules that negate the protectability of cryptocurrency itself as virtual property.”
This statement by the court was made in response to an appeal case over a Litecoin repayment dispute.
Read Also: China High Court Declares Bitcoin as a ‘Virtual Asset’
