Chinese courts officially acknowledge in a report that virtual assets, including Bitcoin, as valuable property with economic attributes. A report called “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case” stated that virtual assets have economic credits and can be considered as a form of property.
A local newspaper reported that, despite the ban on foreign digital assets in China, the report disputed that virtual assets controlled by individuals should be considered legal and protected by law under the current policy framework.
People’s Court in China takes criminal, civil, administrative, and cases that include economic arguments.
The report also stated that to deal with crimes involving virtual assets, money, and property involved in the case cannot be seized and should be treated separately with a unified approach to criminal and civil law.
However, due to a contrary national policy on virtual assets, the Chinese courts have given a different opinion on Bitcoin and other virtual assets over the years.
A People’s Court in China posted a report on the legitimacy of virtual assets investigating the criminal law assigning digital assets.
An example of such difference came out in September 2022, when an advocate stated that crypto in China is protected by law in case of robbery, stealing, or breaking a loan agreement despite the ban on crypto in China.
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