A court in China found Bitcoin to be "virtual property" protected by law
"Hangzhou's Cyber Court in Internet-related cases allegedly ruled that Bitcoin possessed property. This was reported by partner of Primitive company Davy Van in her Twitter with reference to local mass media. According to the court's decision, Bitcoin is a valuable "virtual property".
The proceedings concerned 2.6 bitcoins, which the buyer purchased in 2013 and left for storage with the seller. Subsequently, the seller closed down without notifying the buyer, which led to the buyer being forced to sue.
Bitcoin possesses attributes of ownership, namely value, limited emission and availability for transactions with it," says the court decision. - Under civil law, virtual property is protected by the law of the People's Republic of China.
Wang also points out that the recognition of Bitcoin as a property does not mean that it is possible to systematically trade legally in cryptocurrencies in China.
It should be noted that this is not the first such decision in the country's judicial practice. Last October, the Shenzhen International Court of Arbitration recognized the right of citizens to own cryptocurrencies, and the Shanghai Xungkou District Court ruled that Ethereum and other digital currencies should not be classified as money, but have the same legal protection as property owned by citizens.
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