Bitcoin is Property According to Chinese Court
A court in China ruled that Bitcoin is legally protected property.
"Bitcoin has the nature of a property, which can be owned and controlled by parties, and is able to provide economic values and benefits." ~ The Shenzhen Court of International Arbitration
The ruling comes on an equity transfer dispute in which an unnamed plaintiff contracted the defendant to trade and manage the plaintiff’s portfolio of 20.13 BTC, 50 BCH, and 12.66 BCD for a stipulated time. When the defendant failed to return the holdings as per the agreed schedule, the plaintiff brought the case before the arbitrator, seeking the return of his assets with interest.
The defendant relied on declarations from China's central bank that the sale and circulation of digital assets was unauthorized and illegal, thus the contract was invalid.
The arbitration court ruled that the contract in question did not fall under the central bank’s September 2017 Announcement on Preventing Financial Risks from Initial Coin Offerings (ICO).
The defendant was ordered to uphold the contract and return the assets plus interest.
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