Chinese arbitration court rules Bitcoin is legally protected as property

posted 7 months ago
A Chinese arbitration court has ruled that Bitcoin should be legally protected as property with economic values. The Shenzhen Court of International Arbitration published a case analysis via WeChat, detailing its ruling on a recent economic dispute that involved a business contract relating to possession and transfer of crypto assets.

The arbitrator stated that there is no law in China currently that prohibits the possession of Bitcoin and its transactions between individuals. Further, it said there should be no technical difficulties in sending Bitcoin as long as one has a Bitcoin address and private key. The court concluded that, whether Bitcoin is a legal tender or not, does not have an impact on the fact that Bitcoin ownership should be protected legally based on China's contract law, adding: "Bitcoin has the nature of a property, which can be owned and controlled by parties, and is able to provide economic values and benefits."
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