Shanghai court affirms that Bitcoin is virtual property, subject to property rights
Cointelegraph
Published May 12, 2022 05:25PM ET
Updated May 12, 2022 07:00PM ET
The Shanghai High People’s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation to a lawsuit filed in a district court in October 2020 involving the recovery of a loan of 1 Bitcoin (BTC). The lower court recognized Bitcoin as having value, scarcity and disposability, and therefore being subject to property rights and meeting the definition of virtual property.
According to the Sina (NASDAQ:SINA) website, the Shanghai Baoshan District People's Court ruled in favor of plaintiff Cheng Mou, ordering defendant Shi Moumou to return the Bitcoin. When the defendant failed to do so, the case was returned to the court, which held a mediation in May 2021. Since the defendant no longer had possession of the Bitcoin, the parties agreed that the defendant would provide compensation at a discount from the value of the Bitcoin at the time of the loan.
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Written By: Cointelegraph
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