Cryptos may get legal property protection, Shenzhen Court notes

Posted 26 October, 2018

On October 25, the Shenzhen Court of International Arbitration decided that bitcoin might be protected as a property with economic values.

The court released the case review regarding involving a contract for possession and transfer of digital coins. The plaintiff stated that with the signed contract the defendant had the right to trade and manage cryptos on the plaintiff's behalf, though failed to fulfil the obligations. Specifically, the defendant did not return the assets (around 20 bitcoin, 50 bitcoin cash, and 13 bitcoin diamond for $493,158 in total) when the contract expired.

There are no rules in China that could be guidelines for cooperation among individuals regarding cryptos. However, the Court noted that following the PBOC decision crypto trading activities and ICOs are out of law in China, so the above-mentioned contract, as well as crypto transactions under it, should be considered illegal. At the same time, the defendant mentioned that facing the ban there was no chance to convert cryptos and transfer funds to the plaintiff.

However, the court commented on the defendant's position saying that the case is about the return of the cryptos under the contract, which is not affected by the PBOC's restrictions.

As the judge noted that there is no rule in the country that does not allow hold cryptos or transfer coins to other individuals. All this means that the defendant might not face any problems with the crypto transfer.

During the hearing, it was determined that cryptos must be protected by the contractual law, as digital coins have all aspects of a property as well as economic value.

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26 October, 2018 16:32

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Huobi to cover new regions – Middle East, Africa and South Asia
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