In a surprising turn of events Shanghai Hongkou District Court, made a judgement, that Ethereum and other virtual currencies are not considered as money but come under the legal protection of owning a property.
On August 2017, Bejing based technology company raised funds using cryptocurrencies namely through Bitcoin and Ethereum. But due to new state laws by China, the technology company had to return the raised currencies to the investors.
Due to an operational error 20 ETH got wrongly credited to an investor. And when the company tried reaching the investor out, he cut the communication. With no other choice, the company decided to sue the investor at the Shanghai People’s court.
The court’s initial decision was that the company’s appeal was justified and the investor should return the money. Unsatisfied, by the court’s decision, the investor appealed that since the government banned cryptocurrencies, the legal case is unjustified.
The court made a new judgement recently which stated, while cryptocurrencies may not be treated as money, they do come under property rights.
The defendant investor returned the 20 ETH, which was a property of the company in Beijing, within 10 days from the effective date of this judgment.
Although China has shown a tough stand against cryptocurrencies, the court’s decision to respect the property rights of an individual signifies a strong shift of opinion towards cryptocurrencies. China undoubtedly will take out laws regulating cryptocurrencies.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
In the rapidly evolving landscape of web-native payments it has become clear that new infrastructures…
A New Era for Global Trade: Alibaba Taps JPMorgan's Blockchain Global commerce has long been…
The Promise of Web3 Meets a Centralized Reality Web3 was built on a revolutionary promise:…
Bitcoin's Sudden Plunge Shakes the Crypto Market The cryptocurrency market is awash in red after…
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…