A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency.
‘Financing Behaviour Prohibited by the Law’
An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant administrative regulations only prohibit the circulation of virtual currency or its use as a currency.
The Beijing-based court’s ruling followed an appeal by Chinese resident Ding Hao who wanted it to quash the lower court’s ruling in a case in which he is accused of failing to return 33,000 litecoin (LTC) as per an agreement with Zhai Wenjie.
According to a document released by the court, on December 5, 2014, Hao received 50,000 LTC from Wenjie and was obliged to pay this back in four batches. The last repayment of 8,334 LTC was supposed to have been paid by October 15, 2015, the court document shows.
However, citing regulations issued by the Bank of China and other relevant departments which state that virtual currency is not protected by the law — Hao argued that the lower court erred when it ruled in favor of Wenjie. In addition, Hao tried to cast his loan agreement with Wenjie as a “financing behaviour prohibited by the law’ and therefore it should not be protected by the law.
‘LTC Is a Network’
Nevertheless, in rejecting Hao’s assertions, the Chinese intermediate court insisted that the regulations cited by the defendant are merely “regulatory opinions” and that these in no way diminish his obligations.
Concerning the cryptocurrency, the court determined that while LTC is a “network currency” it still lacks key properties of a currency such as “legal compensation and compulsion.” The cryptocurrency, however, has the characteristics of virtual property and according to the court, Wenjie is entitled to rights that come from possessing such property.
“The court held that litecoin has the properties of virtual property and virtual goods … Zhai Wenjie can enjoy the corresponding property rights and the basis of the property right claim,” the court document states.
Consequently, the intermediate court ruled that the decision of the lower court would stand, and that Hao must return the outstanding 33,000 LTC to Wenjie. Bitcoin.com News reported on a similar story from China involving bitcoin earlier this year, in May.
What are your thoughts on this story? Let us know what you think in the comments section below.
The post Cardano (ADA) Price To Surge 30% in October – Analyst Maps the Best Entry Levels appeared first on Coinpedia Fintech News
After the Vasil hard fork, the price of Cardano (ADA) nearly fell to a year-low as the upgrade failed to generate a bullish trend. The hard fork, which went live on September 22 and 27, hasn’t been able to gain traction and in fact, following the activation of Plutus V2, the price of ADA dropped …
The post Shiba Inu Accumulation Spike – SHIB Price May See Massive Rally in October appeared first on Coinpedia Fintech News
Shiba Inu (SHIB) had a strong year in 2021, increasing by over 1,000% to rank among the greatest performers on the market. SHIB, however, has been experiencing a bear run this year, just like many other coins. The price remains low despite the encouraging developments and the impending release of Shibarium, the layer-2 scaling solution. …
Terra was formerly a market leader in the development of stablecoins through algorithmic methods, but the sudden failure of its collapse has caused a huge uproar and contributed to the overall bearish trend in the entire crypto ecosystem. Despite suffering losses of 99%, LUNA has tried to rebuild its empire once more, and this time, …
After a four-year absence, the largest exchange in the world wants to stamp its presence in the Far East.
As a worldwide search for Do Kwon continues, the co-founder of the collapsed Terra network has come out to clarify that he did not move Luna Foundation Guard’s (LFG) reserves to digital wallets of KuCoin and OKX exchanges.
Ethereum has ditched Proof-of-Work (PoW) for Proof-of-Stake (PoS), but while enthusiasts are basking in the glory of a seamless switch, Cardano’s boss says Ethereum is late to the party.