A court in Shanghai, China, has reportedly ruled that bitcoin is an asset protected by Chinese law in a case that has dragged on for years. The case involves a theft of two different cryptocurrencies, one being bitcoin, from an American. The defendants argued that bitcoin was not recognized under Chinese law; the court disagreed, citing documents by the central bank, the People’s Bank of China (PBOC).
In China, Bitcoin Is Asset Protected by Law
Shanghai No.1 Intermediate People’s Court has reportedly ruled on a bitcoin case that has dragged on for multiple years, Chinese media reported on Thursday. The case involved three Chinese and a Malaysian who broke into the home of an American and his Chinese wife on the night of June 12, 2018, East China daily media Shine detailed. After locking the couple up and beating them, the intruders forced them to transfer 18.88 bitcoins and 6,466 skycoins to their account.
The first hearing of this case found that there was an economic dispute and the perpetrators were sentenced to prison for six…