Cryptocurrency Is Virtual Property That Is Protected by Law, Chinese Court Rules – Regulation Bitcoin News

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Ding Hao also tried to cast his loan agreement with Wenjie as a 'financing behaviour prohibited by the law.' virtualcurrency virtualproperty ltc

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.

“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

Source: Digital Coin News (digitalcoinnews.net)

 

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They have more sense than Gensler and the SEC! Our regulators are flat out trying to squash any and all crypto that is not BTC. All Crypto is digital property if it passes the Howey Test

China should move in on cryptocurrencies before other countries get to it first.

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