Highlight The Minhang District Court in Shanghai stated that Bitcoin is a virtual property protected by Chinese law, which is disposable, exchangeable and exclusive. The article disclosed a case in which the plaintiff purchased Bitcoin mining machines from the defendant through the Internet. Later, the plaintiff believed that the People's Bank of China had cracked down on Bitcoin and therefore the transaction was illegal and claimed that the contract was invalid and required a refund. The court held that Bitcoin has the attributes of a virtual commodity, so the sale and purchase contract was valid, and the court rejected the plaintiff's claim.
China Crypto News (Aug 16 to Aug 23)
China Crypto News (Aug 16 to Aug 23)
China Crypto News (Aug 16 to Aug 23)
Highlight The Minhang District Court in Shanghai stated that Bitcoin is a virtual property protected by Chinese law, which is disposable, exchangeable and exclusive. The article disclosed a case in which the plaintiff purchased Bitcoin mining machines from the defendant through the Internet. Later, the plaintiff believed that the People's Bank of China had cracked down on Bitcoin and therefore the transaction was illegal and claimed that the contract was invalid and required a refund. The court held that Bitcoin has the attributes of a virtual commodity, so the sale and purchase contract was valid, and the court rejected the plaintiff's claim.