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Shanghai High Court Declares Bitcoin Virtual Asset With Economic Value Protected by Chinese Law

The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value.
Bitcoin Is Property Protected by Law in China
The Shanghai High People’s Court has declared that bitcoin qualifies as a virtual asset protected by Chinese law despite the ban on cryptocurrency trading in China, Sina reported Friday.
The court’s official Wechat channel posted a notice last week stating:
In the actual trial practice, the People’s Court has formed a unified opinion on the legal position of bitcoin, and identified it as a virtual property.
The court further explained that bitcoin “has a certain economic value and conforms to the property’s attributes, the legal rules of property rights are applied for protection.”
The statement marks the first time that a higher court in China has issued a ruling concerning a bitcoin case.
The Bitcoin Case
The court’s statement refers to a case involving Mr. Cheng

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