Minhang District Court of Shanghai has recently released a <a href="https://twitter.com/WuBlockchain/status/1427794656314552320" target="_blank" rel="nofollow noopener">statement</a> that says Bitcoin and other cryptocurrencies should be considered virtual property protected by Chinese law. The protection of virtual properties by Chinese law makes them exchangeable and exclusive. 
<h2>Shanghai Court Says Cryptocurrencies are Digital Properties Protected by Chinese Law</h2>
The article was officially released on a Wechain account and the court has described a case in which a purchase contract between a plaintiff and a defendant has been reviewed.

The plaintiff has purchased mining rigs from the defendant online but after the People’s Bank of China <a href="https://www.cryptoknowmics.com/news/china-renews-call-to-crackdown-on-bitcoin-mining-and-trading/">banned</a> Bitcoin and gone after the crypto mining business in general plaintiff requested a refund.

In a response to this, the court rejected the claim and stated that Bitcoin is a virtual commodity, so the purchase contract was valid.

In addition to this, it should be noted that the court has also described several cases that made sure that the nature of digital currencies as virtual properties in the recently released article. 

Moreover, it should be noted that cryptocurrencies are valued as exchangeable items and digital properties, along with currencies, photos, and letterheads are considered properties that can be stored on the network under the Chinese law.
<h2>People’s Bank of China Cleanses Illegal Crypto Companies</h2>
Shanghai Securities News revealed the agenda of the branch and stated:
<blockquote>“Carry out a pilot project of ‘precision education’ for financial consumers, use technology to enable accurate portraits of customers, and establish personalized risk prevention and education programs.”</blockquote>
As witnessed, the Shenzhen authorities have constantly taken a strict approach to the crypto sector, in line with the increasingly toughened stance of Beijing over the years.

Also, Shenzhen’s government has been collaborating with the People’s Bank of China on <a href="https://www.cryptoknowmics.com/news/shenzhen-giving-away-20m-digital-yuan-in-third-cbdc-test/">promotional rollouts</a> of the Central Bank Digital Currency of China.

The residents of the city can already use the Digital Yuan to recharge their travel cards.

Shanghai Court Considers Cryptocurrencies as Digital Properties Protected by Chinese Law

Minhang District Court of Shanghai has released a statement saying cryptocurrencies should be considered virtual property protected by Chinese law.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Shanghai Court Considers Cryptocurrencies as Digital Properties Protected by Chinese Law

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