The Hangzhou City Internet Court officially recognized Bitcoin as virtual property this week. This was the second such case in the judicial system of China.
Last autumn, the Arbitration Court of China ruled that, despite the Central Bank’s ban on trading in cryptocurrencies, Bitcoin should be legally protected as property of economic value.
By opinion Partner of venture investment firm Primitive Ventures Davie Wan (Dovey Wan), this event marks a turning point for Bitcoin in China, where the general prohibition on trading cryptocurrency has been in effect since September 2017.
“This case is an important milestone, which showed that Bitcoin has legal status in China,” she wrote on Twitter.
Despite the ICO ban and cryptocurrency trading, the Chinese judicial system actively uses blockchains. In December, it was reported that the Internet court of Hangzhou uses the blockchain to combat plagiarism, and in the spring there was information that in China the technology is increasingly used to settle court cases.
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