Chinese Intermediate Court Rules that Bitcoin is a Digital Asset
Yesterday, Baidu News reported that the Shanghai No. 1 Intermediate People’s Court made a public announcement of an appeal for a Bitcoin property damage case. As the news report explained, the court confirmed in its findings that Bitcoin is a digital asset.
This isn’t the first time that the status of Bitcoin and other cryptocurrencies would be a bone of contention in a Chinese legal case. In the same year, the Shenzhen Court of International Arbitration ruled in favor of a plaintiff in an equity transfer dispute, after the defendant reportedly failed to return holdings in Bitcoin, Bitcoin Cash, and Bitcoin Diamond.