RATE Group | Shanghai Hongkou District Court: Ethereum Is Protected by Law
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Shanghai Hongkou District Court: Ethereum Is Protected by Law

28 Sep Shanghai Hongkou District Court: Ethereum Is Protected by Law

Posted at 14:13h in Ethereum News by

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According to Shanghai Hongkou District Court’s statement in a recent crypto-related case, Ethereum and other virtual currencies are not considered as money. However, they are still protected by the law which views them as “property.”

Old Case Brings New View on Cryptos in China

One of the attempted crypto transaction between an individual investor and a Beijing-based technology company ran into multiple difficulties. So many, in fact, that the company eventually demanded the transaction to be reversed. As the investor refused to respond to the company’s attempts to contact, the incident was brought to the attention of the Shanghai Hongkou District Court.

The incident includes several events, dating as far back as August 2017, when the mentioned company issued tokens to raise Bitcoin and Ether. Less than a month later, on September 4, they decided to return the raised funds in Ethereum to one of the investors as a response to the new rectification requirements issued by the…

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