RATE Group | Bitcoin Cannot Be Protected by Chinese Law, Local Court Rules
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Bitcoin Cannot Be Protected by Chinese Law, Local Court Rules

13 May Bitcoin Cannot Be Protected by Chinese Law, Local Court Rules

Posted at 22:25h in Bitcoin News by

As a virtual commodity, Bitcoin (BTC) cannot be protected by the Chinese law, a court in Fujian province reportedly ruled on May 13.

Fujian court dismisses a Bitcoin-related lawsuit

According to Fujian Rule of Law News, the court was considering a dispute involving an investment to a “Bitcoin-themed club”. The plaintiff, named Liao, allegedly invested 500,000 yuan ($70,500) in this club. His expectation was that high returns would follow.

After failing to receive any of his funds back, Liao sued the operator of said Bitcoin club. The Changting People’s Court then ruled that because Bitcoin is a virtual commodity, it does not fall under its jurisdiction. The lawsuit was dismissed as a result.

Other Chinese courts deemed Bitcoin a digital property before

Interestingly, the recent ruling seems to contradict previous reports from China. Earlier this month, the Shanghai No. 1 Intermediate People’s Court ruled that Bitcoin is a digital asset and therefore should be protected by the law.

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