RATE Group | Shanghai Court Rules Ethereum is Protected Under the Law as Property
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Shanghai Court Rules Ethereum is Protected Under the Law as Property

01 Oct Shanghai Court Rules Ethereum is Protected Under the Law as Property

Posted at 08:22h in Ethereum News by

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A Chinese court has ruled that Ethereum enjoys the same legal protection as a property.

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The Shanghai Hongkou District Court ruled that Ethereum and other cryptocurrencies are not classified as money but have the same legal protection as owning property, a post on Baidu, the Chinese internet search engine portal similar to Google, said.  

The case stemmed from the fundraising done by a Beijing-based technology company in August 2017 involving Bitcoin and Ethereum. However, the company was forced to return the company to investors after the Chinese government ordered a ban on initial coin offerings.

However, because of an operational error, the company sent 20 Ethereum to the wrong investor. The technology firm tried to recover the ETH from the wrong recipient, but the investor cut all communication and refused to return the digital currency. The company then took the matter to court and filed charges against the investor.

The court ruling stated:

“The court holds that…

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