Chinese court holds citizens rights to own Bitcoin, terms crypto as property
A Chinese citizen has the right to own and transfer Bitcoin and its hard forks after the Shenzhen Court of International Arbitration (SCIA) recently confirmed that Bitcoin and several of its hard forks are considered legal property.
Over WeChat, SCIA recently published an analysis of a contract dispute where an individual managed nearly $500,000 worth of crypto for his client. The fund manager refused to return the individuals cryptocurrency after the client dealt with a third party.
The defendant made an argument that under the Chinese law Bitcoin and other cryptocurrencies are not recognized as currencies and the arrangement between the three parties was invalid.
The SCIA is not a law making entity and this judicial precedent for citizens is to treat cryptocurrency assets as legal property.
This case involved bitcoin and its hard forks Bitcoin diamond and Bitcoin cash.