The Shanghai High Court has classified Bitcoin as a virtual asset with legally protected economic value.
According to the court:
“Based on established practice, the People’s Court found that bitcoin meets the attributes of ownership and has a certain economic value. Legal provisions must be applied to protect him.”
The statement refers to a case involving Cheng Mou, who filed a lawsuit with the Baoshan District People’s Court in Shanghai on October 10, 2020 with demands against the defendant, Shi Moumou, for the return of 1 BTC.
Following the proceedings on February 23, 2021, the court ordered the defendant to return the coin within ten days after the decision. However, she refused to make the payment, prompting the plaintiff to seek legal redress. Subsequently, the Baoshan court arranged for mediation between the two parties.
The High Court’s statement will probably be used as a precedent for civil disputes related to Bitcoin .
