Bitcoin Loans Hit the Court
*Fulvio Sarzana of S.Ippolito, Lawyer, Law Firm Sarzana
I Bitcoin have a specific value and are subject to lending regulations, according to a Chinese court.
The cryptocurrencies continue to be a topic of discussion in China.
In a recent ruling, the Shanghai Higher People's Court affirmed that Bitcoin is a virtual asset with economic value and subject to property rights.
The ruling comes in the context of an October 2020 lawsuit filed in the Baoshan District People's Court of Shanghai, in which the plaintiff demanded the defendant return 1 BTC that the latter had borrowed from the former.
The Shanghai court ruled in favor of the plaintiff, and the defendant was ordered to return the Bitcoin, which he failed to do.
The case then returned to court, followed by mediation.
China's official position has changed significantly in recent years due to its restrictive policies regarding cryptocurrencies, which has pushed many mining cooperatives to relocate elsewhere, primarily to the United States. At the same time, China has emerged as a pioneer in the development of true digital currencies. Even the European Central Bank has decided to invest time and resources in the study of the digital currency, while maintaining a very low profile on the cryptocurrency issue.
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