{"id":329106,"date":"2021-08-23T13:01:26","date_gmt":"2021-08-23T10:01:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-not-protected-by-law-rules-provincial-high-court-in-china\/"},"modified":"2021-08-23T13:01:26","modified_gmt":"2021-08-23T10:01:26","slug":"crypto-not-protected-by-law-rules-provincial-high-court-in-china","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-not-protected-by-law-rules-provincial-high-court-in-china\/","title":{"rendered":"# Crypto \u2018not protected by law,\u2019 rules provincial high court in China"},"content":{"rendered":"

“# Crypto \u2018not protected by law,\u2019 rules provincial high court in China <\/strong>”
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Yet another blow has been dealt to China\u2019s cryptocurrency community, with news<\/a> of a new high court ruling in Northern Shandong province that has drawn out the consequences of crypto\u2019s lack of legal status in the country.<\/p>\n

As the South China Morning Post (SCMP)\u00a0reported<\/a>, the case in question was an app<\/a>eal against a ruling this January by an intermedia<\/a>te court in the city of Jinan. The plaintiff in the case had lost 70,000 yuan (roughly $10,750) by investing in unnamed crypto tokens back in 2017, which friends of his had reportedly endorsed. Following the People\u2019s Bank of China\u2019s doubling down on its anti-crypto measures in 2018, the involved accounts were closed, leading to the loss of the tokens.<\/p>\n

Shandong\u2019s high court has now ruled this weekend against the plaintiff’s case, which rested upon allegations of fraud, by affirming that \u201cinvesting or trading cryptocurrency isn\u2019t protected by law.\u201d <\/p>\n

Related: Russian Court: Theft of 100 BTC Isn\u2019t a Crime Because Bitcoin Isn\u2019t Property<\/em><\/strong><\/p>\n

As previously reported, Shandong\u2019s ruling is in line with the judgment of some other provincial courts in China, as, for example, when a court in Fujian province dismissed a Bitcoin-related case last year on the grounds that a virtual commodity cannot be protected by Chinese law.<\/p>\n

Yet a ruling that very same year had suggested otherwise, when the Shanghai No. 1 Intermediate People’s Court ruled that a couple should be compensated for the theft of their Bitcoin. This echoed a 2019 ruling by the Hangzhou Internet Court, which became, at the time, the second Chinese court to have deemed Bitcoin (BTC) to be virtual property.<\/p>\n

SCMP\u2019s claim that this weekend\u2019s ruling could serve as a negative precedent for crypto users in China comes as Beijing\u00a0escalates its antagonistic stance towards cryptocurrencies, especially as of spring 2021.<\/p>\n