Chinese Court affirmed that crypto currencies are considered legal property
The Shenzhen Court of International Arbitration (SCIA) has recently affirmed that cryptocurrencies, are not consider legal currencies but are considered legal property. That means that Chinese citizens have a right to own and transfer their cryptocurrencies as they are their own property.
The court claims that:
“Although Bitcoin may not be a legal currency, that does not prevent it from being protected by law as a property,” said SCIA in the released case analysis. “The Party contends that Bitcoin has characteristics of a property (SOV) that can be controlled by the owner; it has economic value and can bring economic benefits to the owner.”