In China, Cryptocurrencies Like Bitcoin Are “Not Protected by Law”

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In a ruling that may set a precedent for cases of investors in Bitcoins, a court in eastern China has ruled that cryptocurrencies ” Not protected by law Thus they dismissed the plaintiff who lost more than 9,000 euros in investment when the Bank of China banned payment institutions that support transactions in private digital currency.

With our correspondent in Beijing, Stephane Lagarde

The cryptomoni He is not a Communist and the appeal decision of the Supreme Court of Eastern Shandong Province only confirms that. In January 2021, the Jinan Intermediate Court had already dismissed the plaintiff, on the grounds that the assets in question had no legal status.

But the latter was still at the end of the appeal, having lost so much in the case. In 2017, three friends offered him to invest in crypto-tokens: he then put in 70,000 yuan (about 9,200 euros) which would disappear the following year, when the Bank of China banned institutions from authorizing crypto payments. These have been illegal in the country since 2013.

The rapid development of the digital yuan

The latest decision could set a precedent and deal another blow to Chinese Bitcoin fans next Cryptocurrency “mines” closed this year.

The decision of judges in Shandong also accompanying the rapid development digital yuan, which is fully official and authorized by law, has since been developed by the Central Bank and is already being tested in dozens of major Chinese cities.

Read also: European Central Bank launches digital euro project

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