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Bitcoin China The Almighty Buck The Courts

Chinese Court Rules Bitcoin Should Be Protected As Property (coindesk.com) 51

A Chinese court has ruled that despite the country's central bank's ban on cryptocurrency trading, bitcoin should be legally protected as a property with economic values. CoinDesk reports: The Shenzhen Court of International Arbitration published a case analysis on Thursday via WeChat, detailing its ruling on a recent economic dispute that involved a business contract relating to possession and transfer of crypto assets. According to the case analysis, the unnamed plaintiff signed a contract agreement with the defendant, which allowed the latter to trade and manage a pool of cryptocurrencies on the plaintiff's behalf. However, the plaintiff said the defendant failed and refused to return the cryptocurrencies after an agreed deadline. As a result, they brought the case to the arbitrator, seeking the return of the assets with interest. The court concluded that, whether bitcoin is a legal tender or not, does not have an impact on the fact that bitcoin ownership should be protected legally based on China's contract law, adding: "Bitcoin has the nature of a property, which can be owned and controlled by parties, and is able to provide economic values and benefits."
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Chinese Court Rules Bitcoin Should Be Protected As Property

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  • by dohzer ( 867770 )

    And taxed as such?

    • by AHuxley ( 892839 )
      Good Communists with the needed standing under the Social Credit System are allowed to enjoy the different cryptocurrency services.
      Just like they can "own" property, get a "passport", live in a city, travel domestically.
      When they want real money out of a cyber currency they can attempt to do that government approved transaction inside China. No trying to move "money" out of the country.
      No using another nation to hide cash wealth created from a cryptocurrency.
    • And taxed as such?

      For taxing, you would need to determine the value, or possibly profits. And I have no idea how Chinese tax laws work. But in most countries I would expect profits to be taxable.

      I suspect there is nothing new here actually. Just that some scammer was given someone else's bitcoins for trading, didn't return them, and probably made a lame excuse, which the court then didn't refute.

    • And taxed as such?

      It's either currency, in which many, many countries would have issues with it, as that is something governments reserve to themselves, or it skirts those laws as some kind of traded item, in which case it would normally be taxed when converting to cash aka selling it like any other sale, or when it is used to buy something, in which case it is trading something for something, which is often taxed as a sale of cash value (lest people escape sales taxes by implementing a trading economy.)

  • An asset with a value of >0 is to be treated as property... no fracking wonder the Chinese have come to dominate the World's economic theater.
  • and get rich quick scheme.
  • China sucks at Communism now. Which isn't necessarily a bad thing. Communism is pretty bad on its own, so being bad at it doesn't suck like being bad at processing lactose does.

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