Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Submit Press Release
  • Disclaimer
  • Bitcoin (BTC)
  • Crypto Trading
  • Cryptocurrency
  • News

Shanghai Court Affirms Bitcoin as Legal property

Alicia Maher May 15, 2022 3 min read

On Friday, a Shanghai Court affirmed BTC as one with a property and economic value. The decision came following a lawsuit filed in 2020 at a Chinese District Court.

BTC Declared as a Property by Law

In late 2020, Cheng Mou filed a lawsuit against Shi Moumou, asking the latter return the BTC he had borrowed from him as a loan. Mou requested the court ask the defendant to pay up the loan, which the Judge promptly did.


trade now

The court ruled against Shi Moumou, and ordered him to settle his loan. However, he failed to honor the ruling, and leaving the case unresolved.

The case was taken to court. Mediation came after upon the case’s return to court. The court later found out that the defendant was no longer in possession of the contested BTC.  

The court, therefore reached a consensus with the plaintiff to be compensated at a reduction of BTC’s value at the time of the lending. It was here that the court acknowledged BTC as having proprietary value because of its rarity and value, therefore having property rights.

But, the court couldn’t name a definite amount of BTC to be given as compensation, given China’s long distressed history with cryptocurrency and the blanket ban on virtual currencies. Also, the asset’s value couldn’t be ascertained based on adjusted inflation because the authorities were limited in their inquiries due to the ban.

Why China Dislike Cryptocurrencies

China and crypto go way back. China’s FUD with BTC started long before the largest cryptocurrency crossed the $5k mark. Before its blanket ban, the country was once a leading force in the mining business. At one time, the country accounted for two-thirds of the global BTC mining. 

However, 2019 and upwards saw the government initiate series of clampdowns on the sector. Although no one can pinpoint why China hates crypto, the obvious reasons are that the assets pose risks. The country has to protect its citizens from becoming poorer. 

China’s methods to faze cryptocurrencies from its jurisdiction were simple and thorough. First, the government implemented a series of regulations, starting with a ban on using virtual assets as a medium of exchange in 2009. This was followed by a strict warning to financial bodies, preventing them from engaging in any form of BTC transactions.

The clampdown continued until many miners deserted the country in June 2021 after a ban on mining came into effect. Exchanges, such as Huobi, were also forced to abandon their operations for overseas countries.

In all those scenarios, BTC shed value. However, it rebounded each time. China’s BTC prohibition law benefitted overseas countries like the US. 

Trade Now

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Continue Reading

Previous: Coinbase To Ban Some Russian Accounts To Adhere To EU Sanctions
Next: Bitcoin Whale Breaks Silence After 8 Years, Transferring BTC Worth $30M

Related Stories

Bitfinex CTO Reveals El Salvador Will Debut Its Bitcoin Bonds This Summer
3 min read
  • Bitcoin (BTC)
  • Blockchain
  • Crypto Mining
  • Crypto Taxation
  • Crypto Trading
  • Cryptocurrency
  • News
  • Regulation

Bitfinex CTO Reveals El Salvador Will Debut Its Bitcoin Bonds This Summer

March 24, 2023
Crypto Community Rally Behind Coinbase Following SEC’s Enforcement Action 
3 min read
  • Blockchain
  • CBDC (Central Bank Digital Currency)
  • Crypto Trading
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • News
  • Regulation

Crypto Community Rally Behind Coinbase Following SEC’s Enforcement Action 

March 24, 2023
US Is Bracing Up For Crypto Reform Legislation – Former White House Official
3 min read
  • Bitcoin (BTC)
  • Blockchain
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News
  • Regulation
  • Web3

US Is Bracing Up For Crypto Reform Legislation – Former White House Official

March 24, 2023

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$27,724.00
-2.39%
ethereum
Ethereum (ETH)
$1,767.41
-2.98%
tether
Tether (USDT)
$1.01
0.19%
binancecoin
BNB (BNB)
$324.98
-1.82%
usd-coin
USD Coin (USDC)
$1.01
0.16%
ripple
XRP (XRP)
$0.431467
-2.61%
cardano
Cardano (ADA)
$0.363098
-2.66%
dogecoin
Dogecoin (DOGE)
$0.075847
-2.46%
binance-usd
Binance USD (BUSD)
$1.01
0.26%
polkadot
Polkadot (DOT)
$6.09
-3.83%

Recent Posts

  • Bitfinex CTO Reveals El Salvador Will Debut Its Bitcoin Bonds This Summer
  • Crypto Community Rally Behind Coinbase Following SEC’s Enforcement Action 
  • US Is Bracing Up For Crypto Reform Legislation – Former White House Official
  • Ark Invest Increases Its Holdings In Coinbase; Purchases $18 Million Worth Of Shares
  • Ex-Coineone Crypto Exchange Employee Faces Jail Sentence Over $1.47M Bribes
  • Majority Of OKB Holders Are In Profits – On-Chain Analysis
  • Fidelity Expands its Crypto Trading Service to Retail Investors Amid Banking Crisis
  • Ethereum Blockchain Introduces New URL Standard as an Alternative to HTTP Protocol
  • Algorand Foundation CEO Gives Reason For Coinbase’s Move To Halt Staking Rewards 
  • Belgium Regulator Sets To Impose New Crypto Ads Rules
  • What is Bitcoin Dominance and Why Does It Matter?
  • NatWest Imposes a Maximum Transaction Limit on Crypto Deposits
  • ChatGPT Lacks The Accuracy Required For Integration Into Security Review Procedure: Coinbase
  • General Bytes Moves to End Cloud Service Using Cryptocurrency ATM
  • Bitcoin Promises to Hit $1 Million with the Help of Central Bank Policies

Categories

You may have missed

Bitfinex CTO Reveals El Salvador Will Debut Its Bitcoin Bonds This Summer
3 min read
  • Bitcoin (BTC)
  • Blockchain
  • Crypto Mining
  • Crypto Taxation
  • Crypto Trading
  • Cryptocurrency
  • News
  • Regulation

Bitfinex CTO Reveals El Salvador Will Debut Its Bitcoin Bonds This Summer

March 24, 2023
Crypto Community Rally Behind Coinbase Following SEC’s Enforcement Action 
3 min read
  • Blockchain
  • CBDC (Central Bank Digital Currency)
  • Crypto Trading
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • News
  • Regulation

Crypto Community Rally Behind Coinbase Following SEC’s Enforcement Action 

March 24, 2023
US Is Bracing Up For Crypto Reform Legislation – Former White House Official
3 min read
  • Bitcoin (BTC)
  • Blockchain
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News
  • Regulation
  • Web3

US Is Bracing Up For Crypto Reform Legislation – Former White House Official

March 24, 2023
Ark Invest Increases Its Holdings In Coinbase; Purchases $18 Million Worth Of Shares
3 min read
  • Blockchain
  • Crypto Staking
  • Crypto Trading
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • ETF (Exchange Traded Fund)
  • News
  • Regulation

Ark Invest Increases Its Holdings In Coinbase; Purchases $18 Million Worth Of Shares

March 24, 2023
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%