People’s Court in China Says Bitcoin Is a Digital Asset

A legal dispute between an international couple and four bitcoin thieves has ended. According to the court, bitcoin is digital assets and should be protected by law.

07 May, 2020 | AtoZ MarketsYan Dong, Lu Fang, Zhang Fei, Fu Yun (Malaysian nationality) robbed at the residence of Pete (American citizen) and his wife Wang Xiaoli on June 12, 2018. The robbers forced the couple to transfer the 18.88 bitcoins and 6,466 sky coins to the attacker’s accounts.

 Shanghai First Intermediate People’s Court yesterday announced an appeal for a Bitcoin foreign property damage compensation dispute. The findings of the second court trial indicated that bitcoins are digital assets and should be protected by law. All illegal bitcoins should be returned or compensated at a discount.

The Court Decided to Return or Discount All Crypto

At the first hearing, the group of four expressed their desire to return the bitcoins and sky coins obtained from Pete and Xiaoli Wang. The court sentenced the robbers to six months, fifteen days and eight months in prison for the crime of illegal detention. The court also ruled that if the robbers were unable to return the same crypto, they should instead return the local currency valued at the same BTC price.

However, Yan Dong and four others refused to accept it and appealed to the Shanghai No. 1 Intermediate People’s Court. These four believe that “current Chinese laws do not recognize the property attributes of Bitcoin and Skycoin. The law does not consider Bitcoin and Skycoin as objects or property in the legal sense of the term in China. Therefore, Pete and Wang Xiaoli do not have the right to request the restitution of property rights “.

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After almost two years of battling in court, the couple finally gave up retrieving their Skycoin. They continued to insist that the court should order the return of their bitcoin. The Court also finds that the behaviour of four violated the rights of Pete and Wang Xiaoli to the possession, use, profit and disposal of bitcoins. According to current criminal rulings, Yan Dong and four others voluntarily returned the property obtained from Pete and Wang Xiaoli. Therefore, regardless of the legal provisions, robbers must return the disputed bitcoin to Pete and Wang Xiaoli.

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