Minhang District Court of Shanghai has stated that Bitcoin should be considered a virtual property protected by Chinese law, which makes it exchangeable and exclusive.
In the released article on the official Wechain account, the court has described a case in which a purchase contract between a plaintiff and a defendant has been reviewed. The plaintiff had bought mining rigs from the defendant online but after the People’s Bank of China had cracked down Bitcoin and gone after cryptocurrency mining in general plaintiff requested a refund.
The court rejected the claim, stating that Bitcoin is a virtual commodity, so the purchase contract was valid.
