China’s Hangzhou Internet Court has declared Bitcoin as a legally recognised virtual property and said that it should be protected in accordance with Chinese regulations.
The court said in its ruling that “the digital currency thoroughly meets the criteria of a virtual property’s definition as it is scarce, has value, and is disposable too. Moreover, all those who hold BTC will find themselves protected by the legal system of the nation,” as reported by The Beijing News.
The court announced this while giving its ruling for the first case of the bitcoin property infringement which was filed a couple of years ago.
The Hangzhou Internet Court was established in August 2017. The Court was formed to tackle internet-based cases in China.
China had previously banned crypto trading as well as Initial Coin Offerings (ICOs) in the year 2017.
Though Bitcoin, didn’t get the status of the legitimate currency, it’s been given the status of a commodity with equivalent property rights.