- A Chinese Court announced that crypto is not protected by law.
- Multiple cases are rolling in China about digital currencies.
A Chinese Court announced that crypto is ‘not protected by law.’ This comes amid a ruling that could set a pattern for other Courts in China.
According to reports, the decision came while the Court was treating a case that included a possible fraud related to the purchase of crypto. More so, the Court said in a report that “investing or trading crypto is not protected by law.
In addition, this move could be another vital shock to China’s crypto industry. Just like the recent crackdowns on crypto mining across the country. Aside from this, the report added that the Chinese plaintiff bought tokens worth $10,800 from three of his associates in 2017. But got their accounts closed after the People’s Bank of China banned crypto payments in 2018.
A local news said multiple cases are rolling in China about crypto. In January 2021, a court in Jinan ruled that the plaintiff’s fraud charge was not tenable due to the crypto’s legal status. Jinan city’s branch court braced the decision when the plaintiff pleaded in March.
Of note, financial payments related to crypto have been illegal in China since 2013. Also, in May, China stated its crackdown on crypto mining. As a result, it led to reports of miners relocating overseas.