A recent Chinese ruling in a court located in HangZhou China has upheld Bitcoin’s status as virtual properly and legal to own in China, indicating to holders that they will be protected by the country’s legal system.
The case stems from a complaint by a bitcoin buyer who purchased $2,900 worth of Bitcoin (BTC) from a store in TaoBao, operated by Shanghai technology Company in 2013, which the former was unable to access due to the latter closing down.
However the plaintiff lost the case as it was unable to prove that Shanghai Tech was the owner of the store that sold the Bitcoin that cannot be accessed anymore.
Despite the lost the case was an important ruling on the legality of Bitcoin which according to the court holds the attributes of property, valuable, scarce and disposable recognizing it as virtual property.
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