Despite the government attack, we will continue with cryptocurrencies
The Supreme Court of the northern Chinese province of Shandong has ruled against cryptocurrencies.
The dispute concerned an funding of $10,756 by way of the plaintiff and the case filer.
The plaintiff filed a lawsuit over his buy of cryptocurrencies in 2017, but was amazed with the aid of the closing of his account by using the People's Bank of China in 2018 following Chinese anti-cryptocurrency decisions.
The central financial institution reconfirmed the ban on payment establishments that assist cryptocurrencies.
The Shandong Supreme Court upheld the ruling of the Jinan Intermediate Court in January this year.
The Jinan City Court viewed the plaintiff's declare of fraud unjustified, as cryptocurrencies lack legal status in the country.
This ruling was bolstered with the aid of the Shandong High Court on Sunday, as this court docket made clear that investing or buying and selling cryptocurrencies is not protected with the aid of law.
Contradictions in the provisions:
The aforementioned ruling contradicts another Chinese courtroom in Shanghai Province, where the ruling of the latter refers to the protection of digital intangible property.
The Minhang District Court in Shanghai has argued that Bitcoin is digital property.
This court made clear that bitcoin is an exclusive, exchangeable, digital asset.
However, the Shanghai Minhang District Court also highlighted Bitcoin's lack of regulatory ground.
According to the regulators in China, Bitcoin has a strong trade valuation status, however it falls brief of economic properties, which leads to an unsatisfactory case for its use as a forex in the country.
The bottom line is that the regulatory troubles for cryptocurrency in China are no longer excellent at all and are transferring towards a complete ban, and this may want to be in practise for the launch of the digital yuan, which will be reachable soon.