Supreme Court of China believes that cryptocurrency property rights should be strengthened.
According to a July 22 document, China’s Supreme Court has called out for strengthening the protection of property rights pertaining among other things “digital currency, network virtual property, and data.”
The official court opinion aims to:
“promote the improvement of a modern property rights system with clear ownership.”
The document also mentions the intention to strike against the:
“use of public power to infringe private property rights, illegal seizure […] and freezing of private enterprise property.”
The court’s statement have also called out for punishing all types of infringement on property rights, including embezzlement and sale of state-owned and public assets while promoting improvement of asset management and supervision.
Bitcoin (BTC) and other cryptocurrency assets are getting increasingly recognized as property in many legislations around the world.
Bitcoin in China was legally recognized as property by a court in October 2018 and once again in July last year.
Meanwhile, in 2018, a Dutch court found that Bitcoin was a “transferable value” under existing property law in the course of a bankruptcy case while other jurisdictions see cryptocurrency as a form of money.
In May 2016, Japan became one of the first countries to officially recognize Bitcoin and digital currencies as money.
In February 2019, the state of Wyoming passed a bill allowing cryptocurrencies to be recognized as money.
In similar way, a French commerce court classified Bitcoin as a currency during a trial in March.