The Minhang District Court in Shanghai stated that Bitcoin is a virtual property protected by Chinese law, which is disposable, exchangeable and exclusive.
The article disclosed a case in which the plaintiff purchased Bitcoin mining machines from the defendant through the Internet. Later, the plaintiff believed that the People's Bank of China had cracked down on Bitcoin and therefore the transaction was illegal and claimed that the contract was invalid and required a refund. The court held that Bitcoin has the attributes of a virtual commodity, so the sale and purchase contract was valid, and the court rejected the plaintiff's claim.
However, a judge in Jinan, another region of China, has previously stated that the purchase of virtual currency is not protected by law in my country, and related agreements signed thereby are also not protected by law.
Other News
1. China Weibo has launched a new round of banned accounts. In addition to Justin Sun, more than 10 accounts involving cryptocurrencies with a total of millions of followers have been blocked. Justin Sun's Chinese social media (weibo) was blocked again.
2. The Chinese community found that Binance resumed the registration of Chinese mobile phone numbers after suspending for two weeks. Due to the uncertainty of China's regulatory policies, the exchange's restrictive policies are often in constant change.
3. HongKong police arrest 19 over cryptocurrency scam. Prior to this, the British police also arrested a number of Hong Kong people on the StableMagnet rugpull case. Tam said scams involving cryptocurrency have become more common, with 496 such cases in Hong Kong in the first half of this year – more than the total recorded in 2020.
4. Hong Kong Initium Media stated that it has become the first Chinese media to support cryptocurrency payments today. It currently supports BTC ETH BCH LTC DAI USDC DOGE and Coinbase wallet.
5.Huobi cooperated with Latamex to provide fiat and cryptocurrency exchange services for 600 million people in Latin America. HECO initiated the first node governance and returned more than 5 million U.S. dollars recovered from the DDEX incident
6.Rivermen, a meta-universe project depicting the most splendid oriental culture in the Song Dynasty, sold out in three days. A total of 10,000 units are priced at 0.04 ETH each.
7.The Court of Jiangsu Province disclosed a case in which someone stole electricity for Bitcoin mining, totaling about 4,000 US dollars, sentenced to one year and four months in prison, suspended for one year and six months, and fined 500 US dollars.
8.The Chengdu police in China filed a case against 6 people suspected of using GUCS Kirin mining machine and virtual currency to commit crimes. Chengdu is the center of China's cryptocurrency mining.
China Crypto News （Aug 9 to Aug 16）Hacking and Counterattack
China Crypto News （Aug 3 to Aug 9）Stop or Hit
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