Shanghai Court Rules Ethereum is Protected Under Property Laws

Altcoin News | Crypto News | Latest News

Shanghai Hongkou District Court has declared that Ether is protected as “general property” by law.

The statement was a result of an unjust enrichment case filed by a tech company in Beijing.

In September 2017, crypto companies in China started closing their doors after China banned ICOs and crypto exchanges. Caught in the middle of the ban was a company, headquartered in Beijing, which had released its tokens to raise Ether and Bitcoin in August 8, 2017.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

However, the company reimbursed the funds to investors as early as September 4, 2017. Four days later, the company sent 20 ETH to a man named Chen, instead of an investor, due to “operational errors”. The company reached out to Chen and tried to contact him through text messages and legal letters. When it was clear that Chen was unwilling to cooperate with the company, an unjust enrichment case was filed.

Chen was able to justify his position by pointing out that Ether, as well as other cryptocurrencies, were not recognized as legal currency. Furthermore, China had banned the circulation of these virtual currencies completely. However, the court clarified that while both these statements were true, the country still considered Ether to be protected under the property law. Therefore, in June 2018, the court ruled in favor of the company.

The lawyers representing the company listed three important points for such cases in the future. Firstly, even though cryptocurrencies are banned in China, the country still supports crypto unjust enrichment cases under the Civil Law.

Secondly, the accused must be identified by the court under the Civil Procedure Law. Since the use of cryptocurrencies allow people to remain anonymous, it can result in legal problems. In this case, the company must maintain a digital chain of custody, such that they are able to submit communication records (from social media applications) to the court. Luckily, the tech company had sent Ether from two different companies, Nanchang Digital Network Technology Co. Ltd. and Hangzhou Rongzhi Technology Co. Ltd., which helped them in winning the case. However, it is advised that transactions should be completed via crypto exchanges, which already require users to fill personal details.

Thirdly, if funds are transferred to an account located abroad, the laws of the place where unjust enrichment has occurred are used.

THE COMPLETE IDIOTS GUIDE TO MARGIN TRADING ON BITMEX - Beginner Strategies for Generating Consistent Profits with Margin Trading on Bitmex

TOP 3 BITCOIN CASINO & SPORTSBETTING SITES OF 2018 - Looking to Have a Little Fun with Your Crypto? Check Out the Latest & Most Innovative Crypto Gaming & Sportsbetting Sites on the Web

Earlier in September 2018, China’s Supreme Court stated that blockchain evidence is now legal and admissible in court.

 

Syndicated by CCN

Leave a Comment

Latest Crypto News

CNBC Analyst Predicts Bitcoin Price Is ‘About To Explode Due to ETF Buzz

Bitcoin Breakout ‘Only a Matter of Time’

Bolstered by stable trading volume, growing network activity, and increasing validation on Wall Street, the bitcoin price could be on the brink of a major move to the upside. eToro senior market analyst Mati Greenspan

Tether Found a New Bank, and it Might be in the Bahamas

Tether Found a New Bank, and it Might be in the Bahamas

Tether, the controversial issuer of the USDT cryptocurrency, may have found a new banking partner in the Bahamas. Tether May Have a New Bank As first reported by The Block’s Larry Cermak, Tether — whose USD-pegged cryptocurrency

Bitcoin: This is the Quiet Before The Storm

Bitcoin: This is the Quiet Before The Storm

The air feels different during the autumn, which is around the corner here in the northern hemisphere. I must admit, I really enjoy walking down the street when it’s covered in colorful leaves. Can’t really

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$6,481.10
-0.88%
2
Ethereum
Ethereum
$202.97
-1.89%
3
XRP
XRP
$0.4536
-2.95%
4
Bitcoin Cash
Bitcoin Cash
$434.74
-2.93%
7
Litecoin
Litecoin
$52.396
-2.13%
9
Cardano
Cardano
$0.074669
-3.83%
6
Stellar
Stellar
$0.2350
-2.31%
15
NEO
NEO
$16.497
-0.84%
5
EOS
EOS
$5.355
-0.99%
12
IOTA
IOTA
$0.4929
-3.49%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World


Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK