Litecoin

The high court, Beijing Number One Intermediate People's Court in China, has found that Litecoin is protected by Chinese property law. In a civil decision involving Litecoin, a Chinese court has ruled that locals are permitted to trade cryptocurrencies – but not use them as a substitute for money.The court’s decision was part of an appeal case over a Litecoin repayment issue. In this case, appellant Ding Hao refused to accept an initial trial judgment to return a larger amount of Litecoin borrowed from the plaintiff, Zhai Wenjie. The appellant argued that cryptocurrency trading is not protected by law in China. The first trial ordered Ding to return 33,000 LTC to Zhai for the inital borrowed amount.Zhai argued that cryptocurrencies are essentially virtual assets, and their transactions in Litecoin were loans between friends and did not fall in the scope of investment and financing practices, and therefore should be protected by property law. Specifically, in accordance with Article 32 of "Property Law of the People's Republic of China" the same as where within the law has protections on the protection of data and virtual property.The court rejected the appeal, and upheld the original verdict ordering Ding to return Zhai 33,000 Litecoins.The high court issued a statement affirming that trading or investing in cryptocurrency is not protected by law, citing crypto assets’ lack of legal status in China. The ruling infers that its citizens may trade in crypto. All thanks to the lending of some Litecoin.

A Court in China finds that Litecoin is protected by Chinese property law.

litecoin

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