People’s Court In China Says Bitcoin Is A Virtual Asset

Recently, a court argument between a foreign couple and 4 BTC thieves has come to a culmination. As per Baidu news, the Shanghai Intermediate People’s Court overtly declared a plea for a Bitcoin foreign property damage indemnification row on 6th May.

The second Court trial’s findings indicated that Bitcoin is a digital asset and should be protected by the law. As per the local news source, all Bitcoin gained through unlawful means need to be paid back or compensated at a markdown.

As per the report, a foreign couple in Shanghai, Xiaoli and Pete Wang, were mugged at their apartment by 4 individuals in 2018. The muggers forced them to transfer their virtual assets to the mugger’s accounts.

The reporter mentioned,

“These four used methods of controlling the couple’s mobile phones, restricting their freedom, beating and threatening them and forcing the two to transfer all the 18.88 bitcoins and 6466 sky coins they own.”

Throughout the initial court hearing, the swindlers articulated their inclination to give back the crypto they stole from Xiaoli and Pete Wang. The Chinese court sentenced the swindlers to between six and a half months to eight months of custody for the misconduct.