The Shenzhen Futian District People’s Court (Guangdong province) declared ETH to be a legal property. The court acknowledged the fact that ETH has an economic value, and should be protected by Chinese laws as a kind of property. This means that people can now hold and transfer Ethereum.
The important thing is that cryptocurrency is still not legal tender in China. So it cannot be used to make payments.
This decision appeared as a result of court trials with Mr. Li who stole ETH worth about 6,000 Chinese yuan ($846) from his former employer Haode Trade.
This is not the first time when cryptocurrency is declared a legal property. A number of Chinese courts before ruled the same way:
2018, the Shenzhen Court of International Arbitration (Bitcoin);
2018, the Shanghai Hongkou District Court (Ethereum).
So, another great event for Ethereum and the Crypto World in general! Congratulations to Chinese crypto enthusiasts!
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