A statement by a Chinese provincial high court that “investing or trading cryptocurrency is not protected by law” may set a precedent for other courts in China. The statement was made following the court’s review of a case involving virtual tokens. In the case, the plaintiff invested 70,000 yuan (US$10,756) to buy tokens endorsed by three friends in 2017, but the accounts were closed after the People’s Bank of China, the central bank, reiterated the ban on payment institutions supporting cryptocurrency transactions in 2018. An intermediate court had ruled in January 2021 that the plaintiff’s legal action was untenable because the tokens did not have legal status.
CH-019171 (Webpage Portal) 2021-08-23 (Published) 2021-08-26 (Updated)