Since Cryptocurrency has been gaining popularity, thanks to tweets made by CEOs of renowned institutions, Cryptocurrency is the trending news all over the globe. News such as ban of cryptocurrency in some countries, crime related to cryptocurrency, news talking about cryptocurrency exchanges and their functions in various countries has been all over the place. One such trend that we will be focusing here is “Ban of Crypto Currencies in various Countries.”
Why did China ban Cryptocurrency and how did they implement the ban?
Picture Credits: Investing.com
China is one among the most powerful countries with strong factors of productions such as economy, labour, capital and market. When Cryptocurrency came into trend, an economically strong country announced ban on the use of cryptocurrency. The major reason for the ban was to protect the investors from fraud and money laundering. The ban was followed in phases. First the country prohibited the financial institutions from engaging in any kind of transactions that were based out of crypto. Then it banned all the domestic mining. Finally, they abolished the concept of cryptocurrency outrightly.
Shanghai’s People’s High Court’s intervention.
A new revolution began with a dispute over one bitcoin. Cheng Mou launched a lawsuit against Shi Moumou to get his one bitcoin back. On October 10, 2020, the case was first filed at Shanghai’s Baoshan District People’s Court. Moumou was ordered by the district court to repay the bitcoin. However, Moumou did not comply with the court’s judgement, and the case was transferred to the top court.
The Shanghai’s People’s High Court verdict:
Picture Credits: Cryptoknowmics
The high Court recognised bitcoin to be a valuable virtual asset. As a result, Shi was ordered to repay the bitcoin to Cheng within 10 days. Shi, on the other hand, refused, and the court arranged for the issue to be resolved through mediation between the two parties. Several lawyers across the country expressed their views on the court’s ruling. “The High Court’s remark will have considerable relevance as a reference judgement for civil issues concerning bitcoin in the Shanghai Area,” one lawyer named Liu Yang said.
How did the court contradict the Chinese Law?
The law of the land was made to ban all types of cryptocurrencies from the market. But, the High court’s decision has come as a respite for the investors who are siting idle in China. Whether the Chinese law will be amended according to the high court’s decision or whether the higher court in the country will give out a verdict in support of Chinese law, only time will answer.
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