Chinese Court Finds Ethereum Legal Property
A court in the Chinese city of Shenzhen has recognized that Ethereum cryptocurrency is a property protected by law. Also, it follows from the ruling that citizens of the PRC can possess and use cryptocurrency.
The decision was made during the ETH theft trial. The defendant Li, a former Xinyijia engineer, participated in a project with Haode last year. As a result, he gained access to the Haode account on the imToken platform.
After a while, Li was fired due to a lack of professional suitability. Such a decision of the company made him upset, and using the official access he withdrew 3 Ethereum coins, 4 million Haode tokens, and after a while, 0.4 ETH from the corporate account.
The court sentenced Li to seven months of imprisonment and a fine of 2,000 yuan, besides, Li would have to pay the company $5537 yuan damages.
The court ruled that cryptocurrency assets have economic value and citizens have the right to sell them publicly.
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