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[Yusra31]

According to the South China Morning Post the high court in China's northern Shandong province issued a public statement on Sunday stating that cryptocurrency is not protected by law. After evaluating a case in which the plaintiff spent 70,000 yuan (10,799$) in crypto tokens recommended by his friends in 2017 the court came to this judgement. The accounts were eventually cancelled in 2018 after China's national bank the People's Bank of China (PBOC) restated its prohibition on financial institutions interacting with cryptocurrency transactions.

An intermediate court in Jinan Shandong's capital city determined in January that the plaintiff's fraud claim was unfounded since crypto assets were not legally recognised in China.The plaintiff filed an appeal but the court affirmed its decision in March.

 

[Niftyicon]

It was quite unfortunate the man had such an experience and I am almost certain that many more people shared that exact fate with the ban placed by the country.

 

[Mariappa45]

That's a pity for the man whose cryptocurrency asset was frozen by his Chinese country. Since China banned it, it isn't possible for him to retrieve his frozen asset.

 

[SCAMEXPOSER]

China has been supporting cryptocurrencies for a while I didn't give reasons that it wasn't back by the law but when they had the chance to freeze someone's coin they are quoting. Laws. I don't think.it a good decision

 

[Flower]

I have always known that cryptocurrency is not protected by law due to it's decentralized nature. The government would use the law as a weapon to control the crypto market.

 

[BullyMaguire]

They should allow their citizens to sell of their coins before the total ban.. not take their Cryptocurrency or freeze their accounts.. that's just unfair and they're too controlling

 

[Flower]

They should allow their citizens to sell of their coins before the total ban.. not take their Cryptocurrency or freeze their accounts.. that's just unfair and they're too controlling

I have never had that the Chinese government froze people's crytpo Wallet. That's very unfair and it's definitely not the best thing to do at this pandemic era when people are short of funds.

 

[BullyMaguire]

I have never had that the Chinese government froze people's crytpo Wallet. That's very unfair and it's definitely not the best thing to do at this pandemic era when people are short of funds.

They should give a time limit for the people to sell of or they will do their job to enforce the new law regarding the ban.. then they can arrest those who doesn't comply by then

 

[Brain]

That's a pity for the man whose cryptocurrency asset was frozen by his Chinese country. Since China banned it, it isn't possible for him to retrieve his frozen asset.

That's it I don think he will be able to get his coins back. This is disheartening for him. I'm sure others will be in this situation too with him.

 

[Mariappa45]

That's it I don think he will be able to get his coins back. This is disheartening for him. I'm sure others will be in this situation too with him.

It's a sad one, I am seizing on his present feelings, it's too disheartening. Others too are still in same loggerhead, it wouldn't be possible for them due to China BTC ban.

 

[Wisdom01]

I don't know why they are not seeing the benefits attached , because they can't just expect crypto to be protected by law since it's not centralized , I really don't understand their remark

 

[Kennysplash]

I don't know why governments will see something beneficial to it's citizens and decide to place ban on it. Cryptocurrency has been known to bring in profits to investors. But it seems they are not happy about it, it always puzzles me.

 

[SCAMEXPOSER]

I don't know why governments will see something beneficial to it's citizens and decide to place ban on it. Cryptocurrency has been known to bring in profits to investors. But it seems they are not happy about it, it always puzzles me.

It is the financial experts in the government that will definitely advise the government on what to do, we can still recalled when the central bank of Nigerla and Nigerla Security exchange commission had counter views on legalizing and adopting cryptocurrencies in the country.

 

[btaliat]

Though since it has been affirmed by the law, there is nothing the man had to do than to just abide by the court decisions. This is one of the reasons some people may easily lose interest in cryptocurrency. Government always come with different policies to freudtrste the participation of their citizens.

 

[Slaky12]

I don't know why they are not seeing the benefits attached , because they can't just expect crypto to be protected by law since it's not centralized , I really don't understand their remark

Yes cryptocurrency are not support by china due to high risky I guess that why cryptocurrency are not approved by the law

 

[Wisdom01]

Yes cryptocurrency are not support by china due to high risky I guess that why cryptocurrency are not approved by the law

Yeah the high risk concept of cryptocurrency is really the reason , I think many have seen that crypto currency comes with huge risk and if they don't invest with caution more losses would be made

 

[Gamer01]

Yes you are right crypto is always an dangerous and risky business and people can easily loose thrir life savings in it actually to be honest , that is why it must be maken sure that risk is minimum when dealing with cryptos actually indeed to be honest .

 

[IB DD]

There actually wasn't any point going to court over something that the country considers illegal. There was actually no case there and the court acted right. We only hope that one day, crypto would just be delegalised in China as it would have a great effect on the course for mainstream crypto adoption.

 

[GoldenLady]

It's sad that people lose money this way because some people feel crypto would be a loss for their government. With the recent Bitcoin ETF approval, maybe more countries would be willing to give cryptocurrency a chance.