Chinese court rules that cryptocurrency is not protected by law

A High Court in China’s province of Northern Shandong has ruled that cryptocurrency is ‘not protected by law’, after reviewing a case involving virtual tokens. This ruling can set a precedent for bitcoin lawsuits in Chinese courts, especially in view of the fact that investment and trading in digital assets such as bitcoin is banned in the country. In this case, the plaintiff had invested US$10,756 to buy tokens in 2018 under the endorsement of his three friends. However, the accounts were later closed after the central bank reiterated the ban on crypto transactions.