ETH digital currency is given property status by a China court ruling which has made digital transactions more flexible, i.e., Chinese citizens are NOT barred from owning and transferring these digital assets.
This is according to the recent ruling by Shenzhen court in China, Etherium [ETH digital currency] is a property with economic value and protected by the law.
The decision was sparked off by a criminal offense committed by a Blockchain engineer by the name of Li.
Private keys and codes for the Haode Star project
Reports have it that Li was contracted by the plaintiff in 2019 but was found to be incompetent during his probation period. However, Li was not happy with his termination, and as he had the private keys and the payment codes for the Haode Star project. He hacked into the company’s imtoken account and robbed 3.3 ETH and 4 million Haode coins before moving them to his OKEx and Imtoken accounts.
Even though Li had returned what he stole, however, his criminal act is still not forgiven, as The Shenzhen judge sentenced him to seven months in jail and 2,000 Yuan ($282) in the penalty, and directed 5536.99 Yuan ($781) to be refunded as damages.
ETH digital currency considered as property
The world of cryptocurrencies has its eyes focused on Chinese regulators and their effect on the value of digital assets. Although cryptocurrency exchanges and initial coin offerings (ICOs) are banned from mainland China, President Xi Jinping has explained that blockchain is a big part of the country’s ambition to become a world tech giant.
It is, however, vital to note that Chinese legislation does not differentiate between assets and property connected rights under which Etherium, a valuable digital commodity, may be viewed as possessing all properties.
President Xi Jinping of China in October of 2019 stated that blockchain and technological improvements as Artificial Intelligence would be welcomed and integrated into the country’s critical sectors. This speech temporarily hiked the prices of Bitcoin and Altcoins in that same year.
The “Crypto China Law” came into effect on 1 January 2020 following the ratification by the Standing Committee of the 13th National People’s Congress in October 2019. Further developments in the so-called China Crypto Saga are constantly evolving for the ETH digital currency, as well as for other cryptocurrencies.