Cryptocurrency Is Virtual Property That Is Protected by Law, Chinese Court Rules – Regulation Bitcoin News

Cryptocurrency Is Virtual Property That Is Protected by Law, Chinese Court Rules – Regulation Bitcoin News

A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency.

‘Financing Behaviour Prohibited by the Law’

An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant administrative regulations only prohibit the circulation of virtual currency or its use as a currency.

The Beijing-based court’s ruling followed an appeal by Chinese resident Ding Hao who wanted it to quash the lower court’s ruling in a case in which he is accused of failing to return 33,000 litecoin (LTC) as per an agreement with Zhai Wenjie.

According to a document released by the court, on December 5, 2014, Hao received 50,000 LTC from Wenjie and was obliged to pay this back in four batches. The last repayment of 8,334 LTC was supposed to have been paid by October 15, 2015, the court document shows.

However, citing regulations issued by the Bank of China and other relevant departments which state that virtual currency is not protected by the law — Hao argued that the lower court erred when it ruled in favor of Wenjie. In addition, Hao tried to cast his loan agreement with Wenjie as a “financing behaviour prohibited by the law’ and therefore it should not be protected by the law.

LTC Is a Network’

Nevertheless, in rejecting Hao’s assertions, the Chinese intermediate court insisted that the regulations cited by the defendant are merely “regulatory opinions” and that these in no way diminish his obligations.

Concerning the cryptocurrency, the court determined that while LTC is a “network currency” it still lacks key properties of a currency such as “legal compensation and compulsion.” The cryptocurrency, however, has the characteristics of virtual property and according to the court, Wenjie is entitled to rights that come from possessing such property.

“The court held that litecoin has the properties of virtual property and virtual goods … Zhai Wenjie can enjoy the corresponding property rights and the basis of the property right claim,” the court document states.

Consequently, the intermediate court ruled that the decision of the lower court would stand, and that Hao must return the outstanding 33,000 LTC to Wenjie. Bitcoin.com News reported on a similar story from China involving bitcoin earlier this year, in May.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Chainlink Remain Strong As Alligator Flashes Relief, Is $10 Possible?

Chainlink Remain Strong As Alligator Flashes Relief, Is $10 Possible?

After showing so much strength as the price rallied to $52, cracking up an all-time high, the price of Chainlink (LINK) saw a decline to its present value of $7 against tether (USDT). Despite the uncertainties about where the market would be headed, only a few have shown strength as Chainlink (LINK) remains in the spotlight. (Data from Binance)

Chainlink (LINK) Token Price Analysis On The Weekly Chart 

LINK saw a decline in its price from its all-time high of $52 to around $6, with an over 70% drop from its all-time high despite having good fundamentals. The price of LINK has since struggled to have a relief bounce from its weekly low.

The price of LINK bounced off after touching a weekly low of $6, and the price rallied to $10 before suffering a setback in price as it faced rejection, and the price has continued to range in this region.

LINK’s price maintained a downtrend structure with a downtrend line acting as resistance for the price of LINK, but this resistance has been broken with what seems to be a glimpse of hope, possibly to the upside of the price.

The price of LINK continues to face resistance to break higher at around $8, a break and close for LINK price in the region of $8-$9 acting as resistance; we could see the price of LINK rally to a high of $10-$12.

If LINK fails to break above these resistances, we could see the price retesting the support at $6, acting as a demand zone for LINK prices.

Weekly resistance for the price of LINK – $8-$9.

Weekly support for the price of LINK – $6.

Price Analysis Of LINK On The Four-hourly (4H) Chart

Four-Hourly LINK Price Chart | Source: LINKUSDT On Tradingview.com

On the four-hourly timeframe, the price of LINK continues to show great strength as the price breaks above the William Alligator indicator showing a possible trend reversal. 

The price of LINK broke to the upside of the indicator with strong volume as the price has continued to hold above the indicator. The three moving averages of the Alligator Indicator support the price of LINK in the 4H timeframe. 

The price of $7.5 that correspond to the indicator acts as a support for the price of LINK, preventing it from retesting lower support on the 4H chart. If the price of LINK fails to hold this support, we could see the price retesting the support at $7.

The Relative Strength Index (RSI) for LINK is above 50 on the daily chart, indicating moderate buy order volume. 

Daily resistance for the LINK price – $9-$10.

Daily support for the LINK price – $7.5-$7.

With LINK getting partnerships and developers continuing to build, this will help the price of LINK hold strong in the current market condition.

Featured Image From NewsBTC, Charts From Tradingview 



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The advantages of decentralization in Web3

The advantages of decentralization in Web3

With the convenience of centralization seemingly threatening the original crypto vision, decentralization will still help escape a potential dystopian future, according to a panel discussion at the DeData Salon 2022 conference held in Berlin, Germany. 

Cointelegraph’s editor-in-chief Kristina Cornèr moderated a panel discussion dubbed “Shaping The Next Economic Era With Web3 Technology.” Panelists included Paul Claudius, the co-founder of DIA; Hoon Kim, the chief technology officer of the Astar Network; Matt Gurbiel, growth manager at Redstone Finance and Riccardo Lamanna, the founder of OpenQ.

Cornèr, Lamanna, Gurbiel, Kim and Claudius at the DeData Salon 2022

While the panel discussed various topics, one of the highlights was the decentralization of Web3. Cornèr asked the panelists to share their perspectives and stances on the topic and what advantages decentralization brings to the table. 

Responding to the question, Claudius pointed out that decentralization is imperfect when it comes to the technological side of things. However, the Web3 executive believes that it is already working in terms of governance and cited decentralized autonomous organizations (DAOs) as an example. Claudius explained that:

“On the governance level, I believe decentralization we see today is already working, at least partially because there are so many people building and everyone can take a role in the governance process.”

Kim also gave his thoughts, mentioning that he equates decentralization with the word “freedom,” but despite this, the executive believes that there should be a balance between centralization and decentralization in Web3. He said: 

“There’s definitely value in centralization for certain things. So making everything decentralized is like a kind of total anarchy. And there’s also the other way around where total centralization is essentially a dictatorship.”

When asked about the percentages on which he would pick a split between decentralization and centralization, Kim chose to give a 30% to 70% split in favor of centralization. According to Kim, a majority of people will still choose centralization because of the conveniences that it offers. 

Related: CV Summit 2022 panel: The importance of accessibility and community education

Gurbiel offered what he describes as a more philosophical perspective on the topic. According to the executive, decentralization is a way to avoid a dystopian future controlled solely by corporations. He explained that:

“I think this is the big hope behind decentralization. It’s so that we can identify those places in society [and] in the world in general that hold too much power and be able to offset them by decentralizing the tech stack, decentralizing the power, the voting power.”

Meanwhile, Lamanna circled back to the entire theme of the DeData conference, which is data ownership in the Web3 economy. Lamanna highlighted that decentralized data ownership can prevent data breaches like the Cambridge Analytica incident where user data wa exploited. 



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New Ethereum PoW Fork Gathers 60 Terahash From Well Known Pools, ETHW’s Price Shudders 39% in 24 Hours – Bitcoin News

New Ethereum PoW Fork Gathers 60 Terahash From Well Known Pools, ETHW’s Price Shudders 39% in 24 Hours – Bitcoin News

Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoW) roughly five different crypto assets were the main beneficiaries of Ethereum’s former hashrate. However, 24 hours after The Merge, anonymous developers launched an Ethereum PoW fork called ETHW and the fork has managed to garner 60.92 terahash per second (TH/s) of hashpower. However, ETHW has lost a considerable amount of fiat value, dropping 90.72% from the crypto asset’s all-time high (ATH). The newly launched coin has shed over 39% in value during the past 24 hours.

ETHW Chain Is Now Live, Exchanges Announce Support

Ethereum’s transition to PoS has bolstered Ethereum Classic’s hashrate and a small handful of other crypto assets that leverage the Ethash algorithm. The transition has also created a new PoW fork of Ethereum called ETHW, and in prior articles published by Bitcoin.com News, ETHW did not officially exist.

The blockchain is now operational and according to reports, the ETHW project had a few hiccups while starting the network. It was reported that the ETHW core developers mistakenly leveraged a Chain ID that’s tied to the Smart Bitcoin Cash Testnet.

The mistake caused observers to ridicule the project, but others said that it did not matter that the blockchain devs chose a Chain ID already in use. While the blockchain was in the midst of launch, the ETHW team has been announcing exchanges and mining pools that support the new fork.

On Friday morning (ET), ETHW’s Twitter account tweeted about Huobi, Poolin, Kraken, Dex Screener, Bitrue, Kyber Network, and Math Wallet supporting the new ETHW asset. However, during the last day, the ETHW token has shed more than 39% in USD value and ETHW is down 90.72% from its ATH.

ETHW Loses Close to 40% in USD Value in 24 Hours, Chain Gathers Roughly 60 Terahash of Computational Power, Ethereum Classic Still Reigns PoW Champ

Out of more than 12,000 crypto assets in existence, ETHW’s market cap is ranked #2,666. Data shows on September 16, that ETHW has seen $113.38 million in global trade volume during the past 24 hours. It also tapped an all-time low 14 hours ago, as ETHW crashed to $9.04 per unit today. 24-hour trading range stats show ETHW has traded for prices between $9.04 to $23.33 on Friday. During the past hour, ETHW’s price has fluctuated between $11.94 per unit and $12.27 per unit.

New Ethereum PoW Fork Gathers 60 Terahash From Well Known Pools, ETHW’s Price Shudders 39% in 24 Hours
ETHW hashrate on September 16, 2022, according to 2miners.com statistics.

The ETHW project has managed to gather roughly 60.92 TH/s of Ethash hashpower from The Merge. This means ETHW’s hashrate is only 26% of the size of Ethereum Classic’s hashrate at 232.51 terahash per second (TH/s). ETHW’s USD value only represents 36% of ethereum classic’s (ETC) U.S. dollar value when it used to be closer to parity, two days ago.

While ETHW is ranked #2,666, ETC is ranked #19 on September 16, and ETC has $1.46 billion in global trade volume during the past 24 hours. Today, there are two Ethereum-based PoW alternatives but ETC is the reigning champ by price and trade volume alongside the hashrate which is three times larger.

Tags in this story
2miners.com, 60 Terahash, Antminer E9, Antpool, Binance, Bitfly, Chain ID, ETC, ETH fork, Ethereum Classic, ethereum classic (ETC), Ethereum Classic Hashrate, Ethereum Fork, Ethereum PoW, ETHW, ETHW core developers, ETHW Hashrate, ETHW price, F2Pool, Flexpool.io, ftx, Huobi, Poloniex, Poolin, PoW version of Ethereum, Proof of Work, Proof-of-Stake, The Merge

What do you think about ETHW’s recent price action and the 60 TH/s of hashrate the network has managed to gather since The Merge? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Dogecoin Re-enters Crypto Top 10, But Price Continues To Struggle

Dogecoin Re-enters Crypto Top 10, But Price Continues To Struggle

Meme coin Dogecoin is asserting dominance in the market once more. Last week, the digital asset lost its prized crypto top 10 positions when Polkadot (DOT) rallied, and it overtook the meme coin. However, as the week draws to a close, DOGE has taken the lead over DOT once more. 

Dogecoin Makes Top 10

After spending about a week out of the top 10 cryptocurrencies by market cap list, Dogecoin has reclaimed the 10th spot on the market. It is less a result of a rally in the price of Dogecoin and rather a decline in the price of Polkadot (DOT) over the past week.

Where DOGE had seen a price decline of 6.24% in the last 7 days, Polkadot had suffered a worse fate, losing more than 12% of its value in the same time period. DOT had inevitably lost its footing above $7, and its market cap dropped to $7.64 billion.

At the time of writing, Dogecoin’s market cap was sitting at $7.9 billion, less than $300 million higher than the market cap of DOT. This means that the meme coin is not completely out of the woods, and DOT could overtake the 10th position if DOGE’s price fails to hold up against the market.

DOGE Price Still Struggles

The re-entry into the crypto top 10 has not meant much for the digital asset. DOGE’s price is still sitting perilously below $0.06 and shows no sign of any positive recovery anytime soon. The bear market has not done the cryptocurrency any favors either because it has only recorded a 0.7% growth in the last 24 hours.

Investors have also felt the impact of this decline as profitability has been down over the last couple of weeks. Presently, there are more Dogecoin investors who are recording losses than those who are currently in profit.

A total of 50% of all wallets holding DOGE are currently in the red, while 48% are in the green. The rest (2%) are currently sitting in neutral territory. DOGE’s price is also more than 91% down from its all-time high price of $0.70, performing badly compared to its fiercest competitor, Shiba Inu.

Nevertheless, whales continue to be very active in the meme coin. Over the last 7 days, large transactions with values of over $100,000 have come out to a total volume of almost $1 billion. The meme coin also boasts more than 4.4 million holders, indicating strong hold sentiment among community members.

Featured image from Bitcoinist, chart from TradingView.com

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Possession of Bitcoin still legal in China despite the ban, lawyer says

Possession of Bitcoin still legal in China despite the ban, lawyer says

Despite enforcing a major cryptocurrency ban one year ago, the Chinese government still protects local crypto investors as crypto is recognized as virtual property protected by the law.

One of the world’s most hostile countries toward Bitcoin (BTC), China has not yet banned the possession of cryptocurrencies, according to David Lesperance, founder of Lesperance & Associates law firm.

Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement, Lesperance told Cointelegraph. He emphasized that crypto exchanges are still banned in China.

The lawyer referred to a recent Chinese court case involving a breach of a loan made in the Litecoin (LTC) cryptocurrency. Defendant Ding Hao failed to fully pay back all 50,000 LTC that he borrowed from Zhai Wenjie in 2015, which became a major court precedent involving cryptocurrency in China.

Since 2015, the price of Litecoin has jumped roughly 1,800%, as the cryptocurrency was trading at around $3 seven years ago, according to data from CoinGecko.

On Aug. 31, the Beijing No. 1 Intermediate Court ruled that the defendant owed Zhai the remaining amount of Litecoin, rejecting Ding’s argument that the People’s Bank of China (PBoC) officially banned crypto transactions last year.

“The court has upheld that cryptocurrencies like Litecoin are “property” even though they are created in the virtual realm,” Lesperance said. He emphasized that the crypto community “shouldn’t draw any particular positive inferences” from the case as it was a “very ordinary” commercial loan dispute th was settled under normal property law rules, stating:

“To date, possession of crypto in China has not been banned. […] It does not make the commercial trading of this type of property legal, as the government has specifically banned crypto exchanges in China.”

While Lesperance says that crypto exchanges are banned in China, some local crypto enthusiasts are confident that the PBoC has never explicitly banned individuals from trading cryptocurrencies.

“It’s true that China doesn’t want individuals to trade crypto. But this is never being written in any formal document,” a person linked to the crypto industry in China told Cointelegraph.

Related: Chinese mining giant Canaan doubles profits despite the blanket crypto ban

According to the source, many mainland users see their bank cards frozen if they use them for crypto over-the-counter (OTC) transactions. However, trusted OTC channels still allow crypto transactions in China.

“So even though trading crypto is not illegal, we don’t want to waste our time arguing with banks because obviously, they think everything about crypto is illegal,” the person said.

The latest news brings yet another piece of evidence that crypto has not been totally suppressed in China since the government announced a coordinated crackdown on crypto in September 2021. As previously reported, China returned its position as the second-largest Bitcoin hash rate provider as of January 2022.