Chinese Courts Face Hundreds of Crypto Cases, Struggle with Rulings

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Falling crypto prices have been blamed for a growing number of crypto-related legal disputes in China. Unclear regulations and unofficial restrictions are making it harder for courts to resolve these cases. Many of them involve cryptocurrency trading which is supposed to be banned in the People’s Republic, or is it?

Over 270 Court Cases Related To Cryptocurrency
Chinese Courts Face Hundreds of Crypto Cases, Struggle with RulingsChinese courts have been challenged to resolve hundreds of crypto-related disputes whose number has increased significantly with the drop in cryptocurrency prices in recent months, local media revealed. The government-imposed crypto ban is ambiguous and it turns out restrictions in the People’s Republic are sometimes implemented without an official mandate.

According to data released by the Chinese judiciary, as of the first week of August there were 274 pending legal cases related to cryptocurrency. Of those, 126 were criminal cases, involving mostly property and economic crimes, China Money Network reported. Another 107 were civil cases about breach of contract and mismanagement, and two were administrative cases.

Chinese courts are finding it hard to rule in such cases as many of them involve cryptocurrency trading. Judges have been unable to clearly determine how legal these economic activities really are. The ban Beijing authorities imposed last year prohibited token sales and the exchange of digital coins with yuan, the national fiat. The Hong Kong based CMN notes, however, that the trading ban in particular was not explicitly mentioned in official statements.

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