A report from China states as lots of as 872 lawsuits relating to cryptocurrencies were submitted in the previous year, a figure which is around 20% more than that of 2019. Using information acquired from the China Judgment Document Network (CJDN), the report reveals that the province of Guangdong had the greatest number with 106. Completing the leading 3 provinces with the greatest number of lawsuits is Zhejiang with 103 and Sichuan with 54.
The Case of a Bitcoin Bull Market and Rising Lawsuits
In terms of the nature of the lawsuits, the CJDN information reveals that 409 cases were criminal, while the civil cases amounted to 457. According to the report, some of the popular lawsuits taped throughout the year “consist of the case of Biyin and Bitmain on the constraint of competitors arrangement.” The “arrest of Renrenbit creator Zhao Dong and the case of Jiangsu Yancheng Plustoken Mega MLM” are some of the significant lawsuits of 2020.
Meanwhile, in an interview with a regional media outlet, Liu Yang, a attorney with Beijing Deheng Law Firm, uses his point of view on what might be triggering the rise in cases. In his evaluation, Yang limits the cause of the rise in cases to 3 primary problems. Firstly, he points to bitcoin’s long-running bull run and how this led to an increased awareness of the digital possession. Yang states:
Bitcoin is getting more and more attention from the public. From the start of 2019 to completion of 2020, the virtual digital currency market has actually slowly recognized the shift from bear to bull, and the cost of bitcoin has actually increased.
The attorney describes that as a repercussion of this booming market, “more and more regular individuals are looking forward to discovering bitcoin and beginning to invest in bitcoin.” Based on this theory, Yang concludes that as “more individuals invest in bitcoin, and there are more disputes and conflicts.”
Secondly, Yang also provides his point of view on why China’s Guangdong and Zhejiang provinces have the greatest number of lawsuits. According to Yang, this might be down to the reality that the 2 areas have “the fastest advancement speed and the most sophisticated advancement principles in the nation.” Consequently, the locals of these 2 areas have a “reasonably high degree of approval of the virtual digital currency.”
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The Rising Awareness
Thirdly, according to the attorney, another crucial aspect that describes the increase in the number of lawsuits has to be the method the judiciary is now dealing with such cases. Yang asserts that the judicial department, which “paid more attention to currency-related cases” in the previous year, now has “a much deeper understanding of virtual digital currencies.” This increased understanding makes it “much easier to accept and file currency-related cases, and the number of cases naturally increases up.”
Still, there are some obstacles when submitting crypto lawsuits. Yang thinks, nevertheless, that as more of these obstacles are conquered, the number of submitted lawsuits will increase.
Do you concur that the number of crypto-related lawsuits in China will increase with rising awareness? Tell us what you believe in the comments area below.
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