News Snapshot:
China’s Northern Shandong province high court has ruled against cryptocurrency in a recent verdict. The virtual token dispute involved an investment of $10,756 by the plaintiff. The litigant filed the case on his virtual token purchase in 2017. However, the ongoing Chinese crypto crackdown resulted in the plaintiff’s account closure by the People’s Bank of China in 2018. This came after the central bank, restated the ban on payment institutions supporting cryptocurrency transactions. Shandong High Court favored Jinan intermediate court’s verdict in January this year. Jinan city court marked the plaintiff’s fraud allegation as unjustified, as digital assets lack legal...
