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Report: Bitcoin Bull Run and Rising Awareness of Digital Currencies Led to a 20% Increase in Crypto Related Lawsuits in China

Report: Bitcoin Bull Run and Rising Awareness of Digital Currencies Led to a 20% Increase in Crypto Related Lawsuits in China

A report from China says as many as 872 lawsuits regarding cryptocurrencies had been filed previously 12 months, a determine which is roughly 20% greater than that of 2019. Using knowledge obtained from the China Judgment Document Network (CJDN), the report reveals that the province of Guangdong had the very best quantity with 106. Completing the highest three provinces with the very best variety of lawsuits is Zhejiang with 103 and Sichuan with 54.

The Case of a Bitcoin Bull Market and Rising Lawsuits

In phrases of the character of the lawsuits, the CJDN knowledge reveals that 409 circumstances had been prison, whereas the civil circumstances amounted to 457. According to the report, a number of the well-known lawsuits recorded through the 12 months “embody the case of Biyin and Bitmain on the restriction of competitors settlement.” The “arrest of Renrenbit founder Zhao Dong and the case of Jiangsu Yancheng Plustoken Mega MLM” are a number of the notable lawsuits of 2020.

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Meanwhile, in an interview with a neighborhood media outlet, Liu Yang, a lawyer with Beijing Deheng Law Firm, presents his perspective on what may very well be inflicting the surge in circumstances. In his evaluation, Yang narrows down the reason for the surge in circumstances to 3 major points. Firstly, he factors to bitcoin’s long-running bull run and the way this led to an elevated consciousness of the digital asset. Yang says:

Bitcoin is getting an increasing number of consideration from most of the people. From the start of 2019 to the top of 2020, the digital digital forex market has regularly realized the transition from bear to bull, and the worth of bitcoin has risen.

The lawyer explains that as a consequence of this bull market, “an increasing number of strange individuals are wanting ahead to studying about bitcoin and beginning to spend money on bitcoin.” Based on this idea, Yang concludes that as “extra individuals spend money on bitcoin, and there are extra conflicts and disputes.”

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Secondly, Yang additionally provides his perspective on why China’s Guangdong and Zhejiang provinces have the very best variety of lawsuits. According to Yang, this may very well be all the way down to the truth that the 2 areas have “the quickest improvement velocity and probably the most superior improvement ideas within the nation.” Consequently, the residents of those two areas have a “comparatively excessive diploma of acceptance of the digital digital forex.”

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The Rising Awareness

Thirdly, in line with the lawyer, one other vital issue that explains the rise within the variety of lawsuits must be the way in which the judiciary is now dealing with such circumstances. Yang asserts that the judicial division, which “paid extra consideration to currency-related circumstances” previously 12 months, now has “a deeper understanding of digital digital currencies.” This elevated understanding makes it “simpler to just accept and file currency-related circumstances, and the variety of circumstances naturally will increase up.”

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Still, there are some challenges when submitting crypto lawsuits. Yang believes, nonetheless, that as extra of those challenges are overcome, the variety of filed lawsuits will rise.

Do you agree that the variety of crypto-related lawsuits in China will enhance with rising consciousness? Tell us what you suppose within the feedback part under.

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