According to one arbitration body in China, all Bitcoin owners should have their investments registered as property – and the most dominant cryptocurrency should be protected with economic values.
In today’s crypto news, the Shenzhen Court of International Arbitration is making headlines for publishing a case analysis that details new (potential) rules – triggered by a recent economic dispute that involved a business contract relating to possession and transfer of crypto assets.
According to the analysis, the plaintiff signed a contract agreement with the defendant which allowed the latter to trade and manage a variety of crypto tokens on the plaintiff’s behalf. From that point, the plaintiff said that the defendant failed and refused to return the cryptocurrencies to him after an agreed deadline – which is why and how they brought the case to the arbitrator.
The case included more than 20 Bitcoin, 50 Bitcoin Cash and 13 Bitcoin diamond assets, with a combined worth of $493,158.
This is what made the court responsible to rule out a potential set of guidelines. Even though there is no specific law in China about the regulation of cryptocurrencies, the arbitrator’s analysis can lead to one in the future.
As the court noted:
“The Arbitration Court noticed that, after September 2017, major bitcoin exchanges operating in China at the time suspended their businesses. But technically, that fact does not prevent the defendant from sending the bitcoin and bitcoin cash at dispute to the plaintiff upon the agreed deadline.”
The arbitration body also concluded that whether Bitcoin is a legal tender or not, it should be protected and legally based on China’s contract law.
“Bitcoin has the nature of a property, which can be owned and controlled by parties, and is able to provide economic values and benefits,” the court concluded.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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