The arbitrator confessed in his WeChat account that BTC can be legally conserved as an asset.
A contract was formed between two parties for the maintenance of a portfolio of 20.13 BTC, 50 BCH, and 12.66 BCD for a particular time. However, the defendant didn’t return the holdings as per the schedule.
The Shenzhen Court of International Arbitration’s verdict was in favour of the plaintiff since the contract was legal, stating
“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 Defendant had to return the asset of (calculated as being worth $493,158.40) and a penalty of 14,000$.