China has reportedly chosen not to move to reimburse an investor for a crypto-related deal that he says went south.
In a case brought in Chinese court where the plaintiff alleged a $1.6 million investment into Bitcoin mining and getting insufficient returns, Chinese courts have decided not to help restore the value of 217 Bitcoin (or right now, about $10.8 million) to the aggrieved party.
Instead, Prashant Jha reports at Cointelegraph, the government is looking into any illegal mining that’s going on within the country.
“The latest court case regarding a Bitcoin mining contract highlights China’s stand on crypto-related activities,” Jha writes. “It’s sending a clear message to the public that the judicial system won’t protect or recognize crypto-related cases.”
A year or so ago, it was common for much of the Bitcoin mining on the blockchain to be done in mainland China.
Now China has reported all mining activity to have ceased. Bitcoin miners moved to places like Kazakhstan, or in many cases, to the United States, as a new council of Bitcoin miners looked at making the coin’s footprint more ecological.
Green pressures and other problems have led to downward price trajectory on bitcoin with current prices under 50,000
However, some are still hopeful that the coin will reach new all-time highs by Christmas.
“This sell-off could continue into the new year, and investors holding Bitcoin need to be comfortable with that,” Chris MacDonald writes at the Motley Fool. “There are no guarantees in life. That said, Bitcoin’s status as the top dog in the crypto world means this is a cryptocurrency that remains top of mind for most investors. It’s impossible to suggest where this token is headed — no one has a crystal ball. However, the balance of probabilities and Bitcoin’s growing real-world utility add up to a promising near-term prognosis.”
