Abstract:
In the digital economy era, cryptoassets such as bitcoin are emerging and becoming an important kind of virtual property. In judicial practice, disputes involving bitcoin are often adjusted by property law, but there is a serious argument about whether justice supports “compensation in fiat currency equivalent to bitcoin”. In Guiding Case No.199 of the Supreme People’s Court, “arbitration award for fiat currency equivalent to bitcoin” was inconsistent with the spirit of the normative documents and contrary to the public interest. However, it misread and misapplied the administrative normative documents and lacked an apparent response to the focus of the dispute and the necessary interpretation of the public interest, which may lead to the failure of judicial remedies and even promote adverse choice and moral hazard, and its legitimacy deserves to be considered. In the face of the everexpanding right to property, justice needs to strengthen the judicial justification of virtual property; break through the pricing difficulties of virtual property and realize the alternative return of fiat money; strengthen the review of normative documents to reduce the risk of public interest abuse，and enhance the quality and effectiveness of judicial remedies for the parties.
