The Shanghai Xuhui District Court recognized the Bitcoin entrusted wealth management agreement in a case involving a Bitcoin entrusted wealth management contract

ChainCatcher news, the People's Court of Xuhui District, Shanghai, today heard a case regarding a Bitcoin entrusted financial management contract. The case was settled through mediation, where the plaintiff entrusted the defendant with financial management, and the defendant promised to guarantee the principal and pay interest, but later failed to fulfill this obligation.

The defendant does not dispute the above facts, and both parties voluntarily reached a mediation agreement, with the court issuing a mediation document. The main contents of the mediation document are: 1. Repayment in installments in USD. 2. If any installment is overdue, full enforcement may be carried out.

Lawyers believe that the mediation in this case has two important significances: first, the court recognizes that the Bitcoin entrusted financial management agreement is valid; second, the entrusted financial management involves Bitcoin, and the repayment method confirmed in the mediation document is in USD (fiat currency), which also indicates that if both parties agree to the mediation content, the court can confirm civil disputes involving virtual digital currency to be repaid in fiat currency.