A Beijing district court dismissed a lawsuit against Chinese bitcoin exchanges, stating “people have the right to freely participate in bitcoin trading at their own risk”, the Beijing Morning Post is reporting. This comes four months after China’s ban on initial coin offering (ICO).

The lawsuit was raised by Mr. Wang, who lost RMB 400,000 trading bitcoin. He sued bitcoin exchanges, including Huobi(火币), to get his money back, arguing, “According to Karl Marx’s The Two Factors of the Commodity: Use- Value and Value, the commodity should have the use-value and value, and the bitcoin has no value and use-value, and cannot be identified as a commodity . . . so bitcoin does not exist. Therefore the previous trades should be invalidated.”

Defendant Huobi disagreed with Mr. Wang’s claim, saying that Mr. Wang’s understanding of bitcoin was wrong and his trading on the platform was not invalid. The court ruled in favor of Huobi and other bitcoin exchanges citing there are no laws forbidding the investment and trading of bitcoin.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com