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The Supreme court of China called for better protection of property rights to crypto activesv

The Supreme court of China called for better protection of property rights to crypto activesv

The Supreme people’s court of China has published a guide according to which the country’s legal system should strengthen the protection of rights to own digital currency.

According to the new guidelines
The Supreme people’s court of China, the country’s highest court, should strengthen its legal system to protect new types of property rights, including digital currencies, virtual assets and data.

The manual does not specify details and not provide a definition of “digital currency”. Recently, there has been a growing number of legal disputes in China over the ownership of digital assets, including major cryptocurrencies such as BTC and ETH.

At the same time, in 2018, the Arbitration court of China recognized
the need for legal protection of bitcoin as property, and at the same time it was reported that the Chinese courts were finding it difficult
make decisions on cryptocurrency cases. However, so far, the country’s highest judicial authority does not seem to have addressed the issue of securing the rights to own crypto assets.

The guide was published by the Supreme people’s court in conjunction with the National development and reform Commission (NDRC). The document was created in response to another guide published
The state Council of China in may, and calling for accelerating the efficiency of China’s socialist market economy.

Recall that recently several vessels in China have started
using an electronic seal system using blockchain to track and seal real estate. At the end of last year, it was also reported that distributed Ledger technology and artificial intelligence were being used to settle millions of lawsuits in China.