China's judicial authorities are taking important steps to address the legal complications surrounding cryptocurrencies. Although a strict prohibition on the circulation of encryption and mining on the mainland is maintained, the best judicial and academic institutions in the country are now intensifying research on how to deal with digital assets within the legal system.
accident seminar The Beijing Supreme People's Court has highlighted the increasing need to create clear protocols and criteria to deal with issues that involve digital currencies.
China explores the legal framework for encryption issues
At the forefront of these efforts, there is a research project led by Yang Dong, a professor of law at the University of Renmin at China. It is said that the project aims to strengthen the Chinese local organizational framework by providing practical solutions to the legal treatment of digital currency assets.
According to Yang, continuous work is crucial not only to manage individual cases but also to protect national financial security. While the details about the specific measures remain limited, the initiative emphasizes the seriousness that Chinese legal experts approach this issue.
Moreover, one of the main results of the recent symposium was an invitation to the strongest cooperation between the judicial and organizational agencies in China. Legal scientists and policy makers emphasized the importance of alignment with enforcement procedures with clear legal guidelines.
The discussion also touched on the need for more practical solutions to ensure the solution of legal cases that involve digital currencies “efficiently and just”.
As part of these efforts, the symposium suggested new strategies to deal with cases and called for additional research into the broader effects of the encryption.
Continuous Chinese strict regulations
Since September 2021, when the Chinese Central Bank and other authorities have banned all official trading and mining activities, the country has witnessed an increase in legal disputes related to digital assets.
Judicial research is accelerating that the Chinese authorities seek to bridge the existing gaps in their organizational approach. This effort may lead to a study of how to deal with other judicial authorities with similar cases and adapt these ideas to suit the unique legal and financial environment in China.
Meanwhile, China has continued to implement unsuccessful laws against encryption in the region. Recently, the country has tightened its bases on banks to monitor encryption transactions.
New: The state administration in China has tightened foreign currencies in bitcoin and cryptocurrencies, which now require banks to monitor and report transactions, in order to prevent illegal activities such as underground banking and gambling across the border. pic.twitter..nn4mquge6s
– Bitcoin News (PitcoinNewscom) January 2, 2025
Leo Qingiao, a lawyer at the ZHIHING lawyer office in Shanghai, wrote about this, wrote about this. With reference:
The new rules will provide another legal basis to punish cryptocurrency trading. The organizational position of the main righteousness of China towards cryptocurrencies can continue to tighten in the future.
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