The supreme court of China has recommended increasing the legal protection of property rights, including digital currency ownership rights. The recommendations also focus on solving issues such as “the use of public power to infringe private property rights, illegal seizures, and freezing of private enterprise property.”
China’s supreme court and the National Development and Reform Commission (NDRC) published Wednesday a document detailing their opinions in several areas, including “Strengthening the judicial protection of property rights.” China’s top economic planner, the NDRC is an agency under the State Council, which has broad administrative and planning control over the country’s economy. Regarding cryptocurrency, the supreme court and the commission have recommended:
Strengthening the protection of new rights and interests such as digital currency, network virtual property, and data.
The property rights protection system should be improved “based on the principle of fairness and justice,” the document elaborates. While the document does not specifically mention cryptocurrency, a search for the term “digital currency” on Chinese courts’ websites returns results about cryptocurrencies and stablecoins, particularly bitcoin and tether.
There are 31 recommendations altogether, including clarifying standards, delimiting the scope of responsible properties, and solving current problems in property rights protection. The latter covers “the use of public power to infringe private property rights, illegal seizures, and freezing of private enterprise property.” The opinions also call for the punishment of all types of property rights infringements in accordance with the law. The full document and recommendations can be found here.
China has been increasing its legal protection of crypto ownership rights. In May, the third session of the 13th National People’s Congress (NPC), China’s top legislature, voted on and passed the “Civil Code of the People’s Republic of China,” which protects crypto inheritance. It states that the property rights of individuals, including online virtual assets, “are equally safeguarded to those of the State and collective.”
In the same month, China’s central bank, the People’s Bank of China (PBOC), was reportedly drafting laws for the circulating of its national digital currency. Several Chinese courts have also ruled that bitcoin and ethereum are assets that should be protected by law.
What do you think about the Chinese supreme court’s recommendations? Let us know in the comments section below.
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