The Beijing Finance Tribunal has stated that it will safeguard the property rights of “cryptocurrencies” owners – but only until such “commodities” are “lawfully” acknowledged by China.
Cai Huiyong, who was chosen as the tribunal’s Congress in March this year, stated at a news conference yesterday that the organization had detailed the regulations in papers related to the “reformation and development of the finance industry” in Beijing.
According to Cai, “a few metrics” in the new rules “concentrate on financial technological advancements and development,” per the China Securities Journal.
The rules will still have to be officially protected by law, but they implement “improving” and “defending” what he keeps calling “unique privileges” and legal interests in “lawful virtual money” – most probably an allusion to blockchain and digital currencies like the virtual yuan, that is expected to make its official premiere at the Winter Olympics.
Cai also discussed the regulations’ applicability to “digital property” on “channels” and digitized “information in the finance industry,” a move that would guarantee fintech development “sustained within the judicial system.”
The term “digital property” based on a network might allude to the type of tokens that digital titans Tencent or Alibaba had started to push out in previous weeks. Rather than issuing these tokens on blockchain networks like Ethereum, these companies appear to have been compelled to disclose their NFT products and manage different platforms.
The heavy focus on “lawful” virtual assets, on the other hand, was yet another indication that Beijing will strive to do all in its power to sideline the cryptocurrency industry.
According to Jiemian, the court also stated that it was reacting to a surge in mediation cases concerning “virtual” and financial technology assets, resulting in a greater necessity for establishing newer regulations for the industry.
The tribunal went on to say that it was looking to establish a new Financial Technology Legal Research Center in collaboration with several urban organizations, including the Department of Law and also the International Law Faculty at the Chinese Academy of Social Sciences, a powerful research facility.