The Supreme Law of the People’s Republic of China, the National Development and Reform Commission of the People’s Republic of China — To strengthen the protection of new rights and interests such as digital currency and online virtual property

On July 22, the Supreme People’s Court of China, together with the National Development and Reform Commission, jointly issued the Opinions on Providing Judicial Services and Guarantees for Accelerating the Improvement of the Socialist Market Economy System in the New Era.The opinions and requirements: strengthen the protection of new rights and interests such as digital currency and online virtual property, give full play to the role of judicial judgment in guiding the value of property rights protection;strengthen rules and guidelines for scientific and technological innovation, business model innovation and technological factor market, and provide judicial guarantee for the construction of a national innovation system and the development of emerging industries.

As soon as this document was issued, it caused a stir in the crypto circle.The current regulatory challenge for digital currency in China is that the state does not recognize it, and there are many digital currency players in China.When confronted with digital currency scams, coin holders are often unable to seek help from Chinese law.This is also a barrier to the development of digital currency in China.The document, issued by The Supreme People’s Court and the National Development and Reform Commission, shows the growing importance the Chinese government is placing on digital currencies.

The document also stressed the need to study and formulate judicial responses to financial phenomena such as online lending and over-the-counter capital allocation.The Chinese government has apparently stepped up its enforcement efforts against the persistent digital currency scams in China.

Recently, the People’s Bank of China also issued the Notice to Promote the Application of Blockchain Technical Specifications (hereinafter referred to as the notice) and the Rules for the Evaluation of Blockchain Technical Financial Applications (hereinafter referred to as the rules).In the eyes of insiders, these two documents are the first relevant specifications of blockchain issued by the highest authority in China, and they are also the top-level design of blockchain system and application in the financial system, whose influence will far exceed that of the financial industry itself.

Xia Ping, member of the Blockchain Committee of the China Computer Society, told reporters from CaiLian Finance that from a macro perspective, the notice and the rules will make the development of blockchain in the financial sector on a high standard, strict norms, high standards of healthy development;From the micro point of view, from product design, to technical planning, to technical implementation, there is an index system that can check and follow the drawing.”Although the two documents released by the central bank focus on the financial sector, they will actually affect the future development of the whole blockchain.”

Xia said that the application of blockchain in the financial field has been the focus of the industry.But the main problem is that, from the perspective of financial institutions, technology content is insufficient;From the perspective of technology companies, blockchain often lacks respect for finance.

“The document issued by the Central Bank this time is of great significance.”Xia believes that for technology companies, these areas and directions are worth exploring and innovating;As for financial institutions, it also clarified those weaknesses that need to be addressed.If the cooperation between Banks and enterprises can be promoted as a result, it will definitely be a major positive for the development of fintech.

It is understood that from the perspective of the financial sector, a number of Banks and technology companies have been in Beijing and Shanghai fintech regulatory sandbox finalists related blockchain projects.

About ZB Group

ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.

ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.

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