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China’s judiciary authorities have taken a significant step towards addressing the legal complexities surrounding cryptocurrency cases by intensifying research into digital assets. Despite maintaining a stringent ban on crypto trading and mining activities within mainland China, top judicial and academic institutions are now redoubling efforts to establish clear protocols and standards for handling cases involving cryptocurrencies.
The move is seen as an attempt by Chinese authorities to close existing gaps in their regulatory approach following the country’s central bank and other government agencies’ formal ban on all crypto-related transactions in September 2021. This drastic measure led to a surge in legal disputes related to digital assets, prompting the judiciary system to accelerate its research into cryptocurrency-related cases.
This intensified focus on crypto litigation could include studying how other jurisdictions handle similar cases and adapting those insights to suit China’s unique legal and financial environment. The country has been known for its rigid stance against cryptocurrencies, having recently tightened its rules on banks to monitor and report transactions as part of efforts to prevent illegal activities such as underground banking and cross-border gambling.
As per a recent tweet by Bitcoin News (@BitcoinNewsCom), the State Administration of Foreign Exchange (SAFE) has now mandated that all banks in mainland China monitor and report cryptocurrency transactions, effectively strengthening the country’s stance against cryptocurrencies. This development, noted by Liu Zhengyao, a lawyer at ZhiHeng law firm in Shanghai, is expected to further tighten the regulatory grip on digital currencies within the country.
The move is anticipated to lead to more legal cases being brought before Chinese courts, requiring judges and lawyers alike to have an in-depth understanding of cryptocurrency-related laws and regulations. In this context, it is no surprise that China’s judiciary system has chosen to heighten its research efforts, ensuring that its legal framework remains aligned with the evolving crypto landscape.
In conclusion, while China maintains a ban on all crypto activities within its borders, the country’s judiciary authorities have taken a crucial step in addressing the growing need for clearer guidelines and protocols governing cryptocurrency-related cases.
Source: https://bitcoinist.com/chinas-judiciary-intensifies-research-on-crypto/
