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China to Strengthen Cryptocurrency Property Rights

The Supreme People’s Court of the People’s Republic of China on “accelerating the improvement of the socialist market economic system in the new era shown favors on cryptocurrency property rights.”  

Reportedly, Bitcoin and cryptocurrency in China treated as property for the purpose of estate planning and testamentary succession which passed under the Hangzhou Internet court decision.

In a recent update from the Chinese Supreme Court, cryptocurrency property rights need to strengthen up.

On July 22, the court announced in a document few opinions on the rapidly growing socialist market economic system to strengthen the businesses including cryptocurrency property rights while creating a good legal business environment that can be suitable for high-quality economic development.

The document says that to strengthen the judicial protection of property rights and for the effective operations of the market economy, the improvement in the judicial system for market entities is required which can be gained via clear, fair justice, conducive to an innovative system, and development practice.

“Strengthen the protection of new rights and interests such as digital currency, network virtual property, and data, and give full play to the value leading role of judicial judgments in the protection of property rights.” Under second heading point six, the Supreme People’s Court mentions.

Earlier KoinPost reported about China’s probe on the deployment of blockchain technology, to take safety measures and monitor the detained property in the country while applying electronic door seals on the sealed properties.