Chinese Supreme Court calls for strengthening crypto property rights
The Supreme Court of China published a document titled ‘Opinions of the Supreme People’s Court and the National Development and Reform Commission on Providing Judicial Services and Guarantees for Accelerating the Improvement of the Socialist Market Economic System in the New Era’ that focuses on the need to strengthen the protection of property rights, particularly on digital currency, virtual property, and data. The court stated in the document that it intends to penalise the use of public authority to infringe private property rights, unlawful seizure, and freezing of private enterprise property. The court also promotes the improvement of asset management and supervision. China has been working on mainstreaming and integrating cryptocurrencies into its economy. The country passed a civil code that includes cryptocurrencies as inheritable assets in May.