This news highlights a significant legal shift in China, where the Supreme People's Court (SPC) is integrating the digital economy directly into the country's core legal framework.
1. Recognition of Digital Assets as Property
The Supreme People's Court has officially recognized that Virtual Property and Electronic Records are no longer just abstract concepts but are core elements of the legal system. By introducing the concept of "Controllable Electronic Records," the court aims to treat digital data with the same legal weight as physical property.
2. Legalizing Electronic Currency (e-CNY)
The report emphasizes the need to clarify the legal status of China’s central bank digital currency (e-CNY). This involves defining how digital money is transferred, how it can be used as collateral, and how it is protected under commercial law.
3. Expansion of Internet Courts
China is refining the jurisdiction of its specialized Internet Courts. These courts will now focus heavily on:
* Data Rights: Resolving disputes over who owns and can profit from big data.
* Digital Infringement: Handling cases related to the theft of virtual assets or privacy breaches.
* AI and Algorithms: Addressing legal liabilities arising from automated digital processes.
4. Preventing Financial Crimes
While promoting the digital economy, the SPC is simultaneously tightening Anti-Money Laundering (AML) protocols. The goal is to ensure that digital transactions and virtual currencies are not exploited for illegal financial activities or capital flight.
5. Global Standard Alignment
The court noted that for China to remain a global leader, its laws must be "compatible" with international digital trade standards. By establishing a robust "Digital Rule of Law," China hopes to provide a predictable environment for both domestic tech giants and international investors.
Why is this important?
This move transitions China from a "trial-and-error" phase of digital regulation to a permanent, statutory legal framework. It provides businesses and individuals with a "judicial shield," ensuring that their digital wealth and online transactions are recognized and protected by the state.
Would you like me to compare these Chinese digital laws with the regulations currently being developed in India or the US?