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Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”
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Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”
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For it to be "virtual property", there needs to be an enforcer of property rights.
So is this an admission that the Chinese Government will force their miners
to blacklist and reject valid blocks, to enforce perceived property rights? Or is
this just a worthless legal label that they attached to "Bitcoin" to make
themselves feel in control?
IMO considering it "virtual property" for legal purposes was not the correct
choice. Bitcoin does not fit within the current legal framework and theory.
