Derived from MetaEra, a December 28 article published in the Supreme People's Court-affiliated academic journal 'Digital Rule of Law' discusses legal reforms for digital transactions, electronic money, and virtual assets. The article highlights the 2022 adoption of the revised Uniform Commercial Code in the U.S., which introduced 'controlled electronic records' and clarified rules for digital currency and virtual property. It suggests China should similarly update its civil and commercial laws to align with global digital trends and maintain international competitiveness.
China's Top Court Journal Proposes Legal Reforms for Digital Transactions and Virtual Assets
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Summary
A December 28 article in the Supreme People's Court-affiliated journal *Digital Rule of Law* calls for legal reforms to support digital transactions, electronic money, and virtual assets. The piece references the 2022 U.S. update to the Uniform Commercial Code, which introduced clearer rules for digital assets and crypto markets. It urges China to modernize civil and commercial laws to align with global trends in digital asset regulation and maintain competitiveness.
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