People's Court News: Virtual currency has corresponding property attributes; if it involves compensation, exploring the exchange for legal currency through compliant licensed trading platforms can be considered

The People's Court News published an article signed by Zhao Liang from the Intermediate People's Court of Shenzhen City, Guangdong Province, titled 'Disposal of Virtual Currency Involved in Criminal Cases: Challenges, Innovations, and Judicial Responsibility,' which points out that virtual currency has corresponding property attributes and has basically formed a consensus in judicial practice. For cases requiring compensation for victims' losses or confiscation, in order to balance the need for disposing of virtual currency involved in cases with mainland regulatory policies, it can be explored to entrust qualified third-party institutions to operate under the registration and supervision of the People's Bank and foreign exchange management departments, in legally judicial jurisdictions for virtual currency trading abroad, such as Hong Kong, to exchange virtual currency for legal currency at market prices through compliant licensed trading platforms. After realizing it abroad, the process will be handled in accordance with the provisions of the State Administration of Foreign Exchange's 'Letter on Issues Related to Opening Foreign Exchange Accounts and Handling Foreign Exchange Income and Expenditure by People's Courts in Foreign Judicial Activities.' For virtual currencies used in crimes that pose a threat to national security and public interest, such as privacy coins, they can be sent to a 'black hole address' for destruction, permanently exiting circulation. $BNB