#中国加密新规 Since China strictly prohibited virtual currency transactions in 2021, how to dispose of the virtual currencies involved in cases has become a major problem. Recently, the Legal Corps of the Beijing Municipal Public Security Bureau and the Beijing Equity Exchange (BEE) have cooperated to create a cooperative mechanism for the disposal of virtual currencies involved in cases. The main process is as follows: the public security organs entrust the physical virtual currencies involved in the cases to the BEE for disposal, the BEE selects professional service institutions to detect, receive, and transfer the virtual currencies involved in the cases, and publicly realize and sell them through Hong Kong handover institutions. The introduction of this latest plan marks an important step forward for China in the disposal of encrypted assets involved in cases. 1. Disposal mechanism for virtual currencies involved in cases: multi-department collaboration to ensure orderly completion According to the process design, the multi-department collaboration established by agreement can ensure the orderly completion of the transfer, inquiry, transaction, settlement and entry of virtual currencies. After several rounds of demonstration, all preparations have been completed. On March 29, the Legal Corps guided the Shunyi Branch to sign a (virtual currency disposal business agreement) with the BEE. 2. China's cryptocurrency policy: strict prohibition and strategic considerations On August 3, it was reported that the information circulating in the community that "China once again announced the official ban on cryptocurrency trading and mining" may be false news, and no relevant ban has been announced recently. The Chinese government has comprehensively banned cryptocurrency mining activities as early as 2021. An insider said in an interview related to stablecoins that China does not currently have a globally influential public chain. Another insider suggested that the national backbone public chain should be led by central state-owned enterprises, and the construction of industrial-level public chains can be open to market competition. An insider said: The public chain is the infrastructure for the issuance of stablecoins, and it is of great significance and indispensable for us to build an autonomous, controllable, safe and efficient financial infrastructure system in the digital financial era. A person familiar with the policy said: Stablecoins must be issued on the public chain, and the problem now is that whether in Hong Kong or the mainland, China does not have a globally influential public chain. If the US public chain is used, it may face political risks such as Sino-US confrontation in the future, and it may be "strangled." The next step is to strengthen investment in public blockchains (i.e., public chains), be autonomous and controllable, and build them in stages. For example, national backbone public chains should be led by central state-owned enterprises, industry-level public chain construction can be open to market competition, and scene-level public chain construction is completely market-competitive. Another insider suggested. Conclusion: China is exploring a mechanism for disposing of bitcoins involved in cases, and the BEE has launched the latest plan, which shows that while strictly prohibiting virtual currency transactions, China is also actively exploring how to standardize the handling of encrypted assets involved in cases. This move will not only help improve China's legal framework, but also provide a model for the future disposal of digital assets.
