- Due to the fact that crypto is considered property, it is subject to judicial appraisal procedures and laws against property crimes.
- Digital currencies have economic value and are tradeable despite regulatory obstacles; they are not regarded as illegal goods in China.
A thorough discussion regarding the legal treatment of digital currency was held at the Legal Policy Research Office in Nanjing on April 29, 2024, marking a great advancement in this area. It was echoed by popular crypto journalist Collin Wu.
Important information was revealed at this meeting, which took place in the Nanjing People’s Procuratorate, regarding how digital currency or crypto like Bitcoin are increasingly seen within the context of property crimes.
Chinese scholars generally agree on the property attributes of Bitcoin and summarize: Bitcoin and digital currency has a relatively small space for legal order in China, but it is not completely banned. It is not a contraband. In fact, it can be traded and has economic value, so…
— Wu Blockchain (@WuBlockchain) May 6, 2024
Characteristics of Digital Currency
Scholars and professionals in the field of law agree unequivocally that digital currency, or crypto, is property and can be used in property crimes. This united position represents a significant change in the way judges operate, which may have an impact on how these assets are used in court cases and criminal investigations.
Subsequent conversations highlighted the connection between property crimes and data from computer systems.
The conference’s experts concurred that although digital currencies might be involved in intricate legal situations with fictitious consent or crimes implicated, these situations do not in and of themselves represent legal problems.
This knowledge helps to make sense of the legal issues of digital assets and how they relate to conventional ideas of property crimes.
Difficulties in Valuation
Much of the discussion focused on the value of digital currencies, which is important because of their involvement in property crimes. At present, a range of techniques are utilized to ascertain the worth of virtual currencies within legal proceedings:
- Valuation is determined by the victim’s expenditure and consideration.
- A Leshan, Sichuan, example serves as an illustration of evaluation by recognized organizations.
- The calculation is based on the number of stolen goods sold.
- Use the transaction price on the day of the infraction.
Nevertheless, some methods of evaluation and valuation—like a direct appraisal of Bitcoin—are impractical in China because of legislative limitations, in line with what ETHNews previously disclosed.
The suggested method, which places more emphasis on the victim’s loss, market circulation prices, and the sale price of stolen products, values digital currencies in line with other forms of property.
In line with the development, BTC is currently trading at $65,368.21, up 2.33% in the past 24 hours. It has also been in a 4.79% bullish position over the last seven days, with a $1,284 trillion market cap.