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Chinese Legislator Proposes Fresh Cryptocurrency Initiative

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A lawmaker from China presented a new proposal, claiming that the nation’s regulations regarding cryptocurrencies had some holes in them.

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A lawmaker from China has suggested changing Article 144 of the nation’s Code of Criminal Procedure in order to facilitate the questioning of suspects and to freeze their assets, including virtual currency.

The MP claimed that it is difficult to detect, store, and assess virtual currencies using the current system.

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In an interview with “Rule of Law Daily,” Jiang Fan, a deputy of the National People’s Congress and chairman of the board of Hunan Renren Law Firm, stated that the virtual currency destruction system in question urgently needs to be improved.

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“One of the most important and challenging issues in judicial practice today is the disposal of virtual currencies,” Jiang stated. He pointed out that current institutional arrangements, investigative techniques, and methods of destroying property cannot satisfy the real needs of virtual currency seizure, storage, realization, and other case-related activities because of the peculiarities of virtual currency, which set it apart from traditional properties.

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Jiang stated, “There is an incompatibility between the practical requirement to dispose of and realize the virtual currencies involved in the case and the country’s ban on the circulation of virtual currencies.”

He made the observation that there are hidden economic values at play when it comes to the evaluation of virtual currencies seized in criminal cases, and that doing so can serve the interests of multiple organizations. Jiang claims that due to its high economic value, criminal suspects may be given the chance to return stolen property and make restitution, thereby obtaining leniency in their punishment, as well as compensation for any property losses suffered by victims of criminal cases and the prevention of violations of their legitimate rights and interests.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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