Express
Supreme Court Oversees Academic Journal Publication: Business Law Reform Towards Digital Trading, Electronic Currency, and Virtual Property
Summary: In a recent announcement, the Supreme People's Court published an article in its academic journal 'Digital Rule of Law' titled 'Business Law Reform Towards Digital Trading, Electronic Currency, and Virtual Property.' The article highlights that the revised 'Uniform Commercial Code' jointly revised by the American Law Institute and the National Conference of Commissioners on Uniform ...
In a recent announcement, the Supreme People's Court published an article in its academic journal 'Digital Rule of Law' titled 'Business Law Reform Towards Digital Trading, Electronic Currency, and Virtual Property.' The article highlights that the revised 'Uniform Commercial Code' jointly revised by the American Law Institute and the National Conference of Commissioners on Uniform State Laws was officially passed in 2022 and subsequently widely adopted by legislative bodies in various U.S. states. It includes diverse transaction methods, including electronic forms, clarifies the relationship between physical currency, central bank digital currency, and other virtual currencies, introduces a new type of property called 'controllable electronic records,' and specifies the control and transfer rules for such property.
China's civil and commercial norms should also adapt to the development of digital trading, electronic currency, and virtual property, promoting practice-oriented legal improvements to stimulate economic and technological development and gain an advantage in international institutional competition.
Tags:
Link: Supreme Court Oversees Academic Journal Publication: Business Law Reform Towards Digital Trading, Electronic Currency, and Virtual Property [Copy]
