A seminar was held in Beijing last week that brought together some of China’s best legal and academic minds.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
3 mins read
The keen eyes of crypto enthusiasts around the world are on China as the country’s lawmakers continue to dig deeper into how to handle cryptocurrency-related legal cases. That is, while standing firm on the existing nationwide crypto ban.
In one of the latest attempts, a seminar was reportedly held in Beijing last week that brought together some of the country’s best legal and academic minds. The event was not just to revisit the crypto ban but also to figure out the best practices as it concerns the legal treatment of cryptocurrencies.
Among the people present was Yang Dong, a law professor at Renmin University of China, who led a research project on how to manage crypto-related legal cases. The Professor insists that these cases are a matter of national financial security and so must be handled with utmost clarity. However, he did not share any specific recommendations or provide any more details on the research.
Another important focal point of the discussions was the need for better cooperation between judiciary and regulatory bodies. For example, the seminar argued for the establishment of practical legal solutions that would allow authorities to handle crypto-related cases more effectively.
Still, while the details of the proposed legal measures remain undisclosed, the talking points in the seminar reiterate the urgency of redefining China’s judicial position on the matter.
It is worth mentioning that China’s position on crypto remains unchanged since September 2021. Basically, this was when the central bank, in collaboration with multiple state agencies, officially banned all crypto trading and mining activities on the mainland. Yet, with the ban, crypto activities in China are still on as traders are using back channels to carry out their transactions. This, in particular, informs the need for legal clarity or a possible lift on the ban as many crypto experts have suggested over the years.
China’s rather rigid stance on crypto has had significant ramifications. The popular ban of 2021 has meant that crypto-related activities had to move from the mainland to friendlier locations like its special administrative region, Hong Kong.
So, while mainland China remains firm in its anti-crypto policies, Hong Kong has been actively welcoming crypto firms with the aim to become a global digital asset hub.
Notably, though, the exit of digital assets from China has had a telling impact on not just global crypto trading volumes but also on regulatory frameworks and financial ecosystems worldwide.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
