As the number of digital currency owners grows in China, the supreme court there has demanded better right protection for digital currency rights.
Their new guideline, published on Wednesday, specifies that the legal system should enhance protections over the new types of ownership rights, including digital currencies, virtual assets, and data as well.
The ownership of major cryptocurrencies like bitcoin and ether keeps growing in China, and the Courts have seen it as a necessity to address the issue. Previously there have legal decisions made by municipal courts made in China.
According to Coindesk, the guideline was published by the Supreme People’s Court in China, along with the National Development and Reform Commission (NDRC), which is China’s top economic planning agency.
Moreover, the supreme court’s guidance outlines the legal system’s highest-level opinion regarding administrative services and protections.
Cryptocurrency regulation has been challenging for authorities considering that it is a new industry.