Supreme Court's Academic Journal Article: Legal Reforms in Business Law Facing Digital Transactions, Electronic Currency, and Virtual Property

The WeChat official account of the Supreme People's Court published an article in its managed academic journal "Digital Rule of Law" titled "Commercial Law Reform Facing Digital Transactions, Electronic Currency, and Virtual Property," which points out: The amendments to the Uniform Commercial Code, jointly revised by the American Law Institute and the Uniform Law Commission, were officially passed in 2022 and subsequently widely adopted by state legislatures in the United States. These amendments incorporate a variety of transaction methods, including electronic forms, clarify the relationship between tangible currency, central bank digital currency, and other virtual currencies, create a new type of property called "controllable electronic records," and specify the control and circulation rules for such property.

China's civil and commercial regulations should also be oriented towards the development of digital transactions, electronic currency, and virtual property, aiming for practical-oriented legal improvements to stimulate economic and technological development and gain an advantage in international institutional competition.