A People’s Court in China published a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets. The court noted in its report that virtual assets under the current legal policy framework are still legal property and protected by law.
The People’s Courts of the People’s Republic of China exercise judicial power independently and are not subject to interference by an administrative or public organization. These courts try criminal, civil and administrative cases as well as economic disputes.
The report titled “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case” acknowledged that virtual assets have economic attributes and thus can be classified as property, reported a local daily. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argues that virtual assets held by individuals should be considered legal and protected by law under the current policy framework.
The report also added suggestions to deal with crimes involving virtual assets and noted that since the money and property involved in the case cannot be confiscated, it should be based on the unification of criminal and civil law. Such cases should be treated separately to achieve a balanced protection of personal property rights and social and public interests.
China imposed a blanket ban on all crypto-related activities and banned foreign crypto exchanges from offering their services to mainland customers. However, despite a hostile national policy on digital assets, the Chinese courts have offered a contrasting stance on Bitcoin (BTC) and other digital assets over the years.
The first instance of such difference arose in September 2022, when a lawyer suggested that crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement despite the ban on crypto. Later in May 2022, a Shanghai court affirmed that Bitcoin qualifies as virtual property and thus is subject to property rights.
China’s hostile stance against Bitcoin and other cryptocurrencies has been a long-drawn one. However, over the past few years, the government seems to have softened its stance. This was evident from the rise in China’s Bitcoin mining share, which dropped to zero post-blanket ban but rose to take the second spot within a year.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.