The People’s Court of China has issued a report that clarifies the legal status of virtual currencies in the nation. It states that virtual currency is not classified as an illegal item and is protected by law as legal property. The report suggests a unified strategy that draws upon both criminal and civil law to protect personal property rights. The People’s Bank of China has implemented measures to outlaw the exchange of virtual currencies and their conversion to traditional fiat currencies, ban the issuance of digital currency tokens or associated derivatives, and introduce stringent rules against broadcasting cryptocurrency-specific information. In contrast, Hong Kong has approved a comprehensive digital asset plan to make the city-state into a crypto hub. Hong Kong enjoys a degree of autonomy, potentially enabling it to foster a more open digital asset environment, even as the mainland maintains its restrictive stance.

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Information	Details
Geography	Asia
Countries	🇨🇳 🇭🇰
Sentiment	neutral
Relevance Score	8
People	Hong Kong, China, ODaily, People’s Court of China, People’s Bank of China
Companies	Hong Kong, One Country, Two Systems, People’s Court of China, People’s Bank of China
Currencies	odaily, ConstitutionDAO, aRIA Currency, Ethereum, Bitcoin
Securities	None