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People's Court News: Virtual currencies have corresponding property attributes, and if refunds are involved, it can be explored to exchange fiat currency through compliant licensed trading platforms.

Token Economy June 19, 2025 16:31 Hebei 630 people

The People's Court Daily published an article signed by Zhao and Liang of the Intermediate People's Court of Shenzhen, Guangdong Province, entitled "Disposal of Virtual Currency in Criminal Cases: Challenges, Innovation and Judicial Responsibility", which pointed out that virtual currency has corresponding property attributes and has basically formed a consensus in judicial practice. Where it is necessary to make restitution for the victim's losses or confiscate them, in order to balance the demand for virtual currency involved in the case and the mainland's regulatory policies, it may be explored to entrust a qualified third-party institution to convert the virtual currency into legal tender at the market price through a compliant licensed trading platform in a jurisdiction where overseas virtual currency transactions are legal, such as Hong Kong. Letter on Issues Concerning the People's Court's Opening of Foreign Exchange Accounts and Handling of Foreign Exchange Receipts and Payments in Foreign-related Judicial Activities". Virtual currencies that are used for crimes and endanger national security and public interests, such as privacy coins, can be sent to a "black hole address", destroyed, and permanently withdrawn from circulation.