TechFlow, on December 28, the official account of the Supreme People's Court released an article from its affiliated academic journal "Digital Law and Governance" titled "Commercial Law Reform for Digital Transactions, Electronic Money, and Virtual Property," which points out: The revised amendment to the Uniform Commercial Code jointly updated by the Uniform Law Commission and the American Law Institute was officially adopted in 2022 and has since been widely enacted by state legislatures across the United States. It recognizes diverse transaction methods including electronic formats, clarifies the relationships among tangible currency, central bank digital currencies, and other virtual currencies, establishes a new property category called "controllable electronic records," and defines rules for control and transfer of such property.
China's civil and commercial legal framework should also advance practical, practice-oriented legal improvements in response to the development of digital transactions, electronic money, and virtual property, thereby stimulating economic and technological progress and gaining advantage in international institutional competition.
