Crypto Courts?! China’s New Legal Tango 🤔💸

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So guess what? China’s judiciary is now diving headfirst into the world of crypto legal cases. Yeah, sure, they’ve banned the whole shebang—trading, mining—all of it. But now they’re like, “Hey, maybe we should research this stuff.” Makes total sense, right? Ban it first, then figure out how to deal with it later. Classic! 🌀

Recently, the Supreme People’s Court in Beijing held a seminar, because apparently, they’re all in a tizzy over how to handle these crypto cases. I mean, it’s only been a few years since they banned it—what’s the rush? 🤷‍♂️

Crypto Laws? In China? What a Concept! 🤓

This whole thing is spearheaded by Yang Dong, a professor at Renmin University. Apparently, he’s working on ways to “enhance” China’s legal framework for crypto. Enhance? With what? Duct tape and good intentions? Let’s just say the details are as vague as a text from your ex about “meeting up sometime.” 😏

Yang says this research is “critical” for financial security. Yeah, because nothing screams stability like trying to manage a banned industry with legal duct tape. Oh, and the seminar also emphasized teamwork between the judicial and regulatory folks. Teamwork! In a bureaucratic system? Sure, let’s add that to the fantasy column. 🙃

Meanwhile, they’re all about “efficient and fair” resolutions for crypto cases. Efficient and fair? Sounds great in theory—like flying cars and calorie-free dessert. Can’t wait to see how that pans out. 🙄

Regulate It, Ban It, Rinse, Repeat 🚫💰

Let’s not forget that since September 2021, China’s been slapping the crypto scene with one ban hammer after another. Trading, mining—you name it. And yet, here we are, with *more* disputes than ever. Funny how that works, right? 🤔

Now, the judiciary’s big idea is to look at how other countries are handling crypto. “Adapt those insights,” they say. Oh, sure. Because if there’s one thing China’s known for, it’s borrowing legal playbooks from other places. 😂

But wait, there’s more! Just recently, they cranked up the rules for banks to monitor crypto transactions. Big Brother just got a promotion, folks. 🎩

NEW: China’s State Administration of Foreign Exchange has tightened rules on trading in Bitcoin and cryptocurrencies, now requiring banks to monitor and report transactions, in order to prevent illegal activities such as underground banking and cross-border gambling.

— Bitcoin News (@BitcoinNewsCom) January 2, 2025

And then there’s Liu Zhengyao, a lawyer from Shanghai. He’s predicting that things are going to get even stricter. Oh, joy! Who doesn’t love tighter crypto laws? Truly the gift that keeps on giving. 🎁

The new rules will provide another legal basis for punishing cryptocurrency trading. It can be foreseen that mainland China’s regulatory attitude towards cryptocurrencies will continue to tighten in the future.

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2025-02-27 11:46