Article published in an academic journal under the supervision of the Supreme People's Court: Commercial Law Reform for Digital Transactions, Electronic Currency, and Virtual Property
On December 28, PANews reported that the Supreme People's Court's official WeChat account published an article in its affiliated academic journal, *Digital Rule of Law*, entitled "Commercial Law Reform Towards Digital Transactions, Electronic Currency, and Virtual Property." The article points out that the amendments to the Uniform Commercial Code, jointly revised by the Uniform Law Commission and the American Law Institute, were formally passed in 2022 and subsequently widely adopted by state legislatures across the United States. These amendments embrace diverse transaction methods, including electronic forms, clarify the relationship between tangible money, central bank digital currencies, and other virtual currencies, create a new type of property called "controllable electronic records," and define the rules for the control and transfer of such property. China's civil and commercial regulations should also adapt to the development of digital transactions, electronic currency, and virtual property, undergoing practice-oriented legal improvements to incentivize economic and technological development and gain an advantage in international institutional competition.
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