Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and director of the Beijing Jindai Law Firm, is proposing “Online Virtual Property Protection Law” to accelerate the protection of network virtual property, as current conditions for special legislation have already become mature and the next generation of Internet and new digital economy require improvement in my country’s international competitiveness.
Accelerating Virtual Property Protection: Proposal from Pi Jianlong
With the tech-driven advances of the new digital age, China is taking the lead in the race to protect virtual property. Recently, Beijing announced that it will launch the National Blockchain Technology Innovation Center. This comes off of Chinese president Xi Jinping’s call for increased research and funding in blockchain technology, as well as ongoing efforts to develop a central bank digital currency (CBDC).
Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and director of the Beijing Jindai Law Firm, is set to submit the “Proposal on Accelerating the Protection of Network Virtual Property Protection” to the two sessions. This encourages the National People’s Congress to include a “Online Virtual Property Protection Law” in its legislative plans, as the current conditions for special legislation have matured and become ripe.
Jianlong believes that the next generation of Internet will be a value network, and blockchain, smart contracts, prophecy machines, Yuan universe, artificial intelligence and other technologies will aid virtual assets. As other countries and the European Union jump at the chance to develop virtual property, China is striving to increase its international competitiveness with proper regulations.
The Beijing Academy of Blockchain and Edge Computing (BABEC) runs the National Blockchain Technology Innovation Center and it is tasked to assist the nation’s technical innovation and achieve high-level technology self-reliance. With this center, the Chinese government plans to lead the development of important core technologies in the field of blockchain, leading to industrialization, talent cultivation and a national blockchain strategic technology force.
The latest blockchain technology application in China comes in the form of non-fungible tokens (NFTs). The Beijing Guoan Football Club recently unveiled its own collection of NFTs, a move mirrored by the local government’s plan to “Beijing Urban Sub-Center Metaverse Innovation and Development Action Plan (2022 -2024).” Meanwhile, the Beijing Municipal Administration for Market Regulation has put out calls to be aware of metaverse investment and NFTspeculation. In addition, authorities in the Hainan province hope to tackle the NFT market by educating the public on the risks and laws of the sector as well as combatting any fraudulent activity.
Finally, the People’s Bank of China has announced that it is working on new features for its ongoing CBDC pilot program, such as a QR code-based transaction system so that consumers can make the CBDC a more user-friendly cash.
Based on the reports, it is clear to see that the Xi administration takes these initiatives seriously and is pushing through reforms to ensure that the nation is prepared for the new digital age. The measures taken show China’s eagerness to be at the innovative forefront, and with the “Online Virtual Property Protection Law,” citizens in the nation can look forward to secure, high-quality virtual assets.