China's Supreme Court to Develop New Rules for Cryptocurrency and AI
The Supreme People's Court (SPC) of China has announced that it will study new judicial rules concerning virtual currencies and cross-border financial cases to clarify mechanisms for resolving disputes related to the digital economy. According to court representative Liu Guixiang, legal interpretations regarding civil compensation for insider trading and market manipulation will be developed soon. This was reported by Cointelegraph.com reports .
The court also plans to study judicial protection rules for artificial intelligence (AI) and property rights over data, including AI-generated content and data transactions. This initiative aims to create clear internal standards for how courts should rule and determine liability in intellectual property disputes within the crypto and AI sectors.
This news comes at a time when China's stance on the cryptocurrency industry remains complex. As a reminder, in 2013, the People's Bank of China (PBOC) banned financial institutions from providing Bitcoin-related services. In September 2021, all crypto transactions and mining activities were completely banned in the country.
The new guidelines are expected to ensure consistency in the growing number of crypto and AI-related court cases in the country. These measures are particularly relevant following recent major fraud cases and the U.S. Department of Justice's seizure of $15 billion worth of Bitcoin in the Chen Zhi case.
