Proposal on Accelerating the Special Legislation for the Protection of Network Virtual Property

03/02/2023 02:42 • Blockchain Buzz • 162 views

It is reported that Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and director of Beijing Jintai Law Firm, plans to submit the Proposal on Accelerating the Special Legislation for the Protection of Network Virtual Property to the NPC and CPPCC. This proposal believes that the conditions for special legislation on the protection of network virtual property are basically mature. It is suggested that the National People’s Congress should include the Law on the Protection of Network Virtual Property in the legislative plan as soon as possible and start the relevant legislative process. Pi Jianlong believes that the next generation of Internet will be the value network, while blockchain, smart contract, oracle, metauniverse, artificial intelligence and other technologies are important technologies for asset digitization. Many countries and the European Union have attached great importance to the development of virtual property and have formulated relevant laws and regulations. How to give full play to and enhance China’s international competitiveness in the field of the next-generation Internet and the new digital economy is an extremely important issue before us.

Pi Jianlong, member of the National Committee of the Chinese People’s Political Consultative Conference

Interpret the above information:

Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and director of Beijing Jintai Law Firm, plans to submit a proposal to the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) regarding the acceleration of special legislation for the protection of network virtual property. According to his proposal, the conditions for special legislation on the protection of network virtual property are mature and the NPC should include the Law on the Protection of Network Virtual Property in the legislative plan as soon as possible and start the relevant legislative process.

Pi Jianlong believes that the next generation of the internet will be the value network, and technologies such as blockchain, smart contracts, oracle, metauniverse, artificial intelligence, and others are crucial for asset digitization. He suggests that it is essential to give full play and enhance China’s international competitiveness in the field of next-generation internet and the new digital economy.

Many countries and the European Union have formulated relevant laws and regulations regarding the development of virtual property, and with the continuous emergence of digital asset trading platforms, virtual property has become a significant economic factor. In this regard, special legislation for the protection of network virtual property is necessary.

Virtual property is a type of asset that exists only in the digital world but has real-world value. Examples of virtual property include in-game assets, digital collectibles, cryptocurrencies, and other digital assets that have monetary value. Without proper legal protection, virtual property can be vulnerable to hacking, theft, and fraud.

The acceleration of special legislation for the protection of network virtual property demonstrates the acknowledgement of the importance of digital assets and the need for regulation to ensure the development of the next-generation internet and the new digital economy. The proposed legislation is a reflection of the government’s proactive stance to promote the healthy and sound development of the digital asset industry.

In conclusion, the acceleration of special legislation for the protection of network virtual property is a necessary step towards the development of the next-generation internet and the new digital economy. Proper legal protection ensures the healthy and sound development of the digital asset industry, enhances China’s international competitiveness and promotes the overall development of the digital economy.

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