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

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.

Interpretation of this information:

The message highlights a proposal by Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference, to accelerate the special legislation for the protection of network virtual property in China. The proposal suggests that the conditions for special legislation are ripe, and the Law on the Protection of Network Virtual Property should be included in the legislative plan and relevant processes started as soon as possible.

Pi Jianlong believes that the future of the Internet lies in the value network, where technologies such as blockchain, smart contract, and artificial intelligence will play a critical role in asset digitization. Several countries and the European Union have already formulated relevant laws and regulations to help develop virtual property. This message urges China to do the same to enhance its international competitiveness in the field of the new digital economy.

The proposal recognizes that virtual property, represented by digital assets, has become a crucial part of the contemporary economy. Today, more and more people are buying, selling, and trading virtual goods, such as cryptocurrencies like Bitcoin, non-fungible tokens, and virtual real estate. As such, virtual property has become an essential part of modern life, but unlike physical assets, virtual property has no legal status, often leading to disputes, fraud, and even theft.

The current legal framework in China, like other countries, is inadequate. There is no legal definition, recognition, or protection of virtual property, leaving individuals vulnerable to manipulations by hackers, scammers, or even platforms that host these assets. The proposal by Pi Jianlong is, therefore, a step towards creating a legal basis for virtual property, defining its nature, outlining its rights and obligations, and setting up legal avenues for dispute resolution.

Moreover, the proposal is also an indication of China’s recognition of the importance of blockchain and other technological advancements. Blockchain, for example, offers a decentralized, secure, and transparent way of tracking and verifying digital assets, making it an ideal tool for managing virtual property. The proposal, therefore, represents a commitment by China to support the growth of blockchain and other digital technologies essential for the next generation of the Internet.

In conclusion, the proposal by Pi Jianlong is an essential step towards creating a legal framework for virtual property in China. As virtual property becomes increasingly prevalent, there is a need to establish legal recognition, ensure protection, and provide avenues for dispute resolution. Additionally, the proposal is also an indication of China’s commitment to supporting technological advancements, particularly blockchain, that will play a crucial role in the next generation of the Internet.