Henan Provincial People's Congress: It is not suitable for local authorities to legislate on the disposal of virtual currencies at this time

ChainCatcher news, the Henan Provincial People's Congress released a report on the review results of the "Regulations on the Management of Property Involved in Cases in Henan Province (Draft)", specifically mentioning issues related to the disposal of virtual currencies involved in cases. This report sends a policy signal that regarding how to handle the virtual currencies seized during case investigations, Henan Province believes it is inappropriate to establish local legislative regulations.

In the report, the Henan Provincial Legal Affairs Committee's research concluded that virtual currencies have property attributes and are considered involved property, which has basically formed a consensus in judicial practice. However, virtual currency trading is completely prohibited in our country, and there are no legal trading platforms; the disposal of virtual currencies is still being explored in various regions. Currently, the Ministry of Public Security is studying and formulating relevant systems for virtual currencies, and the management of this new type of involved property is more suitable to be uniformly regulated at the national level, making local legislation inappropriate.