Judicial Disposal of Virtual Money: Challenges and Innovations

Recently, an article discussing the disposal of virtual money involved in criminal cases has attracted attention in the industry. As a legal practitioner, the author conducted an in-depth analysis of the article to provide more professional insights.

Overview of the Main Content of the Article

The article first elaborates on the definition, characteristics, and trading methods of Virtual Money, and cites relevant regulatory policies to illustrate the legal status of Virtual Money in our country. The article points out that due to the particularity of Virtual Money, there are many difficulties in handling related criminal cases in judicial practice, such as difficulties in sealing and freezing, value assessment, and liquidation.

It is worth noting that the article believes that the judicial practice generally recognizes that virtual money has property attributes. However, this view may deviate from the actual situation. Currently, civil judicial practice often does not accept disputes related to virtual money, which seems to contradict the recognition of its property attributes.

Regarding the disposal of the involved Virtual Money, the article suggests several recommendations, including cashing out through compliant institutions abroad and then transferring the funds to a foreign exchange account opened by the court. However, this recommendation may face numerous obstacles at the practical level.

Key Information Analysis

1. The property value attribute of Virtual Money is basically recognized in criminal justice practice, but there are still controversies in the civil field.

2. Currently, in criminal cases involving coins, the seizure of virtual money is mainly the responsibility of the investigative authorities, while the procuratorate and the court often do not directly participate in custody.

3. In the current regulatory environment, domestic institutions face many legal obstacles when participating in the disposal of Virtual Money. No institution is allowed to engage in the exchange of Virtual Money for fiat currency, which means that the disposal work must be carried out overseas.

4. The court's direct involvement in the disposal of Virtual Money and the opening of foreign currency accounts to receive disposal funds is difficult under the current regulations. The existing provisions do not include such activities for the purpose of opening foreign exchange accounts by the court.

5. Regarding the handling of privacy coins, simple destruction may not fundamentally solve the problem and may instead lead to an appreciation of the privacy coins circulating in the market.

Future Outlook

The judicial disposal of virtual money essentially stems from the strict restrictions imposed by current regulatory policies on the exchange of virtual money and fiat currency. If future policies can be moderately relaxed to allow for a certain degree of compliant trading, the disposal of the virtual money involved in the case will become much simpler and more straightforward.

Under the existing framework, judicial authorities need to continue exploring legal and compliant disposal methods. At the same time, they should also consider strengthening the technical training of relevant personnel to improve their understanding of Virtual Money and blockchain technology, in order to better respond to the challenges posed by such cases.

In summary, as virtual money and related technologies continue to develop, judicial practice also needs to keep pace with the times, seeking a balance between protecting legitimate rights and interests and preventing risks. This not only requires the efforts of legal practitioners but also the joint participation and discussion of regulatory authorities, technical experts, and other parties.