Chinese court contradicts government’s stance on virtual currencies, declares them to be legal property
While not the first time a Chinese court has questioned the prevailing policy of the CCP, any break with hierarchy within Chinese politics is unusual.
The CCP’s enthusiasm for blockchain technology does not extend to decentralized cryptocurrencies. More than twenty cryptocurrency firms left China due to a severe ban on crypto, underscoring the government’s desire to maintain strict control over the country’s financial system. The Chinese government has exhibited a clear preference for technologies it can regulate and control, such as its digital yuan, which is centrally issued and controlled by the People’s Bank of China.
Furthermore, the country’s stance toward generative AI regulations is demonstrating a similarly authoritarian approach, mandating that AI developments must adhere to the “core values of socialism.” While the country continues to foster innovation, it does so within a tightly controlled framework that aligns with its socio-political objectives.