⚡ The 2022 revision of the UCC commercial law mentioned in the Supreme Court of China's journal addresses what issues? —

In summary:

👉 Traditional commercial law was designed for "paper contracts + physical property + bank accounts" and can no longer cover new transaction forms such as electronic contracting, digital currencies, and on-chain assets.

Therefore, the core objectives of this revision are mainly reflected in four key points —

1️⃣ Officially recognizes that "electronic transactions" are the norm in commercial law. As long as equivalence and transaction functions can be completed, the medium is not important.

2️⃣ Restructures the legal classification system of "currency"

No longer using a one-size-fits-all approach of "whether it is legal tender," but adapting different rules based on functionality, transferability, and control methods.

👉 This leaves room for commercial law to handle assets like USDT, USDC, BTC, and ETH, rather than directly excluding them from the legal system.

3️⃣ Creates a new type of property: Controllable Electronic Records (CER)

This is the most critical and cutting-edge point of the entire article!

The law recognizes that "control" over digital assets can be equivalent to "possession" of physical assets.

Based on this, transfer rules are designed, and a good faith acquisition system is introduced.

This is a response at the institutional level to the concept of "code is law."

4️⃣ Revolution in the guarantee system: Control > Registration

In traditional commercial law, intangible property guarantees → rely on registration and public notice.

However, in UCC 2022, for CER (such as virtual currencies), it allows for the perfection of security interests through "control."

For DeFi / digital assets, this provides a legal basis for "institutionalized guarantees."

In simple terms, the conclusion of the journal's author is quite restrained, but the meaning is very clear:

As transactions have already been digitized, Chinese commercial law must evolve; otherwise, it may take decades to catch up with this gap!

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