PANews
PANews|12月 28, 2025 13:51
[Academic Journal of the Supreme People's Court Publishes Article: Commercial Law Reform for Digital Transactions, Electronic Currency, and Virtual Assets] The official WeChat account of the Supreme People's Court published an article in its academic journal *Digital Rule of Law* titled *Commercial Law Reform for Digital Transactions, Electronic Currency, and Virtual Assets*. The article points out that the amendments to the *Uniform Commercial Code* jointly revised by the Uniform Law Commission and the American Law Institute were officially passed in 2022 and subsequently widely adopted by state legislatures across the United States. These amendments accommodate diverse transaction methods, including electronic formats, clarify the relationships among tangible currency, central bank digital currency, and other virtual currencies, establish a new type of property known as "controllable electronic records," and define the rules for the control and transfer of such property. China's civil and commercial regulations should also align with the development of digital transactions, electronic currency, and virtual assets, pursuing practice-oriented legal improvements to stimulate economic and technological development and gain an advantage in international institutional competition.
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