Protection of Network Virtual Property: A Proposal for Special Legislation

03/02/2023 02:42 • Blockchain Briefs • 91 views

It is reported that Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and director of Beijing Jintai Law Firm, plans to submit the Proposal on Accelerating the Special Legislation for the Protection of Network Virtual Property to the NPC and CPPCC. This proposal believes that the conditions for special legislation on the protection of network virtual property are basically mature. It is suggested that the National People’s Congress should include the Law on the Protection of Network Virtual Property in the legislative plan as soon as possible and start the relevant legislative process. Pi Jianlong believes that the next generation of Internet will be the value network, while blockchain, smart contract, oracle, metauniverse, artificial intelligence and other technologies are important technologies for asset digitization. Many countries and the European Union have attached great importance to the development of virtual property and have formulated relevant laws and regulations. How to give full play to and enhance China’s international competitiveness in the field of the next-generation Internet and the new digital economy is an extremely important issue before us.

Pi Jianlong, member of the National Committee of the Chinese People’s Political Consultative Conference

Analysis based on this information:

Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and director of Beijing Jintai Law Firm, has proposed a new legislation to protect network virtual property. The proposal argues that conditions for special legislation regarding the protection of virtual property in the network space are matured. Thus, Pi Jianlong has suggested that the law of protecting network virtual property should be included in the legislative plan of the National People’s Congress and the CPPCC.

Pi Jianlong believes that the next-generation internet will be a value network, as blockchain, smart contracts, oracle, metauniverse, artificial intelligence, and other technologies will be integral to asset digitization. Additionally, many countries, including the European Union, have formulated laws and regulations in the development of virtual property. As a result, China needs to enhance its international competitiveness in the field of the new digital economy.

The emergence of network virtual property has disrupted traditional market values and has created new opportunities for economic activity. Consequently, the protection of network virtual property has become crucial to ensure consumers and investors’ confidence in the network economy.

The proposal submitted by Pi Jianlong highlights the need for special legislation to protect network virtual property, which can help prevent fraud and ensure that virtual wealth is correctly assigned, bought and sold, thereby promoting the development of China’s digital economy. The proposal also argues that the inclusion of the law on the protection of network virtual property in the legislative plan of the National People’s Congress can promote China’s competitiveness in the field of the next-generation internet.

In conclusion, Pi Jianlong’s proposal aims to enhance China’s digital economy while protecting consumers and investors’ confidence in the network economy. By introducing a new law that protects virtual property in the digital space, China can become more competitive and explore the next generation of the internet with confidence.

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Protection of Network Virtual Property: A Proposal for Special Legislation

Pi Jianlong, member of the National Committee of the Chinese People’s Political Consultative Conference

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