《People's Court Daily》: Disposal of Virtual Currency Can Explore Overseas Compliance Cashout and "Black Hole" Destruction Mechanisms

BlockBeats News, on June 19th, the People's Court Daily published an article by the Intermediate People's Court of Shenzhen City, Guangdong Province. The article pointed out that virtual currency has corresponding property attributes, and a basic consensus has been reached in judicial practice. For cases requiring the reimbursement of victims' losses or confiscation, to balance the disposal of relevant virtual currency with mainland regulatory policies, it is possible to explore filing and regulation with the People's Bank of China, the State Administration of Foreign Exchange, and other departments. A qualified third-party institution can be entrusted to exchange the virtual currency for legal tender at market price through a compliant licensed trading platform in a jurisdiction with legal cryptocurrency exchanges, such as Hong Kong. For virtual currencies used in crimes that pose a threat to national security and public interests, such as privacy coins, they can be sent to a "black hole address" for destruction, permanently removing them from circulation.