Jane's website said that the general principles of the Civil Code of the People's Republic of China, which is expected to come into force on October 1, will implement regulations against digital currencies for the first time. Jane's report also notes that digital currencies will be treated as "digital ownership" under Chinese law. "The digital currency of Bitcoin can be classified as a virtual asset," said Chinese academic Professor Deng Jianping.
On the other hand, the inclusion of digital currencies in China's General Principles of Civil Law indicates that China's recent campaign on digital currency platforms will not be expanded to include a nationwide ban on the use and possession of encrypted digital currencies. According to Jane's report, this finding suggests that "the regulators never mentioned the prohibition of the currency of the Betquin throughout this period, meaning the government has no problems with the currency of the Betquin itself."
Jeans said the stop-shop campaign was motivated by "small platforms that do not seriously implement AML requirements and customer knowledge policy." The report also refers to the decision to allow the reopening of China's major digital exchange platforms after the People's Bank of China (PBOC) investigations, which means that the recent campaign on the trading platforms was temporary and should not be interpreted as a general ban on digital currencies.
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