Shanghai, a financial center of continental China, has become one of the country’s first cities to use a cryptocurrency negotiating platform abroad to reproduce and sell more than 90,000 Feccoins – a storage token based on blockchain – which were seized in criminal cases.
A court at the district level has teamed up with a third-party institution in continental China, which sold the cryptocurrency on a platform approved in Hong Kong, according to an announcement from the Shanghai Supreme Population Court on Tuesday.
The sale of the sale has been transferred to a bank account controlled by the court and will be allocated to the national treasury or reimbursed to the victims, in accordance with legal procedures.
But there have been discussions between market players and academics on the question of whether continental China should imitate Hong Kong – which introduced its first stablecoin order on August 1 – to promote the offshore adoption of the Yuan.
The management of cryptographic assets in cases involving Chinese citizens and companies also presents new challenges for the judiciary.
01:25
What is the media threshing in Stablecoins?
What is the media threshing in Stablecoins?
