Chinese State Media Advocates for Comprehensive Cryptocurrency Legal Framework
CryptoNewsTerminal Staff02 Sep, 2024
Chinese State Media Advocates for Comprehensive Cryptocurrency Legal Framework
China's state-run media outlet, the People's Court Daily, has emphasized the need for a comprehensive legal framework for cryptocurrency in a recent commentary. The outlet contends that the current regulatory approach is unsustainable, and that a clear and well-defined legal framework is essential to protect investors and maintain financial stability. The commentary highlights the rapid growth of the cryptocurrency market, emphasizing the need for legal clarity to address emerging risks and ensure orderly development of the industry. It urges relevant authorities to establish a comprehensive legal framework encompassing definitions, regulatory measures, and enforcement mechanisms. The commentary also stresses the importance of international cooperation in regulating cryptocurrency, recognizing the global nature of the industry. It encourages collaboration among nations to develop a unified legal framework that can effectively address the challenges posed by cryptocurrency.
