China

October 2022 Bank for International Settlements (BIS) / Bank of Thailand / Hong Kong Monetary Authority / People's Bank of China / United Arab Emirates Central Bank

The BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People's Bank of China and the Central Bank of the United Arab Emirates have completed a successful pilot of the use of central bank digital currencies (CBDCs) by commercial banks for real-value transactions across borders, as part of Project mBridge.

The pilot, which was conducted from 15 August to 23 September 2022, covered three transaction types: issuance and redemption of CBDC between commercial banks and central banks; cross-border payment in local CBDC between commercial banks; and cross-border exchange of local CBDC against foreign currency CBDC between commercial banks. The 20 banks in the four jurisdictions used the mBridge platform to conduct 164 payment and foreign exchange transactions totalling over $22 million over six weeks, settled directly on the platform.

December 2021 Hong Kong Monetary Authority / People's Bank of China

Opening remarks by HKMA CEO Eddie Yue, given at The People's Bank of China and Hong Kong Monetary Authority Joint Seminar - Hong Kong's Positioning and Prospect as an International Financial Centre.

In terms of technology, he said "solid foundations" have been laid that have "already made virtual banking and faster payments a part of daily life."  

He also said the digital transformation is being accelerated by encouraging all banks to "harness the power of data to promote financial efficiency and inclusion. We are pioneering research and pilot schemes in domestic and cross-border central bank digital currencies.  We are very pleased that the PBoC is our close partner in the m-CBDC Bridge project and the technical trials for cross-boundary use of e-CNY." 

September 2021 Bank for International Settlements (BIS) / Bank of Thailand / Central Bank of the UAE / Hong Kong Monetary Authority / People's Bank of China

The Bank for International Settlements Innovation Hub, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, the Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority published a report titled 'Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments', which sets out the interim findings of the Multiple Central Bank Digital Currency Bridge (mBridge) project.

A prototype of multiple central bank digital currencies (mCBDCs) developed by the Bank for International Settlements Innovation Hub and the four central banks demonstrated the potential of using digital currencies and distributed ledger technology (DLT) for delivering "real-time, cheaper and safer cross-border payments and settlements".

According to the report, the enhanced prototype has the potential to offer various benefits to the participating central banks, including the ability to "manage the liquidity of their CBDC on the prototype, monitor the flow and the balances of their issued CBDC, enhance the level of privacy of the transactions, and automate certain compliance functions. Compared to the existing correspondent banking model, the prototype could substantially speed up cross-border transfers and reduce their costs."

Phase 3 of the mBridge project will involve "further experimentation with design choices and technology trade-offs and a future roadmap from prototype to a production-ready network that can serve the broader central banking community as a public good through open-sourcing."

April 2020 People's Bank of China

The PBoC held the 2020 national video, gold, silver and security work video and telephone conference, at which it stated, among others, that statutory digital currency research and development work has been carried out steadily.

September 2018 Cyberspace Courts in Beijing and Guangzhou

China officially opened cyber space courts in Beijing and Guangzou. These specialised courts will make use of blockchain technology to tackle the swell of internet related court procedures in China.

These new specialised courts will make use of blockchain technology and, along with their equivalent one that was formed in Hangzhou in August 2017, are meant to tackle the quickly swelling stream of internet-related court procedures in China. 

The establishment of these specialised courts is an encouraging step for the Chinese internet sector as well as for IP owners: it promises a more flexible procedure, less bureaucracy in obtaining evidence and higher quality judgments, handed down by specialist judges. 

Jurisdiction

The establishment of the two new cyberspace courts fits in with the government’s policy of encouraging and regulating China’s burgeoning e-commerce sector, and comes in the wake of the promulgation of China’s first e-commerce law, which will soon enter into force. 

The rules on the operation of the Cyberspace Courts are enshrined in the Supreme People’s Court’s Provisions on Several Issues Concerning the Trial of Cases by the Cyberspace Courts, issued in September 2018. 

As to territorial jurisdiction, the cyberspace courts have cross-regional jurisdiction over all ‘cyberspace cases’ (see categories below) that have a “genuine connection” (e.g. location of contract, location of damage etc.) with respectively Beijing, Hangzhou and Guangzhou.

 As to material jurisdiction, the cyberspace courts will handle a broad variety of cases mainly including:

  • e-commerce disputes (including purchase contract disputes, product liability disputes, service contract disputes);
  • online copyright disputes (including the unlawful dissemination of films, music and other copyrighted works);
  • online defamation disputes;
  • domain name disputes; and
  • online loan contract disputes.

 The Higher People’s Courts have the power to further broaden these categories for the cyberspace courts within their jurisdiction. 

The cyberspace courts act as Basic People’s Courts. This means that appeals against judgments from the Cyberspace Courts can be brought before the IP Courts, for IP cases such as copyright infringements, or before the Intermediate People’s Courts, for all other cases. 

Procedure

The most striking aspect about the Cyberspace Courts are the much more flexible procedural and evidential rules. 

The whole procedure, from the case filing until the publication of the judgment, takes place online except in cases where off-line hearing is necessary. 

Online video-conference hearings are permissible. 

Procedural steps such as case filing and acceptance, evidence exchange, court hearings, service of judgments etc. can be conducted online through the courts’ online litigation platform. 

To this end, the Cyberspace Courts will make use of blockchain technology. 

According to a recent announcement by the Hangzhou Cybersecurity Court, the judicial blockchain system is composed of three layers. 

The first layer is the core blockchain software, which allows users to keep record of electronic data, the second layer is a chain that offers reliable services like real-name authentication, electronic signatures, time stamps and data access, while the third layer will be blockchain applications run by a judicial alliance of notaries, judicial examination centers and courts. 

Another innovation by the newly established Cyberspace Courts are the relaxed evidential rules. 

Evidence, the authenticity of which can be proven through reliable technological means, such as electronic signatures, electronic time stamps, blockchain etc. will no longer need to be notarized (and potentially also authenticated by a Chinese consulate for evidence gathered abroad), as would be the case in a normal court proceeding. This would mean a substantial reduction in time and costs spent by parties in cyberspace procedures. 

A big step forward 

The establishment of the specialised Cyberspace Courts is hailed by the industry as a big step forward, and the Cybersecurity Courts are expected to become popular litigation venues. 

As an illustration, on its first day of operations, the Beijing Cyberspace Court already received over 200 new cases. 

The first case it officially accepted is a high-profile copyright infringement case, filed by a video-sharing company against a large content provider, claiming damages of over CNY 1 m (about $150,000). 

It is particularly hoped that the Cyberspace Courts may bring the same professionalism to internet-related litigation as the specialised IP Courts did with IP litigation in China. 

The new courts are also welcomed for their simplified procedures and reduction of red tape in the face of the ever-increasing caseload of internet-related cases in China.

September 2018 Chinese Supreme Court

The Supreme Court of China said that it will recognise evidence submitted to the country's online court system if that evidence has been logged on a secure blockchain or distributed ledger technology system.

In an announcement, the Supreme Court has clarified some issues in respect of litigation activities on internet courts.

The regulation specifies that parties will be able to submit electronic data using blockchain and other similar evidence collection methods, provided that they can prove the legitimacy of the technology used.

“The electronic data submitted by the parties [will be considered valid if they] can prove [its] authenticity through electronic signature, trusted time stamp, hash value check, blockchain and other evidence collection, fixed and tamper-proof technical means or through electronic forensic evidence platform certification,” the announcement said.

Litigants can also “apply to someone with expertise to comment on electronic data technology issues”.

The first internet court was established in Hangzhou City last year as a trial, and the programme will be expanding soon to Beijing and Guangzhou.

So far, the internet court has dealt mainly with disputes on issues with online shopping and services, micro loans, copyright infringement, infringement on personal rights online, disputes over domain names and other internet-related civil or administrative cases designated by the higher courts.

August 2018 Banking Regulatory Commission / Central Network Information Office / General Administration of Market Supervision / Ministry of Public Security / People's Bank of China

Several Chinese regulators issued a joint warning against illegal fundraising and trading activities involving virtual currencies. the warning comes as a joint statement by five regulators: the Banking Regulatory Commission, the People's Bank of China – the country's central bank – the Ministry of Public Security, the Central Network Information Office and the General Administration of Market Supervision.

The five major watchdogs have lambasted "lawless elements" claiming to issue cryptocurrency through initial coin offerings (ICOs) while asking for funds from investors.

According to the warning, the fraudsters use terms such as "financial innovations" and "blockchain", but the schemes are not "really based on blockchain technology", and are rather "illegal fundraising, pyramid schemes and fraud".

The regulators pointed out that some cryptocurrency projects set up operations using overseas servers but target Chinese residents and use chat forums and online trading and payment tools to collect funds from the public.

“Some individuals claim to have obtained investment quotas for overseas premium blockchain projects in the chat group, which can be used for investment, and is most likely a fraudulent activity. The funds for these illegal activities are mostly overseas, and supervision and tracking are very difficult.”

The warning added that some "seductive" projects also rope in celebrities and airdrop free cryptocurrency, or 'candies', to lure investors.

“In practice, the criminals illegally profited from the so-called virtual currency price movements, setting profit and cash withdrawal thresholds.”

The regulators also warned the public against other types of fundraising methods than ICOs, such as initial exchange offerings, initial for offerings and initial mines offerings.

China banned cryptocurrency fundraising and ICOs about a year ago.

This warning comes at a time when the country continues its crackdown against the crypto sector.

September 2017 People's Bank of China

The PBoC issued a joint notice in its name and six other regulators on preventing risks of fundraising through initial coin offering.

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