Chinese lawmaker Dong Jin advocates for clear regulations on smart contracts to promote healthy growth in the digital economy.
During the Chinese National Two Sessions, Dong Jin, a prominent National People’s Congress representative, emphasized the need for accelerated legislation for emerging technologies like blockchain. Jin highlighted the importance of managing risks associated with technological progress through clear legal guidelines to create a favorable policy environment for businesses and individuals.
Jin specifically addressed the evolving legal framework surrounding blockchain applications, pointing out the inconsistencies between current regulations and the requirements of emerging technologies. He also discussed the potential applications of smart contracts in finance, supply chain management, and other sectors, noting the obstacles hindering their widespread adoption.
To overcome these challenges, Jin proposed a comprehensive strategy that includes clarifying the legal standing of foundational blockchain technologies and implementing relevant laws and regulations. He also stressed the importance of creating a cohesive legislative and regulatory framework to harmonize technological progress with oversight.
In addition to Jin’s advocacy, National People’s Congress deputy Jiang Fan also highlighted the need for improvements in China’s virtual currency disposal system. Fan emphasized the increasing complexity of legal proceedings related to virtual currencies and the rise in criminal activities utilizing them.
Both lawmakers underscored the importance of international cooperation to support the cross-border application of emerging technologies. Their efforts aim to address uncertainties, promote healthy growth, and mitigate risks in the dynamic digital economy.
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