Guangzhou Internet Court: There are disputes over the value of cryptocurrencies, and relevant regulations need to be improved urgently

On April 23, the Guangzhou Internet Court held a press conference on "Analysis of Civil Judicial Protection Paths for Network Virtual Property and Typical Cases," releasing the "Research and Analysis Report on the Legal Nature and Civil Judicial Protection Paths of Network Virtual Property." The court categorized network virtual property into reality-mapped types (such as online stores) and network-constructed types (such as game props, Non-Fungible Tokens, cryptocurrencies), proposing that constructed virtual property possesses both property rights and creditor's rights characteristics: first, as the object of creditor's rights between operators and users, and second, as the object of property rights between users, but limited by user agreements. The Guangzhou Internet Court pointed out that cryptocurrencies, as a network-constructed virtual property, have value determination disputes that are prone to causing financial risks, and related legal regulations urgently need to be improved.