Henan Province transfers virtual currency regulatory authority to the central government

btccSquare News Report: The Henan Provincial People's Congress stated that virtual currency management should be centrally supervised by the central government, rather than through decentralized local legislation. The Legal Affairs Committee explicitly acknowledged the property attributes of cryptocurrencies, while also recognizing China's comprehensive ban on trading platforms. The judicial consensus now views virtual currencies as case-related property, but the disposal mechanism remains undefined. As the Public Security Bureau is developing a national framework, Henan Province's stance reflects the regulatory tension between regional experimentation and central control in China's cryptocurrency policy.