Private trading of bitcoin

1. In China, no competent department has made clear its position on bitcoin, which leads to its crazy and disorderly development in reality. Some websites use bitcoin to engage in illegal activities such as gambling and foreign exchange trading. There are also some websites using bitcoin for illegal fund-raising or fund-raising fraud. On October 26, 2013, the website of GBL bitcoin trading platform registered in Hong Kong was closed, and the relevant operators disappeared. The platform has previously attracted a large number of investors to invest in bitcoin
at present, the disorder of bitcoin trading in China needs to be cleaned up and rectified. This kind of clean-up and rectification has sufficient legal basis
1. The "transaction" and "circulation use" of bitcoin violate the law of the people's Bank of China of the people's Republic of China. Article 16 of the law clearly stipulates that "the legal currency of the people's Republic of China is RMB", and the institution that "issues RMB and manages the circulation of RMB" is unique, that is, the people's Bank of China; Article 20 stipulates that "no unit or indivial may print or sell token tickets to replace RMB in circulation on the market.". In fact, bitcoin has the function of "token", and the network platforms and merchants that conct bitcoin transactions have violated the provisions of the law, which should be investigated and dealt with in accordance with the law
2. Bitcoin's "trading" and "circulation and use" violate the foreign exchange regulations. Article 3 of the regulations clearly defines that "foreign exchange refers to the following payment means and assets expressed in foreign currency that can be used for international settlement, including foreign currency payment vouchers or payment instruments, including bills, bank deposit certificates, bank cards, etc.". Article 8 clearly stipulates that "the circulation of foreign currency is prohibited within the territory of the people's Republic of China, and foreign currency shall not be used for valuation and settlement.". Article 45 clearly stipulates: "those who buy or sell foreign exchange without permission, in disguised form, buy or resell foreign exchange, or illegally introce foreign exchange to buy or sell a large amount of foreign exchange shall be given a warning by the foreign exchange administration, their illegal income shall be confiscated, and a fine of less than 30% of the illegal amount shall be imposed; If the circumstances are serious, a fine of not less than 30% of the illegal amount shall be imposed; If a crime is constituted, criminal responsibility shall be investigated according to law. ". Bitcoin, as an international means of payment recognized by many countries, should be subject to the regulation. Websites and businesses engaged in bitcoin trading and use should be investigated and dealt with in accordance with the regulation< Third, bitcoin does not belong to the "virtual currency" defined in Chinese laws and regulations. Many bitcoin trading platforms claim to operate legally according to the relevant laws and regulations of China's "virtual currency", which is wrong. In 2009, the Ministry of culture and the Ministry of Commerce issued the notice on strengthening the management of virtual currency of online games, which clearly defined: "the virtual currency of online games mentioned in this Notice refers to the virtual currency of online games issued by online game operation enterprises, which is directly or indirectly purchased by game users using legal tender in a certain proportion, and exists outside the game program, It is a virtual exchange tool that is stored in the server provided by online game operators in the form of electromagnetic records and expressed in specific digital units. " The "notice" also makes it clear that "the use scope of online game virtual currency is limited to the virtual services provided by the issuing enterprise itself, and shall not be used to pay for, purchase physical procts or exchange for any procts and services of other enterprises". Bitcoin is not issued by game enterprises, and it can be exchanged for physical and currency. It can be seen that bitcoin is completely different from this kind of "virtual currency" and does not belong to the "virtual currency" stipulated by law. Even if it is engaged in the trading service platform business of "virtual currency", it is necessary to apply to the cultural authorities for the establishment of an operating Internet cultural unit for administrative license in accordance with the provisions. In the application report, it is necessary to specify the service (platform) mode, user purchase method (including cash, bank card, online payment and other purchase methods), user rights and interests protection measures, user's rights and interests protection measures Binding of user account and real name bank account, technical security measures, etc
so far, no bitcoin trading platform has obtained and is unlikely to obtain such administrative license
4. Bitcoin trading platform violates the telecommunication management regulations such as the telecommunication management regulations and the measures for the administration of Internet information services, which constitutes "illegal business operation"
Article 7 of the regulations on the administration of telecommunications clearly stipulates that "the State implements a licensing system for the operation of telecommunications business according to the classification of telecommunications business. In order to operate telecommunication business, a telecommunication business license issued by the competent department of information instry under the State Council or the telecommunication administrative agency of a province, autonomous region or municipality directly under the central government must be obtained in accordance with the provisions of these regulations. No organization or indivial may engage in telecommunications business without a telecommunications business license. " Internet information service is one of the value-added telecommunication services restricted by the law Article 4 of the measures for the administration of Internet information services stipulates that "the State shall implement a licensing system for operating Internet information services; The non operating Internet information service shall be put on record. Those who have not obtained permission or have not gone through the filing proceres shall not engage in Internet information services. " Bitcoin trading platform collects "transaction fees" or "withdrawal fees" or engages in "related advertising business", which belongs to "operating" Internet information service business
bitcoin trading platform has neither obtained nor is it possible to obtain "operating license for operating Internet information service business", and some websites have not even put it on record. This behavior constitutes "illegal business operation" according to law, and should be investigated and dealt with according to law< 5. Those who use bitcoin to engage in gambling, money laundering, bribery, fund-raising fraud and other illegal acts shall be punished in accordance with the relevant provisions of the criminal law of the people's Republic of China. Bitcoin's "value function" and "use function" make it become the "object element" of criminal behavior, and the criminal behavior related to bitcoin should not be placed outside the legal jurisdiction
no one can say for sure what the future of bitcoin will be. However, under the current financial management system of "foreign exchange can not be freely circulated and exchanged" in China, with the high incidence of corruption and economic crimes, it is impossible to seek the legitimacy of bitcoin trading platform, and it is sooner or later to clean up and rectify bitcoin trading platform. However, the sooner things come, the better. If they are delayed, more bitcoin trading platforms will collapse, more "investors" will lose all their money, and a large number of cases of "illegal business operation crime", "illegal fund-raising crime" and "fund-raising fraud" will be investigated to quell public indignation
if the relevant authorities think these bitcoin trading platforms are legal, they should also make a clear statement to give the operators of the relevant platforms a "talisman" to avoid "settling accounts in the future"
quoted from lawyer leiteng's blog

2. If you buy bitcoin from the exchange, you can have a security guarantee. If you know someone, you can also trade in private. You can buy it directly according to the market. You only need to download a wallet to store it. But you must invest or trade bitcoin, so the best way is to go to the exchange. Fire money, OK can be! If you don't know, ask me again!

3. There is no clear legal definition. Bitcoin is still a private proct. Bitcoin itself is not a formal currency, and there is the concept of no national boundaries in bitcoin, so many countries do not recognize it. Including China. Therefore, in the process of the transaction or the subsequent risks are only borne by the participants themselves. If bitcoin collapses one day, no country will rescue it.

4. Whether bitcoin is legal or not depends on the attitude of monetary authorities
the further development of bitcoin may threaten the interests of traditional currencies, and currency issuers will not cede their rights to an open-source P2P algorithm. So governments are likely to outlaw bitcoin
once governments declare it illegal, it may cause huge fluctuations in its price in the short term. It could be a crash, it could be a surge. Because people at the bottom of the world are obviously resistant to their governments< At the same time, the ban by the government will lead to the closure of bitcoin trading platform. After the closing of the trading platform, bitcoin can only be cashed in private, which will have a great impact on its cashing ability< However, e to the characteristics of bitcoin itself, it provides an excellent channel for officials of various countries to accept bribes, launder money and transfer assets overseas. Especially in the trend that officials of various countries disclose their property, bitcoin provides a good way for them to hold huge property anonymously
from this perspective, some officials may actively promote the legalization of bitcoin< On May 7, 2013, officials from the US Commodity Futures Trading Commission (CFTC) said that they were considering whether the online virtual currency "bitcoin" could be applied to the agency's regulations. CFTC is the highest regulator of the derivatives instry in the United States. Bitcoin is known as a currency independent of traditional authority, and if it is regulated more, it may bring challenges to its supporters
CFTC mainly supervises derivatives contracts. Its responsibilities have been greatly expanded after the financial crisis in 2007-2009, and it also has full power to supervise retail foreign exchange dealers
Bart Chilton, one of the five members of the CFTC, said on Monday that he had asked the committee to consider regulating bitcoin to determine whether consumers need additional protection when using bitcoin[ 15]
the Hong Kong government has approved GBL electronic currency trading center to operate virtual currency exchange business, which will be an important milestone in the development of bitcoin. GBL virtual electronic currency trading center has completed the equity change and has the business scope of virtual electronic currency exchange business.

5. Brief introction: Hubei Institute of technology is a provincial undergraate university, which focuses on engineering, combines engineering with science, and harmonizes the development of engineering, science, economics, management, medicine, literature, ecation, arts and other disciplines. The school is located in Huangshi City, Hubei Province, one of the birthplaces of Chinese bronze culture. The transportation is very convenient. It is 50km away from Wuhan city. Wuhan Jiulong Railway runs through the city. Daguang, Huyu, Fuyin and hangrui expressways meet in the urban area, adjacent to the two main arteries of Beijing Guangzhou and Beijing Jiulong. The school is close to mountains and rivers, the campus layout is reasonable, and the environment is beautiful. In 2010, it passed the undergraate teaching qualification assessment of the Ministry of ecation. Since its establishment in 1975, the university has gone through the stages of inheritance and evolution, including Huangshi higher engineering class of Hubei higher ecation institutions, Huangshi branch of Wuhan Institute of Technology (now Wuhan University of Technology), Huangshi college, Huangshi Institute of technology established in 2004, and renamed Hubei Institute of technology in 2011. The school has 19 teaching colleges (departments), with more than 20000 full-time students and more than 8000 correspondence students. The campus covers an area of 2189 mu, with a building area of 545000 square meters, teaching and scientific research equipment worth 137.58 million yuan, 50 laboratories, 1.06 million books and 18 electronic resource databases (including more than 2 million kinds of electronic books). At present, there are 969 full-time teachers, including 89 with senior professional titles and 323 with deputy senior professional titles; There are 152 doctors and 465 masters; There are 43 part-time doctoral and master tutors. Among the on-the-job teachers, there are 2 candidates for the "Hundred Talents Program" in Hubei Province, 6 middle-aged and young experts with outstanding contributions in Hubei Province, 5 high-level talents in the new century in Hubei Province, 12 experts enjoying subsidies from the State Council and the provincial government, 7 lecture professors, keynote professors and Chutian students of the "Chutian scholar program" in Hubei Province, 5 experts with outstanding contributions in Huangshi City, and 12 candidates for the "Dongchu scholar program". The university has employed two academicians and more than 30 influential scholars as part-time professors from famous universities at home and abroad. The school has a complete range of disciplines, forming a multi-disciplinary coordinated development, cross penetration, and reasonable structure of the discipline system. Environmental Science and engineering, mechanical engineering, art theory and pharmacy are the key disciplines of Hubei Province ring the 12th Five Year Plan period, among which environmental science and engineering is the provincial key characteristic discipline. It has 47 undergraate majors, among which environmental engineering is the national characteristic major and the undergraate comprehensive reform pilot major, civil engineering, water supply and drainage science and engineering are the undergraate comprehensive reform pilot majors in Hubei Province, and clothing and clothing design, chemical engineering and technology are the undergraate programs of strategic emerging (pillar) instry talent training plan in Hubei Province. 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There are 1 national practical ecation base for college students, 1 innovative activity base for college students in Hubei Province, and 1 provincial service outsourcing talent training (training) base. It has 17 research institutes and 18 R & D centers with enterprises. It has undertaken more than 20 national level scientific research projects and more than 150 provincial and ministerial level projects. The school insists on seeking new support in serving the local areas and seeking new development in contributing to the local areas. It takes serving the local areas, contributing to the local areas and promoting the local economic and social development as its service orientation. Every year, the school enterprise and school local cooperation projects reach more than 130, and the cooperation project funds are nearly 20 million yuan. Taking talent cultivation as the fundamental task and talent quality as the lifeline, the University adheres to the principle of "facing the local, grassroots and enterprises", carries out in-depth ecation and teaching research, and explores a new mode of talent cultivation. Over the past decades, the school has been widely praised by employers and Society for its solid professional foundation, strong practical ability, good comprehensive quality, innovative spirit and strong social adaptability. Students have won many awards in national mathematical modeling, electronic design, mechanical innovation design, calligraphy, painting, Putonghua and English competitions, and won many honors such as "China Youth May 4th Medal" and "national women model". The graate entrance examination rate has been rising year after year, and the employment of graates has been rated as the advanced collective of Hubei Province for many times. The University attaches great importance to foreign exchange and cooperation, and has established stable academic exchange and cooperation relations with more than 20 universities and research institutions in Canada, the United States, France, New Zealand, Australia, South Korea, Hong Kong and other countries and regions. The school employs foreign experts and teachers to teach at school all the year round, and selects teachers to go abroad for further study. The number of students studying abroad is increasing. The school is a spiritual civilization unit in Hubei Province, an advanced university for Party Construction at the grass-roots level in Hubei Province, a safe campus in Hubei Province, an urban garden type unit in Hubei Province, an advanced collective funded by students in Hubei Province and an advanced unit for fire protection. It has won many honors such as the advanced Party committee central group and the advanced unit for propaganda and ideological work. The University adheres to the party's ecation policy, people-oriented, follows the law of higher ecation, adheres to the principle of quality, talent, characteristics, reputation and beauty, takes teaching as the center, scientific research as the guidance and support, reform and innovation as the driving force, serves the local economic and social development as the purpose, and follows the principle of "open school, rule-based, ecation oriented, characteristic development", In order to build the university into a high-level Local Application-oriented University, all teachers, students and staff adhere to the school motto of "moral, material, practical and practical", carry forward the science and engineering spirit of "hard work, self-improvement, dare to be the first, open and innovative".

6. Yes, how much do you want

7. It is recommended not to trade bitcoin in private, because bitcoin is a point-to-point direct transfer and cannot go back on its promise. If there is no intermediate platform guarantee, the risk of private trading is relatively high, and it is not protected by law. It is recommended to trade in a large bitcoin exchange. In China, there are more okex exchanges. It's very convenient to buy money directly with one key in legal currency trading.

8. The state has explicitly prohibited the trading of bitcoin, that is to say, it is illegal to trade bitcoin now. Although there are still private transactions, you should not trade