Is it illegal to buy and sell bitcoin between companies
It is illegal to buy and sell digital currency in China
according to the announcement on preventing the financing risk of token issuance jointly issued by the central bank and other seven ministries and commissions, the announcement points out that any so-called token financing trading platform shall not engage in the exchange business between legal currency and token and "virtual currency", and shall not buy or sell tokens or "virtual currency" as the central counterparties, It is not allowed to provide pricing, information intermediary and other services for token or "virtual currency"
the announcement points out that token issuance financing refers to the so-called "virtual currency" raised from investors through illegal sale and circulation of tokens. In essence, it is an unauthorized illegal public financing behavior, suspected of illegal sale of token tickets, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal activities
extended information:
the central bank said that the so-called "digital currency" in the market is not legal digital currency:
the central bank's monetary Bureau issued a "risk warning on issuing or promoting digital currency in the name of the people's Bank of China" on its official website, saying that recently, indivial enterprises falsely use the name of the central bank, The relevant digital procts are labeled as "authorized issuance by the people's Bank of China", or the central bank's digital currency promotion team is falsely claimed, in an attempt to deceive the public and take the opportunity to make huge profits
the central bank said that the central bank has not issued legal digital currency, nor authorized any institutions and enterprises to issue legal digital currency, and there is no promotion team. At present, the so-called "digital currency" in the market is not legal digital currency. The central bank also suggested that the so-called "digital currency" launched by some institutions and enterprises and the so-called promotion of the central bank's issuance of digital currency may involve pyramid selling and fraud
in fact, virtual currencies such as bitcoin and lightcoin are representatives of the so-called digital currency. The central bank said in 2016 that it was studying China's legal digital currency. Yao Qian, director of the digital currency Research Institute of the people's Bank of China, previously told the media that the prototype scheme for the central bank to issue legal digital currency has completed two rounds of revision, and is expected to be tested in relatively closed application scenarios such as the bill market in the future, but there is no clear timetable for its launch
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
It's not against the law to do bitcoin business, but don't use bitcoin to do illegal things
the following is the bitcoin risk notice issued by the central bank and other five ministries and commissions (bitcoin home has the full text):
the notice defines the nature of bitcoin, and holds that bitcoin is not issued by the monetary authority, has no monetary attributes such as legal compensation and mandatory, and is not a real currency. In terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market. However, bitcoin trading as a commodity trading behavior on the Internet, ordinary people have the freedom to participate at their own risk
It's not against the law to do bitcoin business, but don't use bitcoin to do illegal things
in China, the regulations on the administration of RMB prohibit the proction and sale of token tickets. Because there is no clear judicial interpretation of the definition of token ticket, if bitcoin is included in the "token ticket", the legal prospect of bitcoin in China will face uncertainty
the notice of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency of online games (Wen Shi Fa [2009] No. 20) on June 4, 2009 stated that the application scope of virtual currency of online games was defined for the first time, and the distinction between the current virtual currency of online games and the virtual props in the game was made; At the same time, the notice said that the "notice" stipulates that enterprises engaged in related services must be approved before they can operate
in China, some Taobao stores also began to accept the use of bitcoin, and the number of businesses will graally increase
in October 2013, the first bitcoin quarterly, one bit, was released
on October 15, 2013, the network accelerator service of the network announced its support for bitcoin
on October 26, 2013, btcmini reported that GBL was hacked
on October 31, 2013, Lei Teng, a famous Internet lawyer, proposed the event of "filing a case to investigate the closure of GBL bitcoin trading platform as soon as possible", analyzed the "value function" and "use function" of bitcoin, and bitcoin should be governed by relevant laws
on December 5, 2013, notice of the Ministry of instry and information technology of the people's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on preventing bitcoin risk: bitcoin is a specific virtual commodity
as a commodity trading behavior on the Internet, ordinary people have the freedom to participate in bitcoin trading at their own risk
on September 4, 2017, announcement of the people's Bank of China Central Network Information Office, Ministry of instry and information technology, State Administration for Instry and commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on preventing the risk of token issuance financing: it is prohibited to engage in token issuance financing activities (ICO)
the trading platform shall not engage in the exchange business between legal tender and token, or virtual currency, or buy or sell token or virtual currency as a central counter party, or provide pricing, information intermediary and other services for token or virtual currency
on November 2, 2018, the people's Bank of China released the 12th topic of China financial stability report 2018, which talked about "encrypted assets"
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extended information:
currency transaction
purchase method
< P > users can buy bitcoin, and at the same time, they can use computers to "mine" bitcoin according to algorithms. When users "mine" bitcoin, they need to search for 64 bit numbers by computer and then, by repeatedly solving mysteries, compete with other gold miners to provide the required numbers for the bitcoin network. If the user's computer successfully creates a set of numbers, it will get 25 bitcoins
e to the decentralized programming of bitcoin system, only 25 bitcoins can be obtained every 10 minutes, and by 2140, the upper limit of bitcoins in circulation will reach 21 million. In other words, bitcoin system is able to achieve self-sufficiency, resist inflation through coding, and prevent others from destroying these codes
source of reference: network bitcoin
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.
1. Technology development, technology transfer, technology consultation, technology service, business consultation, enterprise management, marketing planning, real estate brokerage, enterprise marketing planning, conference service, exhibition service in the field of network information and computer network technology
2. Engaged in technology development, technical consultation, technical service, technology transfer, computer system integration, computer data processing, computer network engineering maintenance, digital works database management, self owned equipment leasing, computer software research and development, cloud infrastructure services, enterprise management consulting in the field of computer network technology and computer software and hardware technology, Business information consulting, enterprise management, corporate image planning, exhibition services, photography, design and proction of all kinds of advertising, using its own media to publish all kinds of advertising, computer software and hardware and auxiliary equipment, communication equipment sales, engaged in the import and export business of goods and technology, trade brokers and agents
3. Development and application of blockchain technology; Big data R & D and technology promotion; Technology development of electronic currency and game currency; Health instry investment (specific projects will be declared separately); Commemorative coin design; Conference and exhibition services; Sales of cultural artworks (except ivory and its procts); The development of digital integral system; Cultural exchange activities planning; Domestic trade; Import and export business< Second, how to register a blockchain company
1. A company registered by name verification must first have a name. According to the enterprise name verification disclosed by the instrial and commercial registration bureau, the name registration rate related to blockchain is on the rise. Therefore, entrepreneurs who want to show their talents in the blockchain instry should quickly think of a good name
2. Apply for the license materials, sign and make the application materials of the registered company, provide the identity information of the legal person, shareholders and supervisors, determine the shareholding ratio of shareholders, the amount of registered capital, business scope, etc., verify the identity cards of the legal person and supervisor of shareholders, and submit the signed application materials to the Administration for Instry and commerce. At the same time, the ID card of the person in charge of finance should be provided
3. Apply for a business license and submit the signed registration materials to the instry and Commerce Department for review. After the review, you can get the business license
4. To open a company's basic bank account, a company needs to provide the original and plicate of its business license, official seal, financial seal, corporate seal and ID card of its legal representative to open a basic bank account. You can get a license to open an account in about two weeks
5. After the tax type is approved and the bank account opening license is obtained, prepare the tax verification data. Need business license, official seal, bank account opening license, business address of housing lease contract, housing lease invoice, digital certificate, and need to do information online now, print out after passing. Take this information with you to check the tax
6. When purchasing an invoice, the tax agent should bring his / her original ID card, tax agent card, official seal, invoice seal and Golden Tax plate to the tax hall for collection.
bitcoin is not illegal in China. It can be bought and sold in the case of risk, but you know the national conditions
- it's no different from blocking.