Why is bitcoin legal

1.

although bitcoin still has great risks, after years of development, with the increase of its application population, application scenarios and application technology, no country or organization can completely eliminate it. If you can figure it out, it is likely that countries will generally accept bitcoin and embrace it

according to my personal judgment, bitcoin, after a period of continuous development, is likely to become a world currency in the future, which can play the role of electronic gold and become the target of the value of other sovereign currencies. From this perspective, bitcoin can be used as a means of asset preservation in the future when inflation is inevitable

2. Why should the United States recognize bitcoin as a legal financial instrument? Its purpose is to bring bitcoin into the financial regulatory system to protect the interests of ordinary investors. This is the same starting point as our central bank's announcement to ban bitcoin. A typical representative case is a case called Trenton? In 2011-2012, he amassed 700000 bitcoins with a total value of more than US $4.5 million, but he suddenly closed the trust in August 2012, and then claimed that bitcoin was not money and was not regulated by the US government. In order to protect the interests of investors, in August 2013, the court ruled that bitcoin as a financial instrument should be regulated by the US government. This is interpreted as "the United States recognized bitcoin"

3. Japan's financial services agency (FSA) announced earlier that the latest revised version of Japan's payment services act has been passed and officially took effect on April 1, 2017. Bitcoin is recognized as a payment method in the service bill and strictly regulated
in this bill, the Legislative Council defines bitcoin as an asset rather than a currency. People can use it as a way of payment for transactions
relevant units have also put forward requirements that service providers or exchanges operating in bitcoin must register with the Prime Minister of Japan, and the capital scale must not be less than 10 million yen. They must have information technology systems that can prevent theft and loss, and must establish a variety of systems and processes, involving training, internal regulations, governance, outsourcing guidance, etc
the amendment bill also amends the prevention of the transfer of proceeds of crime act. Regulators have asked bitcoin to implement a more stringent "know your customer" process than it currently does. The exchange must verify the identity of the account opening user, keep the transaction records, and report the suspicious transaction records to the regulatory authorities.

4. The definition of bitcoin in Chinese law:
according to the regulations on the administration of RMB, the proction and sale of token tickets are prohibited. 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< On June 4, 2009, the notice of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency in online games (Wen Shi Fa [2009] No. 20) stated that the scope of application of virtual currency in online games was defined for the first time, and a distinction was made between the current virtual currency in online games and the virtual props in games; 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 have begun 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.

5.

Bitcoin has become the most popular cryptocurrency in the world. Some countries allow the transaction of bitcoin, but some countries prohibit it. China belongs to the latter. Why does China shut down bitcoin trading? Let's analyze this problem today

bitcoin does not have the function of trading medium in China, so it can not be called currency. At the same time, bitcoin has the function of storing value and has certain investment value. However, the rapid rise of the current price has formed speculative anticipation and may form a bubble in the future. Therefore, it is necessary to take measures ahead of time, which can also restrain some illegal acts of laundering money and transferring assets through bitcoin. p>

6.

Bitcoin is illegal in China

since September 4, 2017, China has expressed its opposition to the virtual currency exchange. On the market, large-scale exchanges are graally fading out of the domestic market. Some of them are going to Japan and some of them are going to Nanyang. Of course, with the release of new regulations in Hong Kong in early November, we believe that in the future, the virtual currency exchange may obtain a legal license in Hong Kong to serve local institutional investors

extended information:

bitcoin China said that the platform will stop withdrawing cash. So far, bitcoin China has closed all transaction functions. The other two bitcoin trading platforms in China, huocoin.com and okcoin, have also stopped trading all digital assets against RMB

the virtual currency represented by bitcoin has soared, attracting a large number of ordinary people without any technology and investment knowledge to enter this high-risk market

the central bank, together with many ministries and commissions, issued the announcement on preventing the financing risks of token issuance (hereinafter referred to as the announcement), which pointed out that no organization or indivial may engage in the financing activities of token issuance illegally According to the announcement, all kinds of token issuance and financing activities should be stopped immediately from the date of issue

the organizations and indivials that have completed the token issuance financing should make arrangements such as liquidation, reasonably protect the rights and interests of investors, and properly handle the risks. Relevant departments will seriously investigate and deal with the activities of token issuance and financing that refuse to stop and the illegal behaviors in completed token issuance and financing projects

the China Internet Finance Association issued the "tips on preventing the risks of bitcoin and other so-called" virtual currency ", pointing out that bitcoin trading platform is a tool for money laundering, drug trafficking, smuggling, illegal fund-raising and other illegal criminal activities e to the expanding number of stakeholders and strong speculative atmosphere; There is no legal basis for the establishment of various so-called "currency" trading platforms in China

7. There must be fraud in digital currency investment. It's better to find formal institutions to invest, and don't trust high returns.

8. All countries in the world love and hate each other
some are strict, some are loose.