Research on legal issues of bitcoin

1. In order to protect the property rights and interests of the public, protect the legal tender status of RMB, prevent the risk of money laundering, and maintain financial stability, the people's Bank of China, the Ministry of instry and information technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and the Recently, China Insurance Regulatory Commission jointly issued the 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 the prevention of bitcoin risk (YF [2013] No. 289, hereinafter referred to as the "notice")

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 compulsion, 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

the notice requires that at this stage, all financial institutions and Payment institutions shall not price procts or services with bitcoin, buy or sell bitcoin as a central counterparties, underwrite insurance business related to bitcoin or include bitcoin into the scope of insurance liability, and provide other bitcoin related services to customers directly or indirectly, Including: providing bitcoin registration, trading, clearing, settlement and other services for customers; Accept bitcoin or use bitcoin as a payment and settlement tool; Carry out bitcoin and RMB and foreign currency exchange services; Carry out bitcoin storage, custody, mortgage and other services; Issuing financial procts related to bitcoin; Take bitcoin as the investment target of trust, fund, etc

according to the notice, the bitcoin Internet website, as the main trading platform of bitcoin, shall be filed with the telecommunications administration according to the provisions of the Telecommunications Regulations of the people's Republic of China and the measures for the administration of Internet information services. At the same time, in view of bitcoin's high risk of money laundering and being used by criminals, the notice requires relevant institutions to perform the legal anti money laundering obligations such as customer identification and suspicious transaction report in accordance with the anti money laundering law of the people's Republic of China, so as to effectively prevent the money laundering risks related to bitcoin

in order to avoid excessive speculation of virtual commodities such as bitcoin in the name of "virtual currency" and damage the public interest and the legal tender status of RMB, the circular requires financial institutions and Payment institutions to correctly use the concept of currency in their daily work, pay attention to strengthening the ecation of the public's knowledge of currency, and correctly understand the concept of currency The concept of correctly treating virtual commodity and virtual currency, rational investment, reasonable control of investment risk, and maintenance of their own property security should be included in the content of financial knowledge popularization activities, so as to guide the public to establish a correct concept of currency and investment

in the future, the people's Bank of China will continue to pay close attention to the trend and related risks of bitcoin based on its own responsibilities End)

bitcoin home has an interpretation.

2. 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.

4. In this case, please pay close attention to the relevant provisions of the central bank and the State Council

5. Not off topic, but you need to have a certain understanding of bitcoin

bitcoin is a consensus network, contributing to a new payment system and a fully digital currency. It is the first decentralized peer-to-peer payment network, which is controlled by its users without a central management organization or middleman. From the user's point of view, bitcoin is much like Internet cash. Bitcoin can also be regarded as the most outstanding three style bookkeeping system

bitcoin is not legal tender and has no legal tender status in any administrative jurisdiction. However, no matter what medium is used, bitcoin often has to bear the tax liability. In many different jurisdictions, there are a variety of laws and regulations on income generated by bitcoin, sales income, wages, capital gains, or some other form of tax liability

bitcoin is valuable because it is useful as a form of currency. Bitcoin has the mathematical characteristics of money (persistence, portability, interchangeability, scarcity, separability and identifiability) rather than relying on physical characteristics (such as gold and silver) or the trust of central authorities (such as fiat money). In short, bitcoin is backed by mathematics. With these characteristics, a form of money to have value requires trust and use. In contrast, this can be reflected in its growing base of users, businesses and start-ups. Like all currencies, the value of bitcoin comes directly from people who are willing to accept it as a means of payment, which is the only source

you can go to bitcoin house to check the latest New York State bill on the regulation of bitcoin.

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innovation of monetary economy business model based on value chain
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empirical analysis on the competitiveness of rural commercial monetary economy in China
analysis on the competitiveness of urban commercial monetary economy in China
discussion on customer satisfaction of commercial monetary economy enterprises
measurement of human capital value of monetary economy and its contribution
on brand building of private business of commercial monetary economy in China Research on the causes and Countermeasures of non-performing assets of state-owned commercial monetary economy Research on the application of foreign capital in the performance management of China's commercial monetary economy
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discussion on the public function of state-owned commercial monetary economy
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7. In 018, the explosive development of blockchain technology was much like the Internet in 1997. I believe that the development of blockchain technology will certainly be faster than the Internet. If you don't take in some knowledge of blockchain, maybe you will fall behind an era. This article will answer several questions about bitcoin
question 1: how was bitcoin born
on November 1, 2008, a person who called himself Satoshi Nakamoto posted a statement on micro v-bq Er Wu Ba y on a secret cryptography review group (cryptopunk), stating his new idea of e-money bitcoin
question 2: how to proce bitcoin
bitcoin network generates new bitcoin through "mining". In essence, the so-called "mining" is to solve a complex mathematical problem with a computer to ensure the micro v-bq consistency of the bitcoin network distributed accounting system. Bitcoin generates a block every 10 minutes, which contains all the transaction information in the past 10 minutes. Whoever can work out the figures will get the right to keep accounts. After obtaining the accounting right, it will broadcast and store to the whole network. It's uncertain who gets the bookkeeping right. Of course, the stronger your computing ability is, the higher the probability of getting the bookkeeping right is. Then the bitcoin network will generate a certain amount of bitcoin as a reward to reward those who have the right to keep accounts
question 3: what are the characteristics of bitcoin
it is impossible to control the number of issues without a fully decentralized issuing institution. Bitcoin does not need a third-party organization, and it is a peer-to-peer transaction with mutual trust. The establishment of trust is no longer based on large institutions, but on cryptography and code. Bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin. The private key is needed to control bitcoin. It can be stored in any storage medium in isolation, and no one can get it except the user himself. As a means of payment from a to B, bitcoin has no cumbersome limit of quota and proceres. You can pay when you know the address of the other party's bitcoin
question 4: can bitcoin be imitated
it is difficult for the cat to survive. Because bitcoin algorithm is completely open source, anyone can download the source code, modify some parameters, recompile, and create a new P2P currency. However, these counterfeit currencies are vulnerable to 51% attacks. Any indivial or organization, as long as it controls 51% of the computing power of a P2P currency network, can manipulate transactions and currency value at will, which will be a devastating blow to P2P currency. Many Shanzhai coins die in this link. The bitcoin network is robust enough. If you want to control 51% of the computing power of the bitcoin network, the number of CPUs / GPUs required will be astronomical
question 5: why is the total amount of bitcoin 21 million
when bitcoin was born in 2009, each reward was 50 bitcoins. Ten minutes after its birth, the first 50 bitcoins were generated, and the total amount of money at this time is 50. Then bitcoin grew at a rate of about 50 every 10 minutes. When the total amount reaches 10.5 million (50% of 21 million), the bounty will be halved to 25. When the total amount reached 15.75 million (5.25 million new output, or 50% of 1050), the bounty was further halved to 12.5. And so on. According to its design principle, the total amount of bitcoin will continue to grow until it reaches 21 million more than 100 years later. However, the growth rate of bitcoin micro v-bq in the later period will be very slow. In short, bitcoin proction is halved every four years, and currently 12.5 bitcoins are proced every 10 minutes. In fact, 87.5% of bitcoin will be "g up" in the first 12 years. Moreover, 21 million is only theoretical data. In reality, e to the neglect of bitcoin in the early stage, many bitcoins were lost
question 6: what are the benefits of bitcoin miners
first of all, bitcoin will be rewarded directly after obtaining the bookkeeping right through calculation. But according to bitcoin's rules, as time goes on, the rewards will be less and less. In the future, the income will mainly come from the service charge generated by bitcoin transaction
question 7: why can't bitcoin be modified
for example, if a and B trade, a needs to pay B 100 bitcoins. But if a wants to default, he just wants to pay B a bitcoin. According to the rules of bitcoin, he has to obtain the bookkeeping right of the next 10 minute micro v-bq Er Wu Ba y before he can modify it; Similarly, he has to get another 10 minutes of bookkeeping rights, and so on. So modification is almost impossible
question 8: bitcoin transaction rate
theoretically, the bitcoin transaction rate is 7 transactions per second. In fact, bitcoin currently trades at only one transaction per second
question 9: why does bitcoin have such a strong vitality
if bitcoin is compared to a company, then it has no board of shareholders, board of directors, management, strict leadership, HR, Department Manager, staff, operating site and income. However, bitcoin has been running successfully for nine years without any problems, and its market value is hundreds of billions. The operation of the network relies on a set of mathematical algorithms, incentive mechanism and community for management and governance
question 10: what are the problems facing bitcoin
first, the transaction confirmation time is long. When bitcoin wallet is first installed with micro v-bq-y, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed
Second, the public does not understand the principle, and the traditional financial practitioners resist. People who understand the principle know that bitcoin is not manipulated and controlled by a legal person. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless.