Civil law of digital currency

1.

According to the news on February 10, 2018, on September 4, 2017, seven ministries and commissions of the people's Republic of China issued the notice on preventing the financing risk of token issuance, which regulates the issuance of tokens. In the notice, the nature of all kinds of tokens and "virtual currency" is clearly defined: it is not issued by the monetary authority, and it has no monetary attributes such as legal compensation and mandatory, It does not have the same legal status as currency and cannot and should not be used as currency in the market. Nevertheless, it is undeniable that all kinds of "virtual currency" still have a certain property value and are part of the property of the holder. So, how to identify the nature of the theft of such tokens

In order to protect the legitimate rights and interests of "virtual token" holders, the author intends to discuss such issues through a relevant news report and relevant cases

stealing bitcoin

recently, a news report said that Haidian police in Beijing cracked a case of destroying computer information system. The suspect Zhong used his administrator's authority to modify the company's computer applications and steal 100 bitcoins. Before he could sell the stolen money, Zhong was arrested by the police. At present, Zhong was detained for the crime of destroying computer information system

it can be seen from the report that the police detained the perpetrator for stealing bitcoin on suspicion of damaging the computer information system. The crime of destroying the computer information system stipulated in Article 286 of the criminal law of our country refers to the act of deleting, modifying, adding or interfering with the functions of the computer information system in violation of the provisions of the state, resulting in the abnormal operation of the computer information system and serious consequences, or deleting, modifying or interfering with the data and application programs stored, processed or transmitted in the computer information system Modifying or adding operations with serious consequences, or deliberately making or spreading destructive programs such as computer viruses, which affect the normal operation of the computer system with serious consequences

In the author's opinion, this crime is one of the crimes of impairing social management order in Chapter 6 of the criminal law, that is, the legal interest protected by this crime is actually the public order of our society, not the property interests of the digital currency holders, which in fact denies the property value of digital currency, It is only protected as a data or system function in a computer system. The author thinks that there is some irrationality in this way

first of all, in the notice on the prevention of bitcoin risk issued in 2013, it is mentioned that bitcoin is not a real currency because it is not issued by the monetary authority and does not have such monetary attributes as legal compensation and compulsion. Bitcoin has four main characteristics: no centralized issuers, limited amount, no geographical restrictions and anonymity. Because it belongs to a specific virtual commodity in nature The notice also clearly mentioned that bitcoin does not have the same legal status as currency and should not be used as currency in the market. However, as a virtual commodity, the property value behind bitcoin cannot be ignored

Secondly, Article 127 of the general provisions of the civil law, which came into effect on October 1 last year, stipulates that if the law has provisions on the protection of data and network virtual property, such provisions shall prevail. Although only the protection of the network virtual property has made the principle provisions, but it can not be denied that this shows our country's attitude towards the protection of the network virtual property. Although there is no special law for the protection of data and network virtual property in China, from the perspective of the general provisions of civil law, it is predicted that there will be relevant legislation in the future

finally, from the relevant cases, we can also see the recognition of the property attribute of virtual currency such as bitcoin in China's judicial practice. In April and may 2013, Liu premeditated to set up a bitcoin trading platform, so he recruited Jin and Huang (both sentenced) to jointly set up a "bitcoin" trading platform. During this period, Liu, Huang, Jin, Jin and the defendant he, in addition to other acts of directly stealing customers' funds, also frequently cashed RMB by selling customers' bitcoins, and transferred 120 bitcoins from the website. Finally, the court convicted and punished the defendant for fraud, and the bitcoin transferred by the defendant was also included in the property loss of the victim. Therefore, from the judicial cases, we can also get the recognition of the property attributes of virtual currency such as bitcoin

based on the above reasons, the author thinks that it may be unreasonable to regulate the theft of virtual currency only as the crime of damaging computer information system. We should face up to the hidden property value and consider the application of the crime of infringing property in China's criminal law. Only in this way can we effectively protect the legitimate rights and property of digital currency holders in China

2.

In China, digital currency is illegal. According to the regulations, financial institutions and non bank payment institutions shall not directly or indirectly provide procts or services such as account opening, registration, trading, clearing and settlement for token issuance financing and "virtual currency"

it is not allowed to underwrite insurance business related to token and "virtual currency" or include token and "virtual currency" in insurance liability. Financial institutions and non bank payment institutions shall report to the relevant departments in a timely manner if they find clues of violation of laws and regulations in token issuance financing transactions

extended information:

since the announcement on preventing the financing risk of token issuance was issued, any so-called token financing trading platform shall not engage in the exchange business between legal tender and token and "virtual currency", and shall not buy or sell tokens or "virtual currency" as a central counter party, It is not allowed to provide pricing, information intermediary and other services for token or "virtual currency"

for the token financing trading platform with illegal problems, the financial management department will request the competent department of telecommunications to close its website platform and mobile app according to law, request the network information department to remove the mobile app from the app store, and request the instrial and commercial administration department to revoke its business license according to law

3.

It is included in the general provisions of civil law and protected by law

"general principles of civil law":

Article 127 where there are provisions on the protection of data and network virtual property in law, such provisions shall be followed

4. What is digital heritage? What can be written into a will

as early as 2003, UNESCO clearly put forward in the Charter for the preservation of digital heritage that digital heritage is the unique knowledge and expression of human beings, which includes culture, ecation, science, management information and technology, law, medicine and other information existing in digital form, or converted from the existing similar mode into digital form

it is generally believed that digital heritage can be divided into material and spiritual categories. Material digital heritage refers to directly linked to property, such as Alipay balance, bitcoin and other virtual currencies. The spiritual ones are social accounts, personal files, etc., which are virtual properties formed by users who spend a lot of time and energy. They are not only the spiritual home of users' daily life, but also the spiritual comfort of relatives through inheritance< According to Article 127 of the general provisions of the civil law, "if there are laws on the protection of data and network virtual property, such provisions shall prevail."

in this regard, Chen Kai believes that the general provisions of the civil law have made principled provisions for the protection of virtual property“ When the definition and scope of virtual property have not been fully determined, it may be more appropriate to make provisions in principle. "<

after consulting relevant laws and regulations, the reporter found that the property law, inheritance law and relevant instructions only regulate the tangible property, and the inheritance of intangible property that may be involved in digital heritage can not be found<

Liu Junhai, director of the Institute of commercial law of Renmin University of China, pointed out that at present, China only takes a relatively conservative attitude towards this, affirming that data should be protected by law, but not affirming the independent civil rights to data“ China's current inheritance law only provides for the inheritance of physical property, but does not provide for the inheritance of virtual property on the Internet. As a result, it is difficult to realize the inheritance of digital heritage in essence, which needs to be revised in the future. "

e to the lack of clear legal provisions, at present, the treatment of digital heritage is mainly determined by Internet platform operators. This also lays a hidden danger for disputes

some scholars have proposed that e to the multiple attributes of communication and social accounts, such as personal privacy, user property and personality, the discussion of inheritance behind them needs to be more carefully grasped< Chen Kai pointed out to the reporter that at present, the virtual property written into the will as a legacy has some problems, such as difficult to confirm the ownership, difficult to find and difficult to transfer“ Because the virtual property is scattered in the servers of various operators, and some virtual properties, such as QQ space, are relatively private. "

it is understood that at present, the platform mainly has two ways to deal with the user's Digital Heritage: first, the user only has the right to use the account, while the network service provider has the ownership. At this time, the account cannot be inherited, and the network service provider can choose to close, delete or cancel the user's account; The second is that the user has the ownership, and the digital heritage can be inherited. At this time, the inheritance of digital heritage needs to provide a series of proof materials

in most cases, Internet companies stipulate that the ownership and use right of user accounts are separated. For example, Sina Weibo, Tencent QQ and other user service use agreements stipulate that if the user does not actually use the service within a period of time after applying for the service, the operator has the right to choose to recycle the user's nickname, account number or stop the service within the scope permitted by laws and regulations<

Liu Junhai believes that there are two aspects to deal with digital heritage: first, the platform should plan the rules of Digital Heritage Inheritance in detail, and make clear the process of inheritors inheriting digital heritage. When a successor appears, the platform has the obligation to assist the successor to inherit the digital heritage according to law. When dealing with digital heritage, the platform should fulfill the obligations of notice, disclosure, assistance and confidentiality, which are also the basic legal requirements to be followed when dealing with digital heritage. Secondly, in terms of legislation, it is suggested that the legislature should take the issue of digital heritage into consideration when amending relevant laws.

5. If the platform doesn't give a cent, the backstage can record and sell the money at will, raise the price, and give the money secretly. In the end, it's not worth a cent. The platform makes a lot of money and runs away, which is the essence of blockchain.

6. The business model of virtual currency is the same as that of MLM, and bitcoin is the most famous virtual currency
however, the attitude of regulators is clear. Whether it is genuine bitcoin, or a variety of derivative Shanzhai coins, there is no way to obtain legal living space at present. This is something we need to be clear about. If the platform goes out of business or the staff runs away, it is very likely that they will lose all their money and the losses they have suffered will not be protected by law
the promises they give you often make the participants pay money quickly. Behind them is the Ponzi scheme of "robbing the east to pay the west" + "cheating the white wolf with empty hands". They use the money of new investors to pay interest and short-term return to old investors, so as to create the illusion of making money and cheat more investment. When no new investors enter, the return of old investors collapses one after another, and it is often difficult to withdraw cash, or the website cannot be opened
in short, although the external form of virtual currency is ever-changing, it is not divorced from its essence of pyramid selling. The more investors put in, the greater the final loss, and the more serious the loss may be.

7.

Guangxi longyingtianxia has been confirmed to be suspected of pyramid selling and is under investigation

the main company of longying world is Guangxi longying marketing planning Co., Ltd., which has been listed in the list of abnormal operation for failing to submit annual report information and publicizing enterprise information, concealing the true situation and practicing fraud, and has been subject to administrative punishment for violating tax management regulations

the following are part of the "blacklist":

214, xinlianhe (far away)

215, qianoo advertising machine (far away)

216, Mingchen International (running away)

217, yinshangbao (far away)

218, Yinhe blockchain (far away)

219, Shaanxi hongshaan Valley (running away)

220, Shaanxi Hongguo (running away)

221, Shaanxi Xi'an gangrong Technology (running away)

222 Longxi group (far away)

223, longyingtianxia (abnormal platform)

224, Jimei Baijia (restart and renamed)

225, Xuexiang Tesco (cash withdrawal difficulty)

< H2 > extended information:

according to the investigation of China Youth Daily · Zhongqing online reporter, the "two barrels of oil" and "Li Gui" in Zhejiang market are not as simple as a rumor refuting announcement. A company in Guangdong also organized an attack on "China oil card" on social media

"in the past, when Shanzhai gas cards were overturned in other areas, we felt that they were far away. This time, the" Zhongyou card "went straight to Yongtaiwen area in Zhejiang Province, making people feel more nervous than ever before." Jiang Zhiyong, director of the gas station management department of PetroChina Zhejiang sales company, said with the publicity materials distributed at the news conference of the Wenzhou Branch of "China Petroleum card"

in the business hall of Sinopec Cixi gas station, a man told a woman that after running Sinopec gas card, he could download an app on his mobile phone, register and bind the gas card, and get 4000 yuan discount by recharging 15000 yuan through the app. The staff of the business hall reminded the lady not to believe in such preferential activities

claims that it is a large-scale comprehensive wealth platform based on Internet plus energy and employment, and its members are both consumers and market promoters, thus achieving mass employment and entrepreneurship. Ordinary consumers who download the "Zhongyou card" app on their mobile phones must input their mobile phone number, verification code, and the name and mobile phone number of the previous introcer. They can only register and log in after strict audit

"'petrochina card 'does not issue cards at all, nor is it based on Sinopec's platform and system operation. Instead, it parasitizes its business model on Sinopec and other regular gas cards, and in addition, it pulls a group of people and develops a system to expand everywhere." Relevant personnel of Sinopec Zhejiang oil company's Publicity Office said that its essence is to let Sinopec and PetroChina "carry the black pot"

the relevant business departments of Sinopec and PetroChina Zhejiang company said that it was "impossible" for the "CNPC card" to promise the high return of recharging its members. According to the sales revenue and cost data of gasoline and diesel provided by the company, taking the air recharge of 15000 yuan for 4000 yuan package as an example, 15000 yuan can add more than 2400 liters of gasoline

"two barrels of oil" business department related staff pointed out that Shanzhai gas cards often take the money from home to make up for the price difference, drum style continues to develop new members. What's more, when members reach a certain scale and amount of capital, they can make up the capital gap with the return of investment in other fields, in which the potential legal risk and capital risk are very large

in recent years, with the rapid development of the Internet and social media, all kinds of fake gas cards come out in a variety of ways, and become "little strong" repeatedly. In 2012, the company launched a PC version of its official website, and some Internet experts imitated the webpage and linked to "phishing" websites to defraud customers of their top up money

WeChat official account, some people registered "petro technology" and "micro refueling" for their lives. They announced that they would get "Sinopec" thanks to the message that they could get the 200 yuan Sinopec fuel card free. Within a short time, the news was wildly forwarded in the circle of friends, and Sinopec Ningbo Branch's gas card customer service hotline constantly received calls from customers to inquire about and verify the problems such as the return of pre charging fees to cash

then, a "China Petroleum Reserve" card suddenly appeared in Zhejiang, claiming that as long as customers fill up gas at Sinopec and PetroChina gas stations, issue invoices, take photos and upload them to the app platform, they will rebate according to the preferential amount“ The "zhongchu oil" card didn't run for long before it went out of business. Now Zhejiang has another "Zhongyou card"

"the most important thing is that the cost of breaking the law is low and it is difficult to crack down on."“ "Two barrels of oil" related staff said that even if Sinopec and PetroChina outlets monitored the market for fake gas cards, they would at most issue a public statement, or even be unable to report the case to the police. Because "the one who is injured will report", Sinopec and PetroChina are not direct victims and cannot report to the police

recently, Sinopec and PetroChina informed Taizhou market supervision and Administration Bureau of the suspected false publicity and other relevant information about the opening of "PetroChina card" in Taizhou. After on-site investigation and evidence collection, the law enforcement officers of the Bureau ordered them to rectify the behaviors beyond the scope of business license. However, a person concerned told China Youth Daily · Zhongqing online that "the business of" Zhongyou card "in developing members' air recharge has not stopped because of this."

8.

At present, some virtual currencies have been recognized by law, such as "bitcoin"

the general provisions of civil law also protects legal virtual currency

According to the general provisions of the civil law, < H2 >

Article 127 where the law has provisions on the protection of data and network virtual property, such provisions shall prevail

9. One belt, one road Summit Forum, 1. the five Session Fifth the 12th CPPCC National Committee
2, the first forum, the high-level forum, the 2030 core vision, the 2030 vision, the Fifth, the Asian forum, the Asian forum, the "Asian Games", the "Asian Games", the "Asian Games", the "Asian Forum", "the Asian Forum", "the Asian Forum", "the Asian Forum", "the Asian Forum", "the Asian Forum", "the Asian Forum", "the", "the". Nuclear safety
8, sharing economy
9, healthcare reform
10, terrorist attack

10.

China has been using currency for 4000 years and is one of the earliest countries in the world

The earliest currency: natural seashells

(2) metal currency: copper imitation shell and Qian Kai (cloth) (the middle and lower reaches of the Yellow River began to act as equivalent in the later period of the Yellow Emperor)

3. The currency of Shang and Zhou dynasties

Natural seashells are still important currencies

metal currency is widely used:

A, copper shell and copper block

In Guanluo Sanjin area, Qian and bu are transforming into metal currency

The currency of the spring and Autumn period is mainly flat and sharp

Dao Hua (goods): circulated in the eastern Qi State, imitating a proction tool

ant nose money: copper imitation shell circulating in southern Chu state

Round money: round hole, round square hole

Qin yuan coin: in the unit of two, one or two coins have round holes without outline, and half two coins have round square holes

6. The circulation of gold in the Warring States Period

7. The currency of Qin Dynasty was named as long, which was the upper currency; The bronze coin, known as banliang, is as heavy as its text and is the next coin; The Pearl, jade, tortoise shell, silver and tin belong to the jewelry treasure, not the coin

The currency of the Western Han Dynasty is three baht, four baht, five baht, leather and white gold coins

Iron coins in the Eastern Han Dynasty: in 30 A.D., Gongsun Shu made iron coins in Sichuan, the first time in history

In 40 A.D., Emperor Guangwu proposed to restore the wuzhu coin from Ma Yuan

The currency of Wang Mang's period: Cuo, Qi and Daquan

In the sixth year, Koizumi was issued to replace the five baht coin with the five wrong Dao, Qi and wuzhu coin, and the five big five coin materials, namely gold, silver, copper, tortoise and shellfish, were circulated

In the Han Dynasty, gold was the upper currency and copper was the lower currency, which was still the legal currency unit. The unit was changed from Yi to Jin, 1 jin = 10000 yuan

in the period of Emperor Wu of Han Dynasty, there were gold (round) and gold (ellipse) imitating Qilin horseshoe

in the Western Han Dynasty, it was mainly used for rewards and gifts. In Wang Mang's time, gold was nationalized. After the Eastern Han Dynasty, gold was reced, and silk, cloth and copper coins were used for rewards

The currency of the Three Kingdoms and two Jin Dynasties was once traded with grain and silk, and the circulation of five baht money was restored

Shu: qian

Wu: five hundred big springs, one thousand big springs

The Western Jin Dynasty mainly used the five baht and all kinds of ancient coins from the Han and Wei dynasties, and the Eastern Jin Dynasty mainly used the old coins circulated in the Sunwu area after the Yuan emperor crossed the Yangtze River

In the Sixteen States, Zhang Gui, the governor of Liangzhou in Hexi, restored the wuzhu coin, and Hanxing coin was the earliest one in China

The currency of the northern and Southern Dynasties

Nanqi and Xiaoliang: for the first time, a large number of cast iron coins were cast, including copper coins, five baht coins and short hundred coins

Chen: six big loans

Northern Wei Dynasty: Taihe wuhb, Yongan wuhb

In the Eastern Wei Dynasty, there were five baht along Yong'an

Northern Qi Dynasty: wuzhu in Changping

In the Northern Zhou Dynasty, buquan, Wuxing Dabu, Yongtong and Wanguo were established

At the end of the northern and Southern Dynasties, silk cloth was traded in the north of Jizhou, and salt rice cloth was traded in the south of Wuling

The currency of the Sui and Tang Dynasties

In the legal currency circulation system of Tang Dynasty, money and silk were used at the same time

The currency of the late Tang Dynasty and the Five Dynasties is Huichang Kaiyuan coin

the Five Dynasties and Ten Kingdoms were in chaos, and Zhou Shizong's casting of Zhou yuantianbao was the most

However, in the Tang Dynasty, silver was mainly used as ornaments or wealth collection (silver cakes and silver collars), bribery, gifts, military supplies and local contributions. After the Five Dynasties and Ten Kingdoms, the public and private accumulation of silver graally formed. Lingnan road and Jiangxi Road proce the most silver

16. Currency of the Song Dynasty and the Song Dynasty. The currency issued in the early Northern Song Dynasty was Tongbao of song and Yuan Dynasties, which was the same as Tongbao of Kaiyuan Dynasty. After that, there were Taiping Tongbao and Chunhua Tongbao. Every time the emperors changed the Yuan Dynasty, they would recast new year money. The characters are Tongbao, chongbao, Yuanbao, etc., but the fonts have changed, including Zhen, Cao, Li, Zhuan and Xing

Tongqian District of Northern Song Dynasty: Kaifeng Prefecture, jingdongxi, Hebei, Huainan, Jiangnan, Liangzhe, Fujian, guangdongxi, etc

Northern Song Dynasty tieqian District: Sichuan

Northern Song Dynasty tieqian District: Shaanxi, Hedong

Southern Song Dynasty Tongqian District: Southeast,

Southern Song Dynasty tieqian District: Lianghuai, Jingxi, Hubei

< P > Southern Song Dynasty tieqian District: Jingmen, Hanzhong and other places

jiaozi: fully cashable credit certificate, can only be used in Sichuan

qianyin: not used as currency, only used for exchange, can be used outside Sichuan (song Huizong changed jiaozi to money)

Huizi of Southern Song Dynasty: it was initially issued in the southeast region, and later the government set up Huizi library, which completely imitated the method of Chuanyin

Local currency: Huaijiao, Huhui, Chuanyin, yinhuizi

Currency of Yuan Dynasty. Zhongtong Yuanbao banknote takes silk as its capital and Guan and Wen as its unit

From the Yuan Dynasty to the Yuan Dynasty, the most important currency of the Yuan Dynasty circulated in parallel with the central bank notes

In Yuan Dynasty, the circulation of silver was strictly prohibited, but there were many uses among the people

Silver coins: silver coins were proced in the spring and Autumn period and the Warring States period in the form of silver ingots and silver ingots. After the Opium War, in order to deal with the inflow of Western Silver, the Qing government made its own silver. In the 13th year of Guangxu, Guangxu Yuanbao, also known as "Longyang", was minted, which was divided into single dragon and double dragon. In addition, there were silver coins of Emperor Guangxu's bust, modern coins, copper coins, from coin making to copper coins, and silver coins from silver Liang to silver yuan, In the 16th year of the reign of Emperor Guangxu, the casting was officially approved

sometimes, for special reasons, different autonomous entities in the same country may issue different versions of currency

for example, in the UK, including England, Scotland or even Jersey and Guernsey, which are remote islands, there are different versions of British pounds issued by each other, and they can trade with each other in other parts of the UK, but only English pounds are internationally recognized trading currencies, and other versions of British pounds may be rejected outside the UK

e to historical factors, the people's Republic of China has three kinds of legal tender: RMB is used in the mainland, while Hong Kong and Macao adopt one country, two systems. Hong Kong's legal tender is Hong Kong dollar and Macao's is Macao dollar; They are not directly or indirectly linked to the US dollar

extended data:

currency classification standard

method 1

according to the issuer, it can be divided into public money (legal currency), private money and regional money (community currency). Generally speaking, public money is issued by the government. When it exists, it is generally dominant. Private money and regional currency are issued by non-governmental organizations

According to the classification of materials, people used different goods as money in different historical periods. It can be divided into shell, bead, stick, metal currency (see commodity currency), paper currency and digital currency. In terms of nature, it can be divided into real money and virtual money

method 2

the definition of barter: value in itself (monetary value ≠ commodity value) time of use: Ancient shortcomings: time-consuming process, difficult to reach a transaction, unprotected, not easy to carry

the definition of commodity currency: value in itself (monetary value = commodity value) disadvantages: heavy, fragile, unprotected Not easy to carry

definition of legal tender (mandatory currency): the value of legal tender (monetary value & gt; Commodity value)

definition of plastic currency: it is not a kind of currency, only a tool for delayed payment

standard:

1, gold standard

the original paper money is based on gold, which can be freely exchanged with gold, both can circulate at the same time, and the issue of paper money is relatively small. By the end of the 19th century, the capitalist economy had an unprecedented expansion and development, so paper money graally became the main currency in circulation, but they still had gold as the guarantee of issuance. This monetary system is called the "gold standard"

The basic unit of currency is defined by quantitative silver

In the history of money, silver was used as the base currency earlier than gold. But gold is far better than silver as a monetary commodity. With the development of economy in western countries, the silver standard system first transited to the gold and silver compound system, and then replaced by the gold standard system after the 1920s

At the end of the 19th century, with the improvement of the labor proctivity of silver mining and casting instry, the value of silver decreased continuously, and the price ratio between gold and silver fluctuated greatly, which affected the economic development. Only Mexico, Japan and India have retained the silver standard

The standard which stipulates that gold and silver are the basis of monetary unit is called the double standard. In fact, the implementation of double standard is the implementation of gold standard and silver standard at the same time. The advantage of the double standard is that because the monetary unit is based on two precious metals, the value of the double standard is more stable than that of the gold standard or the silver standard

if the gold price rises, the change of the double standard is smaller than that of the gold standard; If the price of silver rises, the change of the double standard is smaller than that of the silver standard. The main problem of the double standard is that it sometimes becomes the gold standard and sometimes the silver standard

This system is also called gold and silver system, which refers to a monetary system in which gold and silver are used as the standard currency at the same time and the currency value is compared. Its symmetry is the single standard, that is, the silver standard or the gold standard. Before the establishment of the gold standard, Britain, the United States, France and other countries adopted the system of plicate for a long time from the 18th century to the 19th century

4, dishonor Standard

does not take precious metals as the basis of monetary unit, and the standard of non exchange of paper currency for precious metals is called dishonor standard, also known as credit standard. According to this standard system, people can exchange one kind of paper money for another, but not for precious metals

contemporary western economists believe that under the condition of gold standard or silver standard, the money supply of a country depends on its precious metal stock, which in turn depends on the exploration and exploitation of precious metals, so the money supply can not meet the needs of economic change and development

But under the condition of non exchange standard, the government can decide the amount of money supply. Therefore, the non cash standard system is more concive to the government's regulation of the economy