Supreme People's Court on digital currency

On January 18, the business management department of the people's Bank of China issued the "notice on carrying out self inspection and rectification of payment services for illegal virtual currency transactions", which made it clear that the unit and its branches are strictly prohibited from providing services for virtual currency transactions, and took effective measures to prevent payment channels from being used for virtual currency transactions

the notice also shows that for the discovered virtual currency transactions, the payment channels of relevant transaction entities should be closed in time, and the funds to be settled should be properly handled

reported and quoted pan Gongsheng as saying in the memo: "we should always maintain a high pressure on the virtual money market, strictly prevent the risk of virtual money from gathering again, and eliminate the potential risks in the bud." He also said that the national and local authorities should ban the places that provide bitcoin and other virtual currency centralized trading, as well as the so-called "wallet" service providers that provide guarantee and clearing services for virtual currency centralized trading, and indivials or institutions that provide market maker services for centralized trading

[main answer]

at present, China does not support the circulation of digital currency, so there is no legal digital currency

[development materials]

digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English and the alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy

digital currency is different from the virtual currency in the virtual world, because it can be used for real goods and services transactions, not limited to online games. The early digital currency (digital gold currency) is a form of electronic currency named after the weight of gold. Today's digital currency, such as bitcoin, lightcoin and ppcoin, is an electronic currency created, issued and circulated by check sum cryptography. It is characterized by the use of P2P peer-to-peer network technology to issue, manage and circulate currency. In theory, it avoids bureaucratic examination and approval, so that everyone has the right to issue currency

digital gold currency is a kind of physical currency, and its deposit is measured in gold rather than legal currency. Therefore, the purchasing power fluctuation of digital gold currency is related to the gold price. If the price of gold goes up, it becomes more valuable. If the price of gold goes down, it loses value. Since there is no specific financial regulation to regulate digital gold money suppliers, they operate in a self regulatory manner. Digital gold money suppliers are not banks, so banking regulations are not applicable. However, the global digital currency Association, founded in 2002, is a non-profit association of online currency operators, convertors, merchants and users. This association supervises the users' reports and ratings the reputation of the convertor. The rating operation is confirmed by the users' reports

1. Bitcoin

the concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. According to the idea of Nakamoto, the open source software is designed and released, and the P2P network on it is constructed. Bitcoin is a virtual encrypted digital currency in the form of P2P. Point to point transmission means a decentralized payment system

2. Litecoin (LTC) is an improved version of digital currency inspired by bitcoin. It was designed and implemented by a programmer who worked in Google. It was released on November 9, 2011. Lightcoin and bitcoin have the same implementation principle in technology, but the creation and transfer of lightcoin is based on an open source encryption protocol, which is not managed by any central organization

extended data

characteristics of bitcoin currency:

1. Decentralization: bitcoin is the first distributed virtual currency, and the whole network is composed of users without a central bank. Decentralization is the guarantee of bitcoin's security and freedom

2. Global circulation: bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin

3. Exclusive ownership: private key is needed to control bitcoin, which can be stored in any storage medium in isolation. No one can get it except the user himself

4. Low transaction cost: bitcoin can be remitted free of charge, but a transaction fee of about 1 bitfen will be charged for each transaction to ensure faster transaction execution

Interpretation of the Supreme People's Court on the specific application of law in the trial of counterfeit currency and other cases (adopted at the 1110th meeting of the judicial committee of the Supreme People's Court on April 20, 2000), The specific application of law in the trial of such cases is explained as follows:
Article 1 Whoever forges money with a total denomination of more than 2000 yuan but less than 30000 yuan, or with a total amount of more than 200 pieces but less than 3000 pieces, shall be sentenced to fixed-term imprisonment of not less than three years but not more than 10 years and a fine of not less than 50000 yuan but not more than 500000 yuan in accordance with the provisions of Article 170 of the criminal law
if the total denomination of counterfeit currency is more than 30000 yuan, it belongs to "the amount of counterfeit currency is particularly huge"
Article 2 if an actor uses counterfeit money after purchasing it, which constitutes a crime, he shall be convicted of the crime of purchasing counterfeit money and given a heavier punishment in accordance with Article 171 of the criminal law
if the selling and transporting of counterfeit currency constitutes a crime and the behavior of using counterfeit currency at the same time, the offender shall be punished for several crimes in accordance with the provisions of articles 171 and 172 of the criminal law
Article 3 selling or buying counterfeit currency or knowingly transporting counterfeit currency with a total denomination of more than 4000 yuan but less than 50000 yuan belongs to "large amount"; If the total denomination is more than 50000 yuan but less than 200000 yuan, it belongs to "huge amount"; If the total denomination is more than 200000 yuan, it belongs to "extremely huge amount" and shall be convicted and punished in accordance with the provisions of the first paragraph of article 171 of the criminal law
Article 4 Any employee of a bank or other financial institution who purchases counterfeit money or takes advantage of his position to exchange counterfeit money for money with a total denomination of more than 4000 yuan but less than 50000 yuan or a total quantity of more than 400 pieces but less than 5000 pieces shall be sentenced to fixed-term imprisonment of not less than three years but not more than 10 years and shall also be fined not less than 20000 yuan but not more than 200000 yuan; If the total denomination is more than 50000 yuan or the amount of money is more than 5000 pieces or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment and shall also be fined not less than 20000 yuan but not more than 200000 yuan or be sentenced to confiscation of property; If the total denomination is less than 4000 yuan or the amount of money is less than 400 pieces, or if the circumstances are relatively minor, he shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined not less than 10000 yuan but not more than 100000 yuan
Article 5 a person who knowingly holds or uses counterfeit money with a total denomination of more than 4000 yuan but less than 50000 yuan is a "large amount"; If the total denomination is more than 50000 yuan but less than 200000 yuan, it belongs to "huge amount"; If the total denomination is more than 200000 yuan, it belongs to "extremely huge amount" and shall be convicted and punished in accordance with the provisions of article 172 of the criminal law< Article 6 if the total denomination of the altered currency is more than 2000 yuan but less than 30000 yuan, it belongs to "large amount"; If the total denomination is more than 30000 yuan, it belongs to "huge amount" and shall be convicted and punished in accordance with the provisions of article 173 of the criminal law
Article 7 "currency" in this interpretation refers to RMB and foreign currency that can be circulated or exchanged in the domestic market
the denomination of currency shall be calculated in RMB, and other currencies shall be converted into RMB according to the foreign exchange rate announced by the State Administration of foreign exchange at the time of the case

The third paragraph of Article 208 of the interpretation of the supreme law on the application of the Civil Procere Law of the people's Republic of China states that if, after filing a case, it is found that it does not meet the conditions for prosecution or falls into the circumstances specified in Article 124 of the civil procere law, the supreme law shall rule to reject the prosecution. That is to say, if the court finds that the case does not meet the conditions for prosecution, it can directly reject the prosecution

according to the; Civil Procere Law of the people's Republic of China & gt; Article 208 when a people's court receives a civil complaint submitted by a party, it shall register and file a case that conforms to the provisions of Article 119 of the civil procere law and does not fall into the circumstances specified in Article 124; If it is impossible to determine whether the conditions for prosecution are met on the spot, it shall receive the prosecution materials and issue a written certificate indicating the date of receipt