Virtual currency banned in India

1.

There are two reasons for the prohibition of virtual currency trading by the state:

1. The price fluctuates violently and the consumer protection is lacking:

virtual currency is the proct of network, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code

bitcoin and other so-called "virtual currencies" lack a clear value basis, the market is full of speculative atmosphere, the price fluctuates violently, and investors blindly follow suit, which is easy to cause capital losses

2. Evade supervision and become the "accomplice" of criminal activities:

bitcoin is popular as a payment tool in the so-called "dark web" world“ The "dark net" is full of all kinds of serious criminal activities. One of the original intentions of the invention of bitcoin is to evade regulation. It has the characteristics of anonymity and convenient cross-border flow, and has become the preferred tool of "underground economy"

the existence of bitcoin and exchanges and other instrial chains has constructed a illegal financial market for asset transfer and financing in addition to legal currency, increased the difficulty of regulatory authorities in managing financial security and stability, and promoted regulatory arbitrage and financial crimes. The risks and social security risks it brings to the financial market are far higher than its innovative value

extended information

virtual currency transactions are not protected by law:

according to the notice on preventing bitcoin risks issued by the people's Bank of China and other departments on December 3, 2013 and the announcement on preventing financing risks of token issuance issued by seven ministries and commissions including the people's Bank of China on September 4, 2017, virtual currency is not issued by monetary authorities, It is not a real currency because it does not have the monetary attributes of legal compensation and compulsion

in terms of nature, virtual currency should be a specific virtual commodity, which does not have the same legal status as currency, and can not and should not be used as currency in the market. Although citizens' investment and trading in other virtual currencies are personal freedom, they can not be protected by law

2. It's possible, but for now, the government hasn't banned it

bitcoin and other virtual currencies exist legally in China. In the 2013 bitcoin risk notice, the central bank and other five ministries and commissions clearly defined bitcoin as a special Internet commodity. People can buy and sell it freely at their own risk. Financial institutions do not have to provide bitcoin related services, denying its monetary attribute. Zhou Xiaochuan, the governor of the central bank, compares bitcoin to a tradable asset like a stamp< Most of the major countries in the world take a cold attitude towards virtual currency. There are several possibilities for countries to ban virtual currency:

1
2. The well-known weaknesses and defects of virtual currency can not be overcome in a certain period of time
3. The government can't stand the use of virtual currency in money laundering and other illegal activities

since 2013, the popular virtual currencies are bitcoin, Fuyuan coin, Laite coin, doggy coin, Ruibo coin, Yuanbao coin and so on.

3. Australia
in October 2013, bitcoin Bank of Australia was attacked by hackers, with a loss value of more than US $1 million. This incident has aroused the concern of bitcoin security in Australia. The Reserve Bank of Australia and the Australian tax office have said they want a virtual currency tax like a business transfer tax
Bangladesh
the Central Bank of Bangladesh banned the use of virtual currency in September 2014. Using bitcoin will be punished by law
Brazil
Brazil is one of the few countries in the world that has enacted laws related to electronic currency payment systems. Brazil has not banned bitcoin
Bolivia
for regulatory reasons, the Central Bank of Bolivia (BCB) has banned the use of bitcoin. BCB believes cryptocurrency will help business entities evade taxes
Canada
bitcoin is not considered legal, that is, bitcoin is not recognized by Canadian law. Canada's tax authorities plan to implement the same tax plan as barter trade and speculative trading for the bitcoin
China
China is one of the few countries in the world that ban bitcoin completely and prohibit financial institutions and banks from dealing with bitcoin transactions. In December 2013, the people's Bank of China issued a notice calling bitcoin & quot; Virtual goods;, And prevent it from becoming money
trading has been suspended
Ecuador has banned bitcoin, but it has chosen to set up a new state-owned electronic currency and monetary system, and the currency will be protected by the assets of the Central Bank of Ecuador
EU
at present, the EU still has different views on the classification of bitcoin. In October 2012, the European Central Bank's report on virtual currency concerns the legality of bitcoin under the EU legal framework. The European Banking Regulatory Authority issued a bitcoin risk warning, saying that the use of bitcoin has not been restricted at present
Finland
Finland has relevant regulations for the use of virtual currencies such as bitcoin. The relevant regulations are issued by the Finnish tax authority Vero skatt. Any gains arising from bitcoin transactions will be subject to capital gains tax
Hong Kong
Hong Kong has no regulations for bitcoin or any other virtual currency. However, the government is closely monitoring the use of bitcoin to prohibit money laundering, fraud and other illegal activities
India
India does not explicitly stipulate or prohibit the use of bitcoin. However, the Reserve Bank of India (RBI), equivalent to the Central Bank of India, has been forced to shut down India's largest bitcoin trading platform after it issued a notice that the use of bitcoin could cause money laundering and security problems
Israel
the Israeli tax authority is considering levying income tax on bitcoin transactions. Israeli banks even blackmail bitcoin payments
Kyrgyz
Kyrgyz central bank has banned the use of digital currency and bitcoin for the reasons of lack of centralized management, high currency risk and legal problems
Russia
the Central Bank of Russia believes that bitcoin may be used for money laundering and terrorist financing. Therefore, the Russian government banned the use of bitcoin
Taiwan
Taiwan's financial supervision commission is concerned about the uncertainty and speculation of bitcoin, so Taiwan opposes the installation of bitcoin ATM
UK
at present, there are no relevant regulations for the bitcoin. Profits or losses from bitcoin transactions are subject to capital gains tax, while the purchase of bitcoin is still subject to VAT
the U.S.
the U.S. is probably the most supportive country for virtual currencies such as bitcoin. There are no final rules on bitcoin. However, there are also many new rules for the establishment of bitcoin management framework.

4. (a+b)+c=a+(b+c)

5. The circulation of bitcoin will lead to a series of illegal acts, which is not concive to maintaining the stability of the financial market. The Reserve Bank of India (RBI) will not legalize any form of bitcoin.

6. ETF is the abbreviation of exchange traded funds. Its Chinese name is "exchange traded fund". It is a kind of open-end fund which is listed and traded on the exchange and has variable fund shares. ETF is a special type of index fund, which mainly includes stock ETF, Bond ETF, commodity ETF, currency ETF and so on. Bitcoin ETF, like bitcoin futures, is also a financial investment proct. Compared with direct investment in bitcoin futures, bitcoin ETF can not bring more benefits to investors, but bitcoin ETF can provide investors with a more secure and convenient way of trading, which can attract more investors and funds. However, the approval conditions of ETF are stricter than futures. In 2017, the securities and Exchange Commission (SEC) repeatedly rejected the listing applications of bitcoin ETF from several institutions.

7. It is uncertain that the appropriate demolition in this area, but if the demolition is determined, the parties can obtain compensation within the scope of the law
all kinds of compensation paid by the demolition and construction unit to the owner or user of the demolished house according to the specified standards. Generally:
(1) housing compensation fee (housing replacement fee), which is used to compensate the loss of the owner of the house to be demolished, is classified according to the structure and depreciation degree of the house to be demolished, and calculated according to the unit price of square meter
(2) turnover compensation is used to compensate the inconvenience of temporary housing or finding temporary accommodation for the residents of the house to be demolished. It is filed according to the temporary living conditions and subsidized monthly according to the population of the residents of the house to be demolished
(3) incentive compensation is used to encourage the residents to actively assist in house demolition or voluntarily give up some rights, such as voluntarily moving to the suburbs or not requiring the demolition units to resettle houses. The standards of compensation for house demolition are determined by the local people's government according to the local actual situation and relevant national laws and policies
the formula for calculating the compensation price of homestead location and the new price structure of the house removed is: the compensation price of house removal = the compensation price of homestead location × The area of homestead + the demolished houses are reset to the new price< (1) monetary compensation for house demolition = assessed price of legally owned house + agreed compensation amount for house decoration (or assessed compensation amount for house decoration)
(2) compensation difference for house demolition = assessed price of legally owned house + agreed compensation amount for house decoration or assessed compensation amount for house decoration)- The appraisal price of the house whose property right has been changed by the demolished person
(2) calculation standard of the house relocation and resettlement fee
(the demolished person or the lessee) the house relocation and resettlement fee = relocation subsidy + temporary resettlement subsidy without providing revolving House + temporary resettlement subsidy beyond the transitional period + compensation for the loss of non residential house e to proction and business suspension
note:
1 If the demolisher provides the revolving house and the user of the demolished house lives, the second subsidy of the formula is 0
2. If the house to be demolished is a residential house, the fourth compensation of the formula is 0
3. The compensation obtained by the demolished indicates that the house is for their own use
(3) compensation standard for rural housing demolition
(1) if the organizational system of the village or villager group is abolished, and if the organizational system is not abolished, but it does not have the conditions for building houses in other places, the relocated person can choose monetary compensation or exchange with the property right houses with the value of monetary compensation. Its specific calculation is (the unit price of demolished + 6 demolished houses for construction and installation is combined into the new + the base price of land use right per square meter of construction area of new multi-storey commercial housing in the same area + price subsidy) × The construction area of the house to be demolished
(2) if the organizational system of the village or villager group that has been expropriated is not abolished and the conditions for building houses in other places are met, the relocated people can apply for new houses on the homestead within the central village or residential area determined by the overall land use planning of the township (town), and get the corresponding monetary compensation. The calculation formula is (the replacement unit price of the demolished houses is combined with the new ten price subsidy) × The construction area of the house to be demolished; The cost of using the new homestead.

8. Qingshuizhaitang in Mentougou has a strong population tone, which is not pure Beijing dialect. And I heard from my grandmother that many people from Hebei lived in Mentougou when they came to Beijing, so many people had Hebei accent.

9. If employers default on wages, workers can complain and report to the labor security department (Labor Supervision Brigade); Or apply to the labor dispute arbitration committee for labor arbitration
the Labor Bureau you mentioned should be the labor security department. If it doesn't work, you can choose to apply for labor arbitration<

legal basis:
Article 10 of the regulations on labor and social security supervision, the labor and social security administrative department implements labor and social security supervision and performs the following ties:
(1) publicize labor and social security laws, regulations and rules and urge employers to implement them
(2) check the employer's compliance with labor and social security laws, regulations and rules
(3) to accept the reports and complaints of violations of labor and social security laws, regulations or rules
(4) correct, investigate and deal with violations of labor and social security laws, regulations or rules in accordance with the law< Article 2 this Law shall apply to the following labor disputes between employers and employees within the territory of the people's Republic of China:
(1) disputes arising from the confirmation of labor relations< (2) disputes arising from the conclusion, performance, modification, rescission and termination of labor contracts
(3) disputes arising from delisting, dismissal, resignation and resignation< (4) disputes arising from working hours, rest and vacation, social insurance, welfare, training and labor protection
(5) disputes over labor remuneration, medical expenses for work-related injuries, economic compensation or compensation, etc< (6) other labor disputes stipulated by laws and regulations

Article 5 in the event of a labor dispute, if the parties are unwilling to negotiate, fail to negotiate or fail to perform after reaching a settlement agreement, they may apply to the mediation organization for mediation; Those who are unwilling to mediate, fail to mediate or fail to perform after reaching a mediation agreement may apply to the labor dispute arbitration commission for arbitration; Those who are not satisfied with the arbitration award may, unless otherwise provided for in this law, bring a suit in a people's court.

10. It is necessary to bear criminal responsibility to constitute minor injury, and it is better to report the case, but there is no compensation for mental damage in criminal incidental civil action. First, the scope of review of incidental civil action only includes material loss, which is the law. Judicial organs should abide by this principle in both trial activities and judicial interpretation activities< Second, the court will not accept a lawsuit for compensation for mental damage after an incidental civil action, which is the requirement of the principle of non bis in idem< Third, if a civil action is not brought in criminal proceedings, and then a separate civil action is brought to claim compensation for mental loss, whether it is supported or not shall be decided by the court in accordance with the law
Fourth, the incidental civil action does not pay the litigation costs, and the litigation costs must be paid in advance when the civil action is brought alone<
for the calculation of compensation amount
only after disability identification can there be a specific calculation standard
see

[issuing unit] Supreme People's court
[issuing Document No.] -
[issuing date] 2003-12-28
[effective date] 2004-05-01
[expiration date] -
[category] national laws and regulations
Supreme People's court The court's interpretation on Several Issues concerning the application of law in the trial of personal injury compensation cases (adopted at the 1299th meeting of the judicial committee of the Supreme People's Court on December 4, 2003)

in order to correctly hear personal injury compensation cases and protect the legitimate rights and interests of the parties in accordance with the law, according to the general principles of civil law of the people's Republic of China (hereinafter referred to as the general principles of civil law), the According to the Civil Procere Law of the people's Republic of China (hereinafter referred to as the Civil Procere Law) and other relevant laws and regulations, combined with the trial practice, this paper makes the following interpretation on the issues of applicable law:

Article 1 if a person who has the right to compensation brings a suit against the person who has the obligation to compensate for the property loss and spiritual damage e to the infringement of his life, health and body, the people's court shall accept it<

the term "compensation obligee" as mentioned in this article refers to the victim who directly suffers personal injury e to infringement or other harmful reasons, the dependant who is legally responsible for supporting the victim, and the close relatives of the deceased victim<

the term "compensation obligor" in this article refers to the natural person, legal person or other organization that should bear civil liability according to law e to its own or other people's tort and other causes of harm< Article 2 if the victim is intentionally or negligently involved in the occurrence or expansion of the same damage, the liability of the person liable for compensation may be reced or exempted in accordance with Article 131 of the general principles of the civil law. However, if the tortfeasor intentionally or negligently causes damage to others and the victim has only general negligence, the liability of the compensation obligor shall not be reced

when the third paragraph of Article 106 of the general principles of civil law is applied to determine the compensation liability of the compensation obligor, if the victim has gross negligence, the compensation liability of the compensation obligor can be reced

Article 3 if two or more persons jointly intend or jointly negligent to cause damage to others, or if there is no joint intention or jointly negligent, but their infringement acts are directly combined to proce the same damage consequences, which constitutes a joint tort, they shall bear joint and several liability in accordance with Article 130 of the general principles of the civil law

If two or more persons have no joint intention or joint negligence, but their respective acts are indirectly combined to proce the same damage consequence, they shall bear the corresponding compensation liability according to the size of the negligence or the proportion of the causal force< Article 4 if two or more persons jointly commit an act endangering the personal safety of others and cause damage consequences, and the actual infringer cannot be determined, they shall bear joint and several liability in accordance with Article 130 of the general principles of the civil law. If the joint dangerous actor can prove that the damage is not caused by his act, he shall not be liable for compensation

Article 5 if the obligee of compensation brings a lawsuit against some joint infringers, the people's court shall add other joint infringers as joint defendants. If the obligee of compensation gives up the claim to some joint infringers in the litigation, the other joint infringers shall not bear joint and several liability for the share of compensation that should be borne by the defendant who has given up the claim. If it is difficult to determine the scope of liability, it is presumed that all joint infringers bear the same liability

the people's court should inform the compensation obligee of the legal consequences of abandoning the claim, and state the situation of abandoning the claim in the legal documents

Article 6 if a natural person, legal person or other organization engaged in accommodation, catering, entertainment or other social activities fails to fulfill the obligation of safety protection within a reasonable limit, causing personal injury to others, and the person with the right to compensation requests him to bear the corresponding liability for compensation, the people's court shall support it

if the result of damage is caused by the third party's infringement, the third party who has committed the infringement shall be liable for compensation. If the security obligors are at fault, they shall bear the corresponding supplementary liability to the extent that they can prevent or stop the damage. After the security obligors bear the responsibility, they can claim compensation from the third party. If the person who has the right to compensation brings a suit against the security obligor, the third party shall be regarded as the co defendant, except that the third party cannot be determined< Article 7 schools, kindergartens or other ecational institutions that are legally responsible for the ecation, management and protection of minors shall bear the corresponding liability for compensation for their fault if they fail to fulfill the relevant obligations within the scope of their ties, resulting in personal injury to minors or personal injury to others caused by minors

If a minor suffers personal injury e to the infringement of a third party, he shall be liable for compensation. If schools, kindergartens and other ecational institutions are at fault, they shall bear the corresponding supplementary liability for compensation< Article 8 if the legal representative, person in charge or staff of a legal person or other organization causes damage to others in the course of performing their ties, the legal person or other organization shall bear civil liability in accordance with Article 121 of the general principles of the civil law. If the above-mentioned persons commit acts unrelated to their ties and cause damage to others, the actor shall bear the liability for compensation

if it is the cause of compensation in the state compensation law, it shall be dealt with in accordance with the provisions of the state compensation law< Article 9 If an employee causes damage to others in his employment activities, the employer shall be liable for compensation; If an employee causes damage to others intentionally or through gross negligence, he shall be jointly and severally liable with his employer for compensation. If the employer is jointly and severally liable for compensation, he may claim compensation from the employee

the term "engaging in employment activities" as mentioned in the preceding paragraph refers to engaging in proction and business activities or other labor services within the scope authorized or instructed by the employer. If an employee's behavior is beyond the scope of authorization, but its manifestation is to perform his ty or has internal connection with the performance of his ty, it should be regarded as "engaging in employment activities"< Article 10 if the contractor causes damage to a third party or causes damage to itself in the process of completing the work, the ordering party shall not be liable for compensation. However, if the ordering party is negligent in ordering, instructing or selecting, it shall bear corresponding liability for compensation

Article 11 If an employee suffers personal injury in employment activities, the employer shall be liable for compensation. If the third party outside the employment relationship causes personal injury to the employee, the person with the right to compensation may request the third party to bear the liability for compensation, or the employer to bear the liability for compensation. After the employer assumes the liability for compensation, he can claim compensation from a third party

If an employee suffers personal injury e to work safety accidents in employment activities, and the employer or the subcontractor knows or should know that the employer who accepts the contract or subcontract business has no corresponding qualification or work safety conditions, he shall bear joint and several liability with the employer

if it belongs to the scope of labor relations and instrial injury insurance regulated by the regulations on instrial injury insurance, this article is not applicable

Article 12 If a laborer of an employer who should participate in the overall planning of work-related injury insurance according to law suffers personal injury e to work-related injury accident, and the laborer or his close relatives sue to the people's court for civil compensation liability of the employer, he shall be informed to deal with it in accordance with the regulations on work related injury insurance

the people's court shall support the claim that the third party should bear the civil compensation liability if the third party infringes upon the employee's personal injury other than the employer

Article 13 a helper who provides labor services for others free of charge shall be liable for compensation if he causes damage in the course of his helper activities. If the aided worker explicitly refuses to help, he shall not be liable for compensation. The people's court shall support the claim that the helper and the aided worker should bear joint and several liability if the helper has intentional or gross negligence

Article 14 If a helper suffers from personal injury e to helper activities, the helper shall be liable for compensation. If the aided worker explicitly refuses to help, he shall not be liable for compensation; However, appropriate compensation can be made within the scope of benefits

the third party shall be liable for compensation if the third party infringes upon the workers. If the third party is uncertain or unable to make compensation, the aided worker may make appropriate compensation< Article 15 in order to protect the legitimate rights and interests of the state, the collective or others and cause personal injury, the people's court shall support the claim made by the obligee to the beneficiary for appropriate compensation within the scope of benefit because there is no infringer, the infringer can not be determined or the infringer has no ability to compensate< Article 16 the provisions of Article 126 of the general principles of the civil law shall apply to the following cases, with the owner or manager bearing the liability for compensation, except for those who can prove that they are not at fault:

(1) damages caused by defects in maintenance and management of artificially constructed structures such as roads, bridges and tunnels< (2) damage caused by falling, sliding or collapsing of stacked objects< (3) damage caused by toppling, breaking or falling of trees

in the case of item (1) of the preceding paragraph, if damage is caused by design or construction defects, the owner, the manager and the designer or constructor shall be jointly and severally liable

Article 17 If the victim suffers from personal injury, the compensation obligor shall make compensation for the expenses incurred for medical treatment and the income reced e to work delay, including medical expenses, work delay expenses, nursing expenses, transportation expenses, accommodation expenses, hospital board subsidies and necessary nutrition expenses

if the victim is disabled e to injury, the necessary expenses for increasing living needs and the loss of income e to the loss of working ability, including disability compensation, disability assistive devices, the living expenses of the dependents, as well as the necessary rehabilitation expenses, nursing expenses and follow-up treatment expenses actually incurred e to rehabilitation nursing and continuing treatment, The obligor of compensation should also make compensation

if the victim dies, the compensation obligor shall not only compensate the relevant expenses specified in the first paragraph of this article according to the rescue and treatment situation, but also compensate the funeral expenses, the living expenses of the dependents, the death compensation, and other reasonable expenses such as transportation expenses, accommodation expenses and work delay losses incurred by the victim's relatives in handling funeral matters< Article 18 Where a victim or a close relative of the deceased suffers from mental damage, and the person who has the right to compensation applies to the people's court for compensation for mental damage,