Analysis of virtual currency from the perspective of rule of law

1. Virtual property is not protected by law at present! Money in society is just a kind of special commodity to facilitate economic exchanges, which is issued by special state institutions. Moreover, money can not be issued indiscriminately. If the ratio between the currency in circulation and the country's GDP is out of balance, it may lead to one of two consequences: first, inflation. 2、 Economic crisis. Every year, the country carries out macro-control and evaluation on the gross output value of the economy, so as to determine the amount of money issued in the next year. To maintain the economic balance of the country. Now you can think about how money comes from in the virtual society of online games. The answer is very simple. Most of the money in the game is earned by killing monsters or virtual skills. No game has a special currency issuing agency. In other words, money can grow infinitely in the game. So inflation is very common in the game. Similarly, other virtual items in the game can be increased infinitely, regardless of the daily economic law, as long as they are used by appropriate means (such as plug-ins). If we link these two kinds of property completely affected by different economic laws, what will be the consequences?

2. At present, the law is still blank, there is no relevant provisions, can only refer to the relevant provisions of the criminal law on theft.

3. 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. The crime of financial fraud refers to the act of defrauding public or private property or the credit of financial institutions and destroying the order of financial management by making up facts or concealing the truth for the purpose of illegal possession
it is not illegal fund-raising.

5. First of all, we should understand what money is
money, in essence, is the contract of exchange right between owners. Different forms of money are unified in essence. In the past, e to people's unclear understanding of the nature of money, people mistakenly divided money into different categories from different angles, such as debt currency and non debt currency according to the commodity value of money, convertible currency and non convertible currency according to whether the exchange ratio of precious metals is agreed, etc
formally, according to the commodity value of money, it can be divided into physical money and formal money. Physical money itself is a special kind of goods, including the amount of value, such as sheep, precious metals, etc; The formal currency itself has no value, its value is contractual, only contractual value. The two forms are different, but they are unified in essence, that is, they are both agreed as the medium of exchange, and both have contractual value. The purchasing power of money depends on the contract value of money, but the purchasing power of physical money is also affected by its own commodity value. Generally, the commodity value of physical money is less than its contract value as money
in high school textbooks, the essence of money is interpreted as a general equivalent[ 3] This definition only starts from the function, in fact, it does not explain the essence of money, nor can it answer the inherent logical question, that is, why money can act as a general equivalent
for questions about the nature of monetary contract, please refer to monetary contract
secondly, virtual currency
refers to non real currency. Well known virtual currencies, such as online currency of Internet company, q-coin of Tencent company, q-point and voucher of Shanda company, micro currency launched by Sina (used for micro games, Sina reading, etc.), chivalrous Yuanbao (used for chivalrous road game), silver grain (used for bixue Qingtian game), and popular digital currencies in 2013 include bitcoin, Laite coin, infinite coin, quark coin, zeta coin, etc Barbecue coins, pennies (Internet), invisible gold bars, red coins, prime coins. At present, hundreds of digital currencies are issued all over the world. Popular in the circle & quot; The legend of "bitcoin, Wright silver, infinite copper, pennies aluminum"
according to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have legal compensation and mandatory monetary attributes, is not a real currency, does not have the same legal status as currency, cannot and should not be used as currency in the market, and citizens' investment and transaction of virtual currency are not protected by law.

6. There are no books about lightcoin, most of them are about bitcoin, but they will involve lightcoin. Teacher Shaqian's ownerless currency is not bad. You can take a look at it. It belongs to the type of data research and analysis. Of course, you can also go to bitcoin home, the mainstream media in the coin circle, to check the relevant research report on encrypted digital currency

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.

7. Under certain conditions, virtual currency has certain value and use value, and has transaction function, which can be transformed into real property. In judicial practice, there are cases that the contract of disposing virtual currency is valid and the penalty is imposed for stealing virtual currency
it should be said that virtual currency is protected by law.

8. Can LZ be more careful? I'm not sure what LZ wants to ask

why does the United States let RMB appreciate
among all the countries in the world, the United States is exerting the most pressure. This time, the US Senate passed a resolution, and now, of course, the vote is postponed. What is its content? It's very simple. If China's RMB doesn't appreciate significantly by October this year, all procts from China will be subject to a 27.5% tariff, which has been approved by the majority of the US House of Representatives. This is a big thing for China. Fortunately, the US Senate has left some space to postpone the vote. It means to leave some time to see China's attitude, If it is really a vote, it is estimated that it is also passed! This trend is very serious. Why is the United States exerting so much pressure? On the surface, RMB foreign exchange is a monetary and financial phenomenon, but the appreciation of RMB is still the problem of trade deficit. What's the reason? For more than 20 years since 1982, the United States has had a deficit in foreign trade every year. In the 1980s, there were tens of billions of US dollars. In the late 1980s, there were more than 100 billion US dollars or even 200 billion US dollars. In the 21st century, the annual trade reached 500 billion US dollars. Foreign exchange is like the cash in a person's pocket. You can borrow some from outside at the beginning, but who dares to lend you all the time? Why the US trade deficit has not collapsed for so many years is because of its special status in the world! When so many delicious, easy-to-use and easy-to-wear items come to the United States, it can print more with the money printing machine, and the increase in the circulation of US dollars will offset the trade deficit. Over the past two decades, the trade deficit has been so large that everyone has lost confidence in the US dollar. The United States will soon face a situation like that in the 1960s. Everyone regards the US dollar as a hot potato! So in recent years, it has felt that this problem must be solved. How can it be solved? There is no other way, but we have adopted a means. In the past, the United States adopted a strong US dollar policy, which is to try every means to make the people build up their confidence in the US dollar in the world. The US dollar and foreign exchange remain at a relatively high level, and its trend is relatively strong! When we look at the very strong trend of the US dollar in foreign exchange, it shows that the US dollar is OK, and the people are confident. When they are confident, they will hold on to the US dollar. In recent years, it has changed its "strong US dollar policy" into "weak US dollar policy" without any way to do so. The decline of US dollar and foreign exchange will proce a mping effect on foreign exchange. If the US dollar policy is changed to a weak one, the US will act quietly at the beginning! When the euro was strong against the US dollar that year, one euro could be exchanged for us $0.8, which was three or four years ago; If the U.S. tries to weaken the exchange rate of the U.S. dollar, it will become that 1 euro can be exchanged for 1.3 U.S. dollars, and the U.S. dollar will depreciate against the euro. The U.S. Treasury Secretary said that "in order to solve the problem of U.S. trade deficit, we can adopt a weak dollar policy". However, U.S. George W. Bush never admitted that he is a weak dollar. He has always stressed that he is a strong dollar. This has an effect on Japan and the European Union. If the exchange rate of the US dollar against the Japanese yen and the euro falls, the trade balance with them will shrink, and even some trade commodities may have a surplus! But it does not have any effect on Chinese goods, because the appreciation of RMB was announced on the 21st of this month. Before that, what was China's RMB foreign exchange system? What the official originally announced was "a single, managed and floating foreign exchange system based on market supply and demand". In the specific operation process, this statement is actually pegged to the US dollar. During the Asian financial crisis, the RMB has always been pegged to the US dollar. When the US dollar currency rose, I also rose, and when you fell, I also fell. It quietly changed the weak US dollar policy from the strong US dollar policy, in order to change the trade deficit, but it has no effect on China. No matter how the RMB fell, it will not change. Therefore, there is no way for China to achieve this effect, This is something that the United States is very upset about. Because now the largest trade balance of the United States comes from China, which is the largest trade deficit among all the trade deficits of the United States. According to their statistics, China lost 160 billion US dollars last year. According to this year's forecast, it will lose at least 200 billion US dollars. China alone will lose 200 billion US dollars. How can the total trade deficit of 500 billion be reced! This is the most important purpose of the United States to press the appreciation of RMB, so it will press you desperately. In other words, it means "the RMB foreign exchange system must show greater flexibility". To put it bluntly, you should not peg to the US dollar. If you do this again, it will not be effective for us to change the US dollar! The United States will hold down the appreciation of the RMB, and will not talk about the appreciation of the RMB. It will directly make an issue in trade, and let China buy more of their American goods, and its trade balance will be less
advantages and disadvantages for China
what impact will RMB appreciation of 2% have on trade? I'll sort it out from the perspective of thinking. The impact is positive and negative. The first is the mping effect of foreign exchange. What is "foreign exchange mping effect", it has a definition: consciously rece the exchange rate of domestic currency, export commodities in foreign currency will be more expensive than before. Because the value of RMB, in other conditions unchanged, other people's demand for you will be reced. In other words, the development of foreign trade should be divided into two parts. For export enterprises, if other conditions remain unchanged, the appreciation of RMB alone will make it difficult for your export volume to increase; If we are mainly engaged in import trade, the cost will drop because the price of imported goods is cheap. Or you export goods mainly with imported goods as raw materials, your cost may have some impact, but compared with the loss of pure import trade may be less! But generally speaking, this effect is more emphasis on its negative effect, because China's export volume is very huge, and the difficulty of RMB appreciation on trade export lies in this aspect. You need to work hard to digest this part in the middle of the price. However, this factor cannot be overemphasized because it is related to a defect in China's export trade. We often like to engage in low price competition, which is a fatal injury to China's export trade. In addition, I think we should also pay attention to the effects of other aspects, which in general have a positive effect on the development of foreign trade as a whole. The second effect is trade structure effect. China's foreign trade has created a miracle, but at the same time, there are some obvious problems in our trade structure. 1. The proportion of foreign investment in exports is somewhat high. About 60% of last year's 600 billion plus exports were from foreign-funded enterprises. The real domestic enterprises include state-owned enterprises, collective enterprises and private enterprises. In a word, less than 50% of the Chinese own enterprises. 2. The export volume is very large, but the added value of procts is too low. Let's take a simple example. Last year, we held a WTO meeting in Beijing. We heard a story. When we went to the northeast for investigation in 2003, a mayor in charge of instry in Shenyang said that the export trade volume of Shenyang in 2003 was 1.3 billion US dollars, of which 600 million US dollars was the export of a foreign-funded enterprise, accounting for about 40%. What is China's share of the 600 million yuan export? He employed two or three thousand employees with an average wage of 1300 yuan and imported raw materials. If you think about it, China has made two profits. One is the labor income of employees, and the other is some taxes paid. We also know that if the government gives more preferential treatment to foreign-funded enterprises, the salary of employees can be ignored among the 600 million US dollars. So the export volume looks very large, but the added value is very low. These are two very serious problems in the structure of foreign trade. Now RMB appreciation is beneficial in this respect. I will not discuss this point of view. Maybe this point of view is different from other points of view. If other conditions of RMB appreciation remain unchanged, it is difficult to introce foreign capital only because of RMB appreciation. Why? After the appreciation of RMB, overseas investment in China is expressed in US dollars. Similarly, the amount of one million US dollars converted into RMB before is more, but now it is less, so it will decline. In the foreign trade structure, the export proportion of foreign-funded enterprises will also drop accordingly! But sometimes, there may be some increase in the introction of foreign capital. It may be that other factors offset the impact of RMB appreciation. Now I put aside other factors. It is difficult to introce foreign capital only because of RMB appreciation! In addition, the export of low value-added goods will be eliminated slowly. In the past, low value-added exports were OK, but now they can't! It is normal that enterprises exporting low value-added commodities will face serious difficulties, even bankruptcy. Of course, the only problem to be solved is how to increase employment and rece the unemployment rate. The appreciation of RMB is the trend of the times. It is 2% now, and it may have to be revalued later. Only when the proportion is almost the same can it maintain a relatively stable proportion. In terms of trade structure, it is positive! In the past, the government tried its best to promote the improvement of foreign trade structure. Although some achievements have been made, the results are not very clear. The RMB appreciation this time may speed up the improvement of foreign trade structure. Third, the scale of trade. The scale of trade does not mean the volume of trade. How to expand the scale can be seen from several aspects. The first one is import trade. If it is not artificially pressed, it can be further increased because the price is relatively cheap. However, there is one factor to consider. Because export trade is hindered, import trade may be affected, On the whole, import trade is likely to increase. There is a formula in the academic circle that the expansion of a country's export trade scale is affected by several factors, including transportation costs. After the appreciation of RMB, transportation costs fall, because transportation costs are paid in US dollars, so transportation costs can not rise, but only fall. Needless to say, there are other factors. On the whole, they are also down and can not rise. Import trade can expand the scale accordingly. In addition, export trade can also prove that it can expand from a theoretical perspective, so the scale of trade need not worry. That is, the amount of trade and foreign exchange. This change is quite complicated, but it will not be carried out here because of the time. Fourth, terms of trade. What do you mean by terms of trade? You don't hear much about this concept. Terms of trade are more complicated. They can be divided into five concepts. I don't need to talk about such a complicated concept. I'll talk about the simplest one, that is, the price of export goods is 100% higher than that of import goods. If you export a shirt, you can exchange 50 Jin of rice today and 55 Jin of rice tomorrow. This is the improvement in terms of trade; If we can exchange 45 Jin of rice the day after tomorrow, the terms of trade will be worse. This term may be used more and more. China originally pursued the quantity of trade exports and did not emphasize the benefits of trade. Therefore, the terms of trade are generally different