Regulation of virtual currency

1. With the rapid development of information instry in recent years, the Internet has entered the homes of ordinary people, and many people are not unfamiliar with virtual property. Small to the game equipment, virtual currency, big to QQ number, game account belongs to the category of virtual property. According to the calculation of relevant departments, last year, the scale of the domestic Internet virtual money market was more than 10 billion yuan, and this market is still growing at an annual rate of more than 20%. However, coins have two-sided properties, and the network itself has given birth to many unprecedented legal problems, which makes people at a loss. Such as network theft, right protection and other issues continue. According to the survey statistics of China Internet Network Information Center (CNNIC), "61% of the game players have experienced the theft of virtual property, and 77% of the game players feel that the current network environment is a threat to their virtual property.". These things that you and I are used to, for various reasons, may face illegal infringement and can not get right relief. The infringement of virtual property occurs from time to time, but most of them make the judicial authorities face such problems vaguely because of the lack of a clear and unified understanding in theory: either not to file a case, or to convict and sentence the defendant for the crime of infringing freedom of communication, or to sentence the defendant for the crime of theft. There are legal gaps in both civil and criminal aspects. From this point of view, the determination of the legal status of virtual property is the key to the problem. 2、 The legal status and necessity of virtual property there are two opposite views on the legal status of virtual property in China. The negative thinks that it has no value, only exists in the virtual society, and there is no need to protect it. The proponents think that the virtual property is obtained through personal labor, and there is no essential difference between the property that can circulate and the real social property, so it should be protected. In my opinion, under the current situation, it is necessary to bring virtual property into the scope of law 1 Virtual property has legal property attribute. 1. As a property, it must meet the following three conditions: first, it must have value; Second, there must be scarcity, that is, there must be no unlimited existence; Third, it must be legitimate. First of all, virtual property has value, which meets the requirements of value - undifferentiated human labor. The value of virtual property needs to consider time, money, intellectual skills, market supply and demand, game cycle, quantity and price of functional substitutes. Take QQ games as an example. These games all have levels. Players have to pay time and money to get to a higher level. The higher the level, the higher the value of this account in the market. Secondly, just like real objects, the equipment and game currency in the game are limited, and there are also specific objects and kinds of objects. As for legitimacy, that is obvious. 2. Virtual property has poured a lot of time, energy and money into the players. Although it can't be seen in the real society, it does exist. Just like the mobile phone number, it has positive significance for hundreds of millions of Internet users and can meet people's certain needs, including material and spiritual. In this respect, it is also in line with the nature of intangible property, which belongs to intellectual property (Liu Chuntian: Director of intellectual property teaching and research center of Renmin University of China). 3. Virtual property can be controlled by manpower, including deletion, modification, use and transfer. Therefore, virtual property has the property attribute in law 2 Virtual property transaction has a great impact on the real society. Mainly in two aspects: 1, the reality of a large number of virtual goods trading status. Online property such as game currency has initially been able to be exchanged with RMB, and some online game operators even take the sale of virtual property as their profit model (so this year, 14 ministries and commissions, including the Ministry of culture, jointly issued the notice on Further Strengthening the management of Internet cafes and online games). It is necessary to strengthen the regulation and management of virtual currency in online games, prevent the impact of virtual currency on the real economic and financial order, and limit the total amount of virtual currency. 2. Network theft of virtual property is also happening in large numbers. The current situation of network theft is that the theft mode of collectivization and instrialization endangers the survival of the Internet. Therefore, whether from the current situation of virtual goods trading or network theft, it shows the urgency of virtual property protection 3 It is the requirement of building a good faith and friendly society. Nowadays, the theft of property in reality has moved to the Internet, such as the theft of virtual property and other infringement events can not but be said to be a reflection of the real society. Since the Internet has been developing in China for a long time, we should try our best to purify this land. If we can effectively curb such behavior on the Internet, it will have a good role in promoting the construction of a good faith and friendly society. Containment can only be regulated by law. As a special property right of users, whether the network virtual property can be incorporated into the legal system of our country determines whether the judicial department can directly apply the laws of our country to protect the legitimate rights and interests of citizens. Therefore, it is necessary to correct the name of virtual property in law. Only when the name is correct, can we have the basis to formulate various laws and regulations to protect citizens' property more effectively. 3、 The protection of virtual property must admit that the protection of virtual property is still in the stage of theoretical exploration in China, and the debate has never stopped. In the face of this new phenomenon, it seems that it is not enough to only consider the traditional legal model. Therefore, we need to solve this problem with innovative thinking and appropriate reference to foreign advanced legal model 1 The interpretation and supporting provisions of the property law. People have high expectations for the recently passed property law, but there are no relevant provisions on virtual property in this law. For the lack of this aspect, we can consider to be reflected in the subsequent legislative or judicial interpretation, in order to improve the function of the property law, so that the law can protect citizens' property more thoroughly 2 Criminal law protection. We can consider adding charges or expanding the interpretation of property in the criminal law. As mentioned above, the judicial authorities have totally different opinions on the cases of infringement of virtual property. The same case but different qualitative may send a bad signal to the society. Under the existing legal framework of China, it is completely feasible to expand the interpretation according to a new situation 3 We should attach importance to the role of precedents. For example, after the first case of Internet theft in China was tried by Shenzhen court, it has played a good exemplary role for other courts to deal with similar issues. We can see that more and more courts recognize the legal status of virtual property and fictitious property. In the judgment of a local court in Jiangxi Province, it clearly recognized that virtual property belongs to the property protected by law. The court held that although there are still no relevant laws and regulations on the identification of virtual property in China, virtual property and real property have common interests in possession, use and income, which should also be protected by law 4 The way of administration. Government departments should also do a lot in this regard. We can formulate relevant laws and regulations to strengthen the management of network companies and Internet cafes, improve the registration system, make it clear that the legal network virtual property is protected by law, and punish the infringement of other people's legal network virtual property. Strictly implement the real name identity system of online games, and establish the reporting center for virtual property infringement 5 Some experiences of developed countries and regions are worth thinking and learning. Take South Korea, the most developed country of online games, as an example. When the game instry started to develop, it was also faced with the same confusion as we are now. It went to the two extremes of ignoring and over limiting, but it did not receive good results. After re examining the virtual transaction, South Korea finally recognized the legitimacy of virtual goods in law, and virtual transaction was also protected by law. Not long ago, South Korea proposed to further prohibit the intermediary services of virtual currency transaction, and formulated the "game instry revitalization law". Many developed countries and regions in the world, such as South Korea, Japan, Switzerland, Taiwan, Hong Kong and so on, have clearly recognized the value of "network virtual property" in legislation and judicature, and have been regulated by criminal law, and there have been criminal judgments against infringement of network virtual property. Some countries make it clear that virtual property has independent property value, which is the same as the traditional meaning of "property", and include virtual property into the object category of traditional property crime; Some countries, such as Switzerland, have expanded the system of traditional property crimes and created new ones, such as the crime of illegally obtaining data. Law comes from life, but it is higher than life. When the problem comes, we can only deal with it actively, but not evade and let it go. We should play an active role in guiding and maintaining the law. The market scale has reached tens of billions of huge market, if the lack of effective legal management, the network world will enter a disordered state of chaos, and then spread to the real society, if not timely and properly solve this legal problem, it will have a great impact on the personal property of citizens and social stability, but also against the original intention and essential requirements of building a harmonious society.

2.

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

3. Understanding of the concept of virtual currency
(1) virtual currency based on entity
since ancient times, all "money" made of paper is called paper currency, and all countries in the world are actually paper currency. In Marx's time, paper money was only a symbol of metal money. The actual gold content of paper money was equal to the nominal gold content. When the nominal gold content was greater than the actual gold content, the price index of metal money would increase because of too many paper money. When it exceeded a certain limit, inflation would occur. Marx called these over issued bank notes without gold as guarantee virtual currency. In Keynesian era, paper money was the symbol of GDP. He defined the issue of paper money caused by making up the fiscal deficit as deficit money, and believed that the issue of paper deficit money could promote the development of proction to a certain extent, but only cause half inflation. Zhang chunjia's research in "Introction to virtual currency" also proves that paper money without precious metal and GDP guarantee will cause price rise, and this kind of money is called virtual currency
(2) virtual currency based on virtual
virtual currency is a new type of currency emerging at a certain stage of network social and economic development to meet the security and convenience needs of users. It represents the development direction of future currency existence form. It comes from the Internet, and acts as a general equivalent in the network society completely or partially. Virtual currency is a real currency with the basic attributes of currency, but it is virtual and depends on the network virtual environment. Virtual currency is born without borders, which makes it more liquid than traditional currency in the world. Virtual world corresponds to the real world. Through the exchange relationship between virtual currency and traditional currency, under certain conditions, specific virtual currency can buy physical goods, and traditional currency can also buy specific virtual goods< Second, the characteristics of virtual currency
1. Value: users get utility value by consuming the procts and services provided by operators. Virtual currency has value by providing exchange to meet the utility of consumers. The quantity of virtual currency measures the value of general goods. The issue essence of virtual currency is credit issue, which is the creditor's right of the holder to the issuer. To a certain extent, the value of this kind of claim is the right of claim
2. Virtual environment dependence. The existence of virtual currency is based on the virtual economic environment provided by the issuers and the sustainable operation of the issuers themselves. Otherwise, virtual currency has no significance.
3. Short sighted currency. As the highest price in the process of commodity exchange, the form of currency value can be regarded as the real currency. Because of the limitation of circulation scope, virtual currency can not be used as the general equivalent of all commodities; But in a certain range, it has the function of monetary value scale and circulation means. Therefore, it can be considered that virtual currency is similar to the form of money value, and it is a primary form of money, which is similar to money< The issue and circulation of virtual money is limited, but it will enlarge the money supply through the money multiplier effect, and affect the difficulty and accuracy of macroeconomic regulation and control. The issuers of virtual money need to report their circulation and circulation to the central bank, and obey the unified management of the central bank at any time
5. Virtual currency, which is issued by non-financial entities outside the financial system, aims to obtain business opportunities and competitive advantages. It is a market behavior and will inevitably lead to competition among issuers. This kind of competition will proce unfair competition behavior or obtain competitive advantage through rent-seeking, which determines the need to regulate the market behavior of the market subject according to the laws and regulations
6. Virtuality: as a kind of approximate currency, virtual currency is virtual existence if it only exists in the virtual world and can purchase the virtual property in it; If it is linked with sovereign currency, it can exist in the real world and purchase real assets, then it is a virtual thing of sovereign currency. Virtual currency is actually a series of data files existing in the computer system. It has the meaning of virtual currency only after the issuers explain the system. Therefore, the existence form of virtual currency is virtual< In general, virtual currency can purchase the procts and services provided by the issuers, and it can also be exchanged with the issuers outside the scope of issuance at a certain rate to purchase the procts of the alliance. For procts outside the alliance, virtual currency has no value significance; Similarly, when virtual currency is only authorized to buy different procts in different sales cycles, the use of virtual currency has limited application in time and scope, unlike sovereign currency, which can be completely freely exchanged
8. Separability: virtual currency has no physical form and is a digital storage information. Unlike traditional paper currency, it needs to consider the balance relationship between the circulation of main currency and subsidiary currency and the proportion of various currency values. It can be split infinitely. For example, although the total number of dark coins is only 2300, each bitcoin can be split into eight directions of ten< Although virtual currency exists in the virtual world, the process of new technological revolution has closely linked the virtual world with reality, and the virtual world has become an important part of people's spiritual life. It can promote the development of real economy, for example, a large number of entertainment application projects provide people with rich spiritual wealth and real wealth, and more and more people invest in virtual currency, which represents a trend, and the more successful ones are bitcoin, Leyte coin and the new domestic King coin; On the contrary, money laundering, gambling and network theft in the virtual world will have a negative effect on the real economy.

4. Bitcoin is an electronic currency proced by open source P2P software. Digital currency is a kind of network virtual currency. Bitcoin is also paraphrased as "bitcoin.". Short for: BTC
bitcoin does not rely on specific currency institutions to issue. It is generated through a large number of calculations of specific algorithms. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction
bitcoin is very similar to cash
the advantages of bitcoin are: no freezing, no tracking, no taxes, and extremely low transaction costs. Compared with people who speculate in currency, it is wealth, and people outside the currency circle may think it is a fraud
bitcoin is a relatively mainstream digital currency, which can be properly invested. There are risks in the transaction. You can invest cautiously. You can search the fire coin, coin security, OK, dobby trading platforms on the Internet, which can trade bitcoin. These are relatively large trading platforms. Invest in mainstream digital currency, do not invest in counterfeit currency or air currency. The rules of each trading platform are different. Now they are basically 24-hour trading, and the digital currencies that may be exchanged are different. You can go to the trading platform.

5. You have no right to sell the contracted cultivated land without authorization, because if you sell the ripe soil in the cultivated land, it is tantamount to destroying the planting conditions of the cultivated land. Relevant laws, regulations and rules are as follows:
Article 31 of the land administration law of the people's Republic of China protects cultivated land and strictly controls the conversion of cultivated land into non cultivated land
Article 36 in non-agricultural construction, land must be used sparingly. If wasteland can be used, cultivated land shall not be occupied; Where bad land can be used, good land shall not be occupied
it is forbidden to occupy cultivated land to build kilns and graves, or to build houses, dig sand, quarrying, mining and soil on cultivated land without authorization
it is forbidden to occupy basic farmland to develop forestry and fruit instry and to dig ponds to raise fish< Article 37 it is forbidden for any unit or indivial to leave idle or waste cultivated land.

6. Everyone makes these mistakes at least five times before actually internalizing them< They are emotional. Always remember: the best investors are those who are not in any mood
2. They either sell all their bitcoin or buy all their bitcoin. An experienced investor only sells 10% of bitcoin when he gets 50% profit, and the other 10% sells bitcoin when he gets 100% profit. As the price of bitcoin rises, he always sells 10% of bitcoin. In that case, they can always make a profit. Greed is everywhere, but people who can get sustainable returns are definitely not over greedy
3. They refuse to study. Good investors will read books on encryption and white papers for themselves. Although the technology is very complex, but at least to understand the basic knowledge. Don't blindly buy things recommended by experts. If you take the time to study, the investment will give you a great return. So is access to other sources. The more you know, the more confident you will be able to run your portfolio. Marketing that only appeals to you emotionally without providing objective insight will not bring you wealth< They put all their eggs in one basket. Don't hold only one digital currency. Hold the best five currencies or projects you can find. One currency may get a 1000% return and make up for the loss of all the other four currencies
5. They put all their digital assets in one wallet. Asset security is very important. I have seen many friends who have a very good investment philosophy, but in the end, they lose in the security of their wallets. They distribute your bitcoin or other currencies through exchanges, online wallets, hardware wallets and paper wallets, so that they will not lose all their assets when they are attacked or lost by hackers. The secret key information must not be placed in the mailbox or other unsafe online software. 6. They lack risk management. Imagine if you put all your food money into bitcoin investment, you will also become more emotional and make bad deals. It's a vicious circle. In the short to medium term, you should not rely too much on digital money investment. In the worst case, you should be ready to bear the loss of all the money
7. They don't care about instry and ecology. Whether it is EOS, etc, BTC, LTC, or other platform currencies, in addition to bitcoin itself has been given the attribute of digital currency gold, other currencies are more related to the application and landing of blockchain instry. Pay more attention to and analyze the trend and ecological construction of blockchain instry, so as to return to the original intention of blockchain value investment, It will also be a way to avoid risks. As a technology controller, I always think that returns should be given to those investors with real value.

7. It's better not to worry about the central service contract digital network

8. No, you can. I'm at the beginning of contract digital trading

9. In the okex currency transaction, there is no legal currency transaction, and the transaction account must have virtual currency first.

10. In the currency circle, legal currency refers to the legal currency of the state. In China, it is RMB, in the United States, it is US dollar, and in India, it is rupee. These are the currencies issued by the state and the government and only guaranteed by government credit< On November 4, 1935, the national government of the Republic of China stipulated that the banknotes issued by the central bank, the Bank of China, and the Bank of Communications (later the farmer's Bank of China) should be used as legal currency. The circulation of silver was prohibited, and the legal currency of national credit was issued to replace the silver dollar. The legal currency was linked to pound sterling and US dollar instead
in 1935, the currency system reform of the national government promoted the development of China's commodity economy and the formation of a unified domestic market, put an end to the chaotic state of China's currency system, realized the unification of the currency system, and greatly promoted the economic development. Modern China's economy and finance realized the unification
response time: October 10, 2020. Please refer to the official website of Ping An Bank for the latest business changes

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