Legal Daily on virtual currency

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 the control of all people. 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<
2. Avoiding supervision and becoming the "accomplice" of criminal activities
virtual currency transaction is not protected by law:
virtual currency transaction is not illegal, and it is not illegal to invest in virtual currency. But how to get involved in virtual currency transactions is illegal and illegal. It may be suspected of illegal fund-raising.

2. 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?

3. Now the virtual RMB has also been issued, and the state's policy on virtual currency must strengthen supervision. In this case, we can agree.

4.

China does not have the first legal virtual currency. At the end of 2013, the central bank and other five ministries and commissions issued the bitcoin risk notice, which clearly defined bitcoin as a special Internet commodity, and the public can buy and sell it freely on the premise of taking their own risks

other digital confidential currencies are also suitable, such as Laite coin, the ancestor of Shanzhai coin, Fuyuan coin for business points in jewelry instry, dog coin for small reward, etc. But although virtual currency exists legally in our country, it is illegal to cheat under the guise of virtual currency

extended data

as the proct of e-commerce, virtual currency has begun to play an increasingly important role, and it is more and more connected with the real world. However, with the growth of virtual currency, the relevant laws and regulations are lagging behind, which has laid many hidden dangers

fraud

the private transactions of online virtual currency have realized the two-way circulation between virtual currency and RMB to a certain extent. The activity of these traders is to buy all kinds of virtual currencies and procts at a low price, and then sell them at a high price to earn profits. With the increase of such transactions, there are even virtual mints

in addition to the virtual currency provided by the main company, there are also some people who specialize in "virtual coin making" to obtain virtual currency by playing games and then resell it to other players. Take Wenzhou as an example, there are about seven or eight such "virtual mints" with four or five hundred practitioners. This not only creates a bubble for the price of the virtual currency itself, but also causes trouble for the normal sale of the issuing company. It also provides a platform for selling and collecting money and money laundering for various cyber crimes. p>

impact system

in modern financial system, the issuers of money are generally central banks, which are responsible for the management and supervision of money operation. As the equivalent exchange goods used to replace the real currency circulation on the Internet, the virtual currency on the Internet is essentially the same as the real currency. The difference is that the issuers are no longer central banks, but Internet companies

if the development of virtual currency makes it form a unified market, each company can exchange with each other, or virtual currency is integrated and unified, and all of them are based on the same standard and price, then in a sense, virtual currency is currency, which is likely to form a threat impact on the traditional financial system or economic operation

network problems

in addition to direct cash, virtual currency can also be purchased by SMS, internet transfer and fixed telephone recharge. These ways of purchase not only provide convenience for users, but also have many risks

such as embezzlement of telephone recharge and purchase by minors. In addition, virtual currency does not have the anti-counterfeiting technology of real currency. Computer hackers may use its security loopholes to proce counterfeit currency. Relevant personnel of the State Administration for Instry and Commerce said that virtual currency transaction is a business behavior derived from the Internet era, and there are no clear legal provisions to regulate it, and there are no items related to virtual goods transaction in the scope of instrial and commercial registration

but when the virtual property transaction graally employs people, places are fixed, transaction profits are clear, and has the nature of operation, it may involve market order and tax issues. Even game operators have no ability to control. There are a large number of "counterfeit banknote makers" in the network. Take the winger who is mainly engaged in chess and card online games as an example, the purchasing power of his online currency has shrunk by nearly 40% in one year. Many people point out that such inflation will only damage netizens and make them lose confidence in the Internet

reference source : network virtual currency

5.

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

6. 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.

7. Beijing fire coin World Network Technology Co., Ltd.
fire coin network generally refers to Beijing fire coin World Network Technology Co., Ltd.

Beijing digital currency trading company
Beijing fire coin World Network Technology Co., Ltd. is a digital currency trading company, founded by Li Lin in Beijing on May 1, 2013. On April 4, 2014, huoyuan.com won a round of tens of millions of RMB investment from Sequoia Capital, the top venture capital institution on Wall Street. On August 5 of the same year, fire coin acquired bitcoin wallet "fast wallet" and qukuai.com<

Chinese name
Beijing huoyuantianxia Network Technology Co., Ltd.

foreign name
Huobi Technology Co, Ltd.

headquarters location
Liangsheng building, Middle Road, Xierqi, Haidian District, Beijing

business scope
digital currency transaction

founder
Li Lin

total transaction volume
200 billion yuan (as of 2016)

all authoritative information
legal representative
Li Lin

business status
in business


registered capital
100

registration time
December 18, 2013

registered address
the first floor of 29b building, No.11 anningzhuang Road, Haidian District, Beijing The above information is provided by tianyancha

94% of the people have also seen the
China coin exchange
blockchain news platform
reliable and profitable blockchain app
Company Profile
fire coin is committed to building a safe bitcoin trading platform, and the team has many years of financial risk control experience. The core members graated from Tsinghua University, Peking University, Fudan University and other domestic famous universities, and came from domestic Internet and financial enterprises such as Goldman Sachs, Internet, Oracle, Tencent and Alibaba

in April 2015, fire coin set up fire coin blockchain Research Center, and established "digital asset research project" with Internet Finance Laboratory of Wukou School of finance, Tsinghua University (former Graate School of central bank) [1]. In July 2016, together with the Internet Finance Laboratory of Wukou College of Finance and sina science and technology, huobi.com released the 2014-2016 global bitcoin Development Research Report [2]. In the same month, the fire coin blockchain research center and the Mechanical Instry Press published the book "blockchain: defining the new pattern of Finance and economy in the future" [3]<

Proct Introction
flash player: a short-term trading tool tailored for traders. It provides 250 real-time transaction records per second for 20 outlets, 0-delay flash trading, supports split screen display of trading window and quotation window, and allows users to analyze quotation chart

hotcoin app: an app with comprehensive functions in bitcoin instry. A bitcoin trading app providing registration, recharge, trading, cash withdrawal and information integration services. This app has a price reminder function<

organizational structure
Li Lin
founder and chairman

Mr. Li Lin is the founder and chairman of fire coin and the promoter of global digital currency trading. Since the establishment of fire coin, he led the team to develop fire coin into a leading digital currency trading platform in the world. By the end of 2016, the accumulated trading volume was RMB 200 billion. Before the founding of fire coin, Mr. Li Lin worked in Oracle Asia Research Center and served as a R & D Engineer; In 2009, we founded the social proct Youyi based on MSN; In 2010, the second largest independent group buying search company in China was founded. Mr. Li Lin led the team to break the instry records repeatedly, and has rich experience in Internet Finance entrepreneurship and team management<

Du Jun, co-founder and director

Mr. Du Jun is the co-founder and director of fire coin, and a world-famous digital asset investment and manager. Prior to the establishment of fire coin, Mr. Du Jun worked in Kangsheng chuangxiang, a well-known community software company, and successively served as marketing director, operation director and proct manager; After Tencent acquired Kangsheng chuangxiang, it became its core proct Discuz! Proct leader, lead Discuz! Proct design of X series and Application Center. Mr. Du Jun has outstanding performance in marketing, operation, creativity and other fields.

8. Is virtual property personal property? Are they also protected by law? A few days ago, a rare case of robbing virtual property told us the result: robbing virtual property was also convicted of robbery. Four teenagers used force to "snatch" an online player's online game equipment from an Internet cafe because of their infatuation with online games, Legal Daily reported. Then, the court found that the four defendants' robbery of virtual property constituted robbery, and sentenced them to three years' imprisonment and probation respectively, with a penalty of 5000 yuan. The judgment of this case marks that the protection of virtual property has gone from virtual property to reality< With the popularity of the Internet, online games have become an important part of young people's leisure and entertainment life, and the virtual goods formed by the direct exchange of real currency have a huge amount of property value. Subsequently, the cases of virtual property infringement are increasing
among them, the most serious case is the theft of virtual property. According to xinhuanet.com, Xiao Zhang, who is a junior this year, is an old player of the online game "dream journey to the west", but his online game equipment worth more than 30000 yuan was stolen overnight“ After the "theft case" happened, Xiao Zhang immediately took action, but the embarrassment was that he wanted to protect his rights, but it was difficult to do so. On the one hand, Xiao Zhang reported the case to the public security organ at the first time, but the public security organ refused to file the case because there was no clear provision in the law; On the other hand, Xiao Zhang contacted the game supplier, but Netease's reply was that this was a theft and should be reported to the public security organ first
coincidentally. In the virtual network world, QQ number theft is often encountered by users, and after the encounter, we often have nothing to do, more unexpectedly, it may also involve huge economic losses. According to the news morning post earlier, netizen Chen Xuejun found that a large number of netizens on his QQ number "98888" began to drop off the line. Within a few minutes, "98888" also dropped off the line and could not log in any more. Among his own QQ numbers, 46 were "hacked" one after another. Later, Chen Xuejun went to the police station of Shenzhen Public Security Bureau's high tech park to report the case. It is estimated that the 46 QQ numbers he lost were worth 600000 yuan
there are also some cases that show that if consumers can prove that the loss of virtual property causes damage to the real property rights, then the property rights are still protected by law. However, in such cases, e to the changeability of electronic evidence, its evidence effect is often greatly weakened, and e to technical reasons, many victims are difficult to collect enough evidence, which makes the relevant rights and interests protection more difficult
these events reflect that the protection of network virtual property is not perfect. Besides the loss of money, the biggest pain for users is anger and regret, and the greater embarrassment comes from the fact that it is difficult to protect their rights<
virtual property is also the legal property of citizens, which can not be infringed.
Ye Zhinian, associate professor of China University of political science and law, once wrote an article, pointed out that online virtual property can be purchased directly from game developers, or obtained from the virtual currency market, so virtual property has the attribute of general commodity, and its real value is self-evident
in this case, the virtual property that costs users a lot of time, effort and money should also be protected citizen property. But in contrast, players are "Heroes" in the virtual world and consumers in the real world, but they are often "weak" in the real world. The collision between virtual wealth and the real world is truly reflected here.

9. Who can remember, only to go to the official website. However, this kind of virtual currency should be invested carefully
Vicat China has internally confirmed that Vicat is "direct selling", but it has not obtained the domestic license. In the list of 61 direct selling enterprises published by the Ministry of Commerce, the reporter did not find the name of Vicat
bitcoin and other virtual currencies are open source programs, and the parameters and methods of their total amount limit are displayed in the open source code, so as to show the operation mechanism of the currency system openly and transparently. However, Vicat does not disclose its source code, which in itself violates the basic principles of virtual currency. " In addition, bitcoin and other virtual currencies are scattered transactions spontaneously formed in the market, and after the scale is formed, the third party graally establishes an exchange to complete the transaction. The Vicat is issued by itself and traded on its own platform. The so-called cooperation with the bank is nothing. Vicat currency, which has problems in basic properties, has high investment risk, so investors need to be cautious Netease News)
in the coin circle, bitcoin home and many mass media have also exposed the pyramid scheme of Vicat under the guise of bitcoin
economists point out that Vicat is a virtual currency with the nature of multi-level pyramid selling, and its investment risk is extremely high, so participants should be cautious China business website)

10.

China's regulatory authorities have stopped the issuance and trading of virtual currency, and China's policy does not allow the issuance of any virtual currency

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announcement on preventing the financing risk of token issuance:

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accurately understand the essential attribute of token issuance financing activities

no organization or indivial is allowed to illegally engage in token issuance and financing activities

strengthen the management of token financing trading platform

all financial institutions and non bank payment institutions are not allowed to carry out business related to token issuance financing transactions

the public should be highly alert to the risks of token issuance financing and transaction

give full play to the self-discipline role of instry organizations