Virtual currency sentencing in India

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

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

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

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

From this year's point of view, the digital money market is also very hot. For Tesla to buy bitcoin, the United States will support more than 300 million US dollars to buy bitcoin. Even some NBA teams also buy bitcoin in proportion. Therefore, after the exposure of the photos, countries around the world have strengthened their supervision on this matter

recently, Japan has also issued a bill to ban all cryptocurrencies, including digital currency, and impose fines on cryptocurrency transactions or holders. This bill may also bring heavy damage to the digital currency investors of millions of Indian enterprises. It is reported that this bill has won the majority of votes in the Indian government meeting. A working group in India also said that the maximum penalty for Indians involved in the exposure, possession, transaction or transfer of cryptocurrency is 10 years{ RRRRR}

India will clearly put forward a law and regulation prohibiting digital currency to punish those who buy, sell or even own such digital currency in a certain country this is likely to limit the enthusiasm of millions of Indian investors in digital currency projects. The agenda calls for a ban on the possession, sale and purchase of digital currencies by indivials such as BTC, and for the creation of a framework for virtual currencies on the official website of the government of India. However, the recent views of the Indian government have convinced investors that the Indian government is likely to adopt a more relaxed policy towards this rapidly developing sales market

security according to this survey, the digital money sales market is confused by Internet hackers and Internet criminals, whose theme activities have already caused millions of dollars of theft. Digital currency must apply blockchain application to deal with the trust problems in mutual trading< the way to deal with security risks is to adopt more stringent security precautions in order to better protect investors, strict security measures have been adopted to prevent network hackers from stealing investors' money. Although this kind of security measures will cause some shortcomings, such as the whole process of moving digital currency from offline to online, the assets of foreign exchange traders are more secure