国家监管政策 · 5

Debate: Is Bitcoin really considered a property?

* * Liu Jiaochain's Digest * * Note: Whether virtual currencies such as Bitcoin should actually be treated as property in legal practice is still an issue with research value and requires in-depth discussion within the judicial community. The People's Court newspaper published two articles on August 24 and September 1, respectively. They have different views on this issue. One view is that bitcoins after September 4, 2017 will no longer have property attributes; another view is that bitcoins should be treated as property in the legal sense of the word. The full texts of the two articles are attached for readers to compare and study. People's Court Report 8.24 article “The characterization of illegal acquisition of virtual currency”, author: Wan Yongfu (author: Chongqing Fourth Intermediate People's Court) Criminal legality of illegal acquisition of virtual currency: According to the first opinion, after the Criminal Law Amendment (7) comes into effect, anyone who invades a computer information system and illegally obtains data stored, processed, or transmitted in it, and the circumstances are serious, should no longer be treated as a crime of theft, but should be deemed a crime of illegal acquisition of computer information system data. According to the second view, the act of illegally obtaining computer information system data other than virtual currency (virtual property) should be punished as a crime of illegally obtaining computer information system data; however, obtaining this type of electronic data by means of theft mainly targets the property rights and interests of virtual currency owners, so the crime of theft should be deemed a crime of theft. According to the third view, if the theft of virtual currency constitutes a crime, it also violates the two crimes of theft and the crime of illegally obtaining computer information system data. It is an imaginary conflict, and it can be punished as a felony. The key reason for these differences of opinion is that no consensus has been reached on the concept and legal attributes of virtual currency. 1. The concept of virtual currency Some people think that virtual currency includes not only traditional currencies issued without encryption technology, such as Q coins, but also new types of currency issued using encryption technology. There are opinions that define it as a currency issued, managed, and distributed by private individuals using peer-to-peer blockchain technology. The above views are generally consistent in understanding the extension of virtual currency, and emphasize the characteristics of private issuance. The author believes that virtual currency is a concept corresponding to physical currency. It refers to currency that is not issued by an authority, is supported by blockchain or similar technology and recorded electronically. It is different from network virtual assets based on traditional Internet technology such as Q coins, which are distributed by centralized entities and only used within the scope of their services. They mainly include Bitcoin, etc., and are a new type of currency that does not use material forms as carriers. Virtual currency is a peer-to-peer encrypted digital transaction tool that relies on specific computer algorithms (“mining”) to ensure secure decentralized operation through competitive accounting, key verification, etc. Virtual currency exists in cyberspace in the form of computer data, and encryption technology ensures its security and exclusivity. In addition to “mining,” virtual currency can also be obtained through trading platforms or OTC transactions. 2. Legal attributes of virtual currency Judgment of the legal attributes of virtual currency shall be based on legal provisions. 1. Computer Information System Data Attributes Article 3 (1) of the Data Security Law stipulates that “data” is “any record of information by electronic or other means”, and that the scope of computer information system data shall include all meaningful combinations of text, symbols, sounds, images, etc. actually processed in a computer information system. Virtual currency is generated and exists in computer networks. In nature, it is an encrypted string generated by a computer performing specific mathematical operations. It is a meaningful combination of symbols and has criminal law attributes of computer information system data. Virtual money is electronic data, which is a physical property of virtual money. 2. Non-monetary attributes The “Notice on Bitcoin Risk Prevention” (hereinafter referred to as the 2013 “Notice”) jointly issued by the People's Bank of China and five other ministries and commissions in 2013 clearly states: “Although Bitcoin is called a 'currency', since it is not issued by the monetary authorities and has no legal or mandatory monetary attributes, it is not a currency in the true sense of the word. Judging from the nature, Bitcoin should be a specific virtual commodity. It does not have the same legal status as currency, and cannot and should not be used as currency in circulation in the market.” As a result, virtual goods...

1085d ago刘教链#Liu Jiaolian #Bitcoin #Legal nature #virtual currency #essays

Messari: While the market is sluggish, DeFi is still sounding the trumpet of an “intangible revolution”

As the crypto market is about to enter another short or long hibernation period, the community must keep in mind the long-term future we are building. Author: Chase Devens, Messari Original title: “DeFi's Invisible Revolution” Compilation: Hsilung, Chain Catcher Summary: Although the prospects seem bleak in the short term, DeFi's early success experience shows that it will unleash the long-awaited disruptive power of software in the world financial sector. DeFi's “intangible revolution” will be characterized by several macro-industries, including social operating costs, embedded financial services, and depth of market liquidity. Crypto's distributed nature will enable users to limit national power, while its real-time verifiability will provide DeFi with the tools needed to comply with national regulatory policies. Crypto has experienced a historic bull market over the past 24 months. Its beginning and end are marked by expectations for DeFi: building a global financial system that anyone with an internet connection can use. Between the two ends, the application of DeFi has been growing steadily as the market's attention shifts to NFTs, Web3, and P2E. Despite a period of fluctuation in the market, the ratio between the supply of stablecoins and TVL grew at the same time. This ratio is adjusted based on price and represents the value of DeFi more than TVL. The recent Terra incident brought DeFi back into the public eye: in just a few days, the network evaporated $28 billion. Just two years after the world discovered its programmable building blocks, Defi found itself faltering and falling into the trough of disillusionment. Hopes for massively decentralized stablecoins have been temporarily dashed. Scalability and interoperability solutions are still in the early stages of development and are unable to support the use of cryptographic users around the world. Furthermore, regulations enacted by hawkish nation states are also likely to be introduced soon. Although the outlook seems bleak in the short term, if you think that expectations for DeFi will never come true, then you are wrong. In the short and varied history of crypto, Crypto's anti-fragility has made it stronger after every major adjustment. DeFi is no exception; the internet is destined to have a decentralized financial system to match its distributed transmission methods. Perceiving the “intangible revolution” It's been almost a decade since Marc Andreessen announced that software was eating up the world. Andreessen stated in a 2013 article, “There is still too much controversy surrounding financial valuation rather than the potential value of Silicon Valley's best new companies.” Software is quietly transforming almost every industry, yet its full potential has yet to be appreciated by the public. The fintech frenzy of the 2000s and 2010s wrapped the existing financial system in a digital blanket, made gorgeous improvements to the front-end, and attracted a large amount of VC capital. Online banking and mobile payments are becoming ubiquitous, and automated KYC processes are gradually allowing more people to join the permissioned value transfer path. However, 30 years after the software revolution, the back-end of the financial industry is still a slow, bloated system characterized by days of settlement times, weekend downtime, high intermediary fees, and high levels of human intervention. These companies pretend that consumers' lives have substantially improved as a result of their “digital transformation” efforts. But this is just an illusion to prolong their use of an outdated technology stack. Defi is an all-encompassing term that refers to capital allocation and value transfer on a decentralized, cryptographically secure digital network. It's a panacea that will unleash the long-awaited disruptive power of software in world finance. The process of dismantling decaying infrastructure will be similar to replacing a car engine, and the effects will not be visible to the naked eye or appreciated by the world until the transformation is complete. To understand what will happen in the future, let's first explore the characteristics of the DeFi “intangible revolution.” Social operating costs McKinsey estimates that the annual revenue of financial intermediaries (2019) is 5.5 trillion US dollars. From an economy's perspective, this is an operating cost of $5.5 trillion. However, the trustless blockchain does not concentrate all of these cost sources on a dedicated financial services sector, but instead allocates the costs of creating and maintaining financial markets to network users. Autonomous smart contracts are a killer innovation in DeFi that will not only help redistribute these costs, but also greatly reduce the impact on individuals and businesses. Agreements like Uniswap and Yearn show that people can simplify complex financial actions...

1556d agody zhang#DeFi #Messari #ventures #markets #smart contract #financial technology

Contract effectiveness and risk prevention of virtual currency transactions

The “Notice of the National Development and Reform Commission and Other Departments on Rectifying Virtual Currency “Mining” Activities, which came into effect on September 3, 2021, hit domestic virtual currency mining hard. Not only does it mean that continuing domestic mining will be subject to administrative penalties, but it will also face corresponding civil and criminal risks. On December 15 of the same year, the Beijing Chaoyang District Court issued a Bitcoin “mining” service contract invalidation case, which has important guiding significance for investors and relevant blockchain practitioners. In the context of various notices and announcements issued by the government and industry associations, is it legal for investors to engage in virtual currency transactions? If it's not an illegal financial activity, how effective is the relevant civil contract? This article analyzes judicial attitudes on virtual currency transactions based on cases published by the Referee Documents Network and virtual currency supervision policies, clarifies the nature of virtual currency, and finally makes suggestions on virtual currency transactions. The contractual validity of virtual currency transactions was discovered through a case search on the Adjudication Documents Network, and the types of cases involved in virtual currency transactions include but are not limited to sales contract disputes, entrustment contract disputes, loan contract disputes, etc., summarizing that there are three types of court decisions on virtual currency transactions, namely valid contract type, invalid contract type, and unprotected type. The contract is valid. Some regional courts believe that virtual currency transactions do not violate the provisions of current laws and policies, and that relevant legal acts should be protected, mainly for the following reasons: First, our country's laws have a positive attitude towards the protection of online virtual assets. The “General Provisions of the Civil Code of the People's Republic of China” (the case cited in this article is a case before the Civil Code came into force; the “General Provisions of the Civil Code” were abolished after the Civil Code came into effect) and the relevant legal provisions of the Civil Code confirm that online virtual property is an object of civil rights and should be protected by law. Online virtual assets exist in the form of data, have certain value, and can be “produced”, held, and lawfully distributed. The right holder of virtual property can transfer the use value of virtual property based on virtual property transactions, thereby obtaining corresponding financial benefits. Second, virtual currencies such as BTC, ETH, and USDT are online virtual assets. Mainstream virtual currency (this refers to currency tokens) is generated through “miners” and “mining”. To obtain virtual currency, it is necessary not only to invest material costs to buy special machinery and equipment, and to pay for lost electricity and energy, it also takes a considerable amount of time. Therefore, the process of obtaining virtual currency condenses the abstract human labor force. Virtual currency can be transferred using money as consideration to generate economic benefits. It has characteristics such as value type, scarcity, and disposable availability. It conforms to the constituent elements of online virtual property, and is protected by law. Third, our country's laws do not deny the property attributes of virtual currency; it can be traded as a virtual commodity. According to the “Notice on Preventing Bitcoin Risks” and the “Notice on Preventing the Risk of Token Issuance and Financing”, China currently does not recognize the monetary attributes of “virtual currencies” such as Bitcoin, and prohibits financial activities such as circulation as currency, but it is not denied that virtual currency can be equally protected by law as property in the general legal sense, nor is it prohibited to trade and circulate as ordinary virtual goods. In virtual currency transactions, it is neither token issuance and financing, nor is it a token financing trading platform that engages in mutual exchange of fiat currency, tokens, and virtual currencies or provides services such as pricing and information intermediation. It does not violate the regulations of financial institutions and non-bank payment institutions on token issuance and financing. Relevant transactions are not prohibited by China's laws and regulations and should be legal and effective. Based on the above reasons, the court determined that virtual currency transactions did not violate the provisions of current laws and policies, and that virtual currency transactions lawfully held by the right holder should be protected. Contract invalidity Some district courts have a negative attitude about the validity of virtual currency transactions and consider the contract to be invalid. After the contract was invalidated, two different adjudication opinions emerged. One was that they shared the obligation to return each other in accordance with section 157 of the Civil Code and shared losses according to the extent of their own fault; the other was to determine that the virtual currency transaction was an illegal debtor's own loss. Handling virtual currency transactions in accordance with the relevant provisions on the validity of an invalid contract means that the contract is deemed invalid because it violates mandatory provisions of the law or administrative regulations, or violates public order and morals. Both parties shall, in accordance with the provisions of section 157 of the Civil Code, “After a civil legal act is invalid, has been rescinded, or determined to have no effect, property acquired by the perpetrator as a result of that act shall be returned; if it cannot be returned or is unnecessary, it shall be compensated at a discount. The party at fault shall pay compensation to the other party for losses suffered as a result; if all parties are at fault, they shall bear corresponding responsibilities. Where the law stipulates otherwise, according to its provisions, “When...

1656d agody zhang#laws #Lawyer Shaw Sa #virtual currency

Is the crypto market speeding up “de-Chinization”?

Under strong supervision and pressure, the crypto market, from mining to trading, is being “drawn from the bottom of the pot,” or completely “de-Chinesized.” Text: Joanna Recently, regulators have taken frequent action, global crypto assets have been hit hard, and prices have dived one after another. Under this extreme weakness, the future of the crypto market is not optimistic. On May 18, the China Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association jointly issued the “Notice on Preventing the Risk of Hype in Virtual Currency Transactions”, prohibiting financial institutions belonging to the three associations from carrying out virtual currency-related businesses. On May 21, the 51st meeting held by the Financial Stability and Development Commission of the State Council stated that supervision of financial activities of platform enterprises should be strengthened, Bitcoin mining and trading practices should be combated, and individual risks should be resolutely prevented from being transmitted to the social sector. Recently, regulations have come under heavy pressure. For investors in the coin industry, there is no worst, only worse. On June 21, the official website of the People's Bank of China published “The People's Bank of China Interviews Some Banks and Payment Institutions on Virtual Currency Trading Hype”, putting another “tight spell” on the rectification and crackdown on the crypto asset market. In this context of strong regulation, from the “de-Chinization” of mining to the “de-Chinization” of transactions, the coin industry ushered in a “huge shock.” Industry analysts believe that the People's Bank of China's major move is aimed at cutting off the “capital link” of crypto asset speculation. You need to know that capital is profit-seeking, and the crypto market requires convenient channels for deposits and withdrawals, which can be described as an act of drawing money from the bottom of the pot. Breaking the capital link Recently, relevant departments of the People's Bank of China interviewed some banks and payment institutions such as Industrial and Commercial Bank, Agricultural Bank, China Construction Bank, Postbank, Industrial Bank, and Alipay (China) Network Technology Co., Ltd. on the issue of banks and payment institutions providing services for virtual currency transaction speculation. On June 21, the official website of the People's Bank of China published “The People's Bank of China Interviews Some Banks and Payment Institutions on Virtual Currency Trading Hype”, which made the contents of the interview public and attracted widespread public attention. The People's Bank of China interviewed some banks and payment institutions with relevant departments of the People's Bank of China on virtual currency transaction speculation, and pointed out that virtual currency trading hype disrupts the normal economic and financial order, breeds the risk of illegal and criminal activities such as illegal cross-border asset transfers, money laundering, etc., and seriously infringes on the safety of people's property. Banks and payment institutions must strictly implement regulatory regulations such as the “Notice on Preventing Bitcoin Risk” and “Notice on Preventing the Risk of Token Issuance and Financing”, effectively fulfill customer identification obligations, and must not provide products or services such as account opening, registration, trading, clearing, and settlement for related activities. Agencies should comprehensively investigate and identify the financial accounts of virtual currency exchanges and OTC traders, and promptly cut off the transaction fund payment link; analyze the capital transaction characteristics of virtual currency transaction speculation activities, increase technical investment, improve abnormal transaction monitoring models, and effectively improve monitoring and identification capabilities; improve internal working mechanisms, clarify division of labor, and consolidate responsibilities to ensure that relevant monitoring and disposal measures are in place. As soon as the announcement came out, Bitcoin fell nearly 4,000 US dollars from a high point on the same day, and the closing price was 3,600 US dollars. Immediately after that, China Construction Bank, Industrial and Commercial Bank, Agricultural Bank, Postbank, Industrial Bank, and Alipay (China) Network Technology Co., Ltd. issued documents in response stating that in accordance with the relevant requirements of the People's Bank of China, they will not carry out or participate in virtual currency-related business activities, further step up investigation and disposal efforts, and take strict measures to resolutely cut off the capital payment link for virtual currency trading and speculation activities. Economic Daily published the article “Cutting the Virtual Currency Hype Funding Chain”. The article argues that the reason for stepping up the crackdown on virtual currency transactions is because in recent years, virtual currency trading hype has disrupted the normal economic and financial order, breeding the risk of illegal and criminal activities such as illegal cross-border asset transfers and money laundering. Virtual currency seriously infringes on the safety of people's property, and the risk is extremely high. For the vast majority of financial consumers, it is also necessary to raise risk awareness, establish a correct investment philosophy, not participate in virtual currency trading hype, and beware of damage to personal property and rights. In particular, when relevant banks and payment institutions have made it clear that accounts participating in virtual currency transactions will be suspended or even cancelled and reported to the relevant departments, consumers need to cherish their personal banks and payment accounts, not rent, sell, or lend personal accounts, and prevent personal interests from being harmed. The “de-Chinization” of transactions Under full regulatory scrutiny, crypto asset exchanges, as platforms integrating asset escrow, transaction matching, and settlement, the impact on their business is self-evident. On June 22, according to an interface report, Bitcoin China (BTC China) posted an article on its official account stating that the Singaporean trading platform ZG.COM shares invested in January 2019 have recently been invested in Dubai...

1879d agody zhang#People's Bank of China #crypto market #pays #Bitcoin #Virtual currency transactions

Listed companies' blockchain layout is becoming more popular, and the number of companies involved has doubled this year

The popularity of blockchain has fueled the enthusiasm of listed companies to invest, and even more so this year. Since the beginning of the year, a total of 8 listed companies have disclosed 13 blockchain-related announcements. The number of related announcements has more than doubled compared to the full year of last year, while only 2 listed companies disclosed the same matter in the same period last year. Blockchain technology will bring great changes to the financial and non-financial fields in the future due to its remarkable characteristics such as immutability, openness and transparency, value transmission, and autonomy. Although blockchain technology has been introduced for a short time and is still in the early stages of development, the relevant listed companies are still very excited. Since this year, there has been a sharp increase in the number of matters disclosed by listed companies involving investment or participation in blockchain companies or blockchain laboratories. According to iFind statistics, a total of 8 companies have disclosed 13 blockchain-related announcements since 2018, according to the “Securities Daily” reporter. However, in 2017, there were only 6 blockchain-related listed company announcements, and there were only 2 in the same period last year. However, the “Securities Daily” reporter combed through the announcements of these listed companies participating in regional chains and found that the amount of capital invested by listed companies is relatively small, and the participating regional chain companies are all startups. They have not yet entered the large-scale, commercial application stage, and their profitability is limited. For example, according to the agreement signed between Dongxu Blue Sky (10.280, 0.14, 1.38%) New Energy Co., Ltd. and Beijing Rongchain Technology Co., Ltd., the former increased capital of Rongchain Technology by 15 million yuan and acquired 20% of its shares. Of this, 3 million yuan went into Rongchain Technology's registered capital, and the remaining 12 million yuan was included in Rongchain Technology's capital reserve. Dongxu Blue Sky reserves the target company's priority subscription rights for the next round of financing, and also has priority purchase rights and anti-dilution rights. As of December 31, 2017, Rongchain Technology's total assets were 1.378 million yuan. In 2017, it achieved operating income of 5.5861 million yuan and net profit of 3481 million yuan. According to the profit target disclosed in the agreement, Rongchain Technology's net profit for 2018 (after deducting non-recurring profit and loss) is not less than 2 million yuan; not less than 4 million yuan in 2019; and no less than 6 million yuan in 2020. In addition, Zhejiang China Media Holdings (4.520, -0.12, -2.59%) Co., Ltd. pledged an investment of 3.5 million yuan to jointly fund the establishment of Hangzhou Firebird Blockchain Co., Ltd. with other companies, with a shareholding ratio of 35%. Yuntong Information, a wholly-owned subsidiary of the listed company Radio and Television Express (5.470, -0.10, -1.80%), and Blockchain Cloud and Green Valley Alliance jointly invested in the establishment of Guangzhou Radio and Television Express Blockchain Technology Co., Ltd., with a registered capital of 10 million yuan, of which Yuntong Information invested 4.5 million yuan and held 45% of the shares. In addition to listed companies that have just started to set up or participate in regional chain companies, blockchain laboratories that are involved in some listed companies have already launched products. Xuanya International Blockchain Laboratory, jointly established by Xuanya International (18.640, -0.19, -1.01%) and Chainji Intelligent Technology (Shanghai) Co., Ltd., recently launched the first product “Yes Or NO”. At the same time, Xuanya International said that the first product launched by the laboratory is currently still in the closed beta stage, and there are still many uncertainties about the product's development efforts, market recognition and profit model in the future. It is worth noting that the Shanghai and Shenzhen Stock Exchange has always attached great importance to relevant listed companies investing in blockchain companies. It has issued inquiry letters to many relevant listed companies, asking questions about whether investors are sufficiently alerted to risks, blockchain companies' profit models, and whether there is an intention to actively cater to market hot spots and speculate on the company's stock price. However, in their announcements, these listed companies also indicated that the blockchain business is currently in a period of cultivation and exploration, and that Yuntong Blockchain will not have a substantial impact on the company's business performance in the short term. Since there are currently few successful applications of blockchain technology, the national regulatory policy is not clear, and it is impossible to accurately estimate whether there will be risks arising from changes in national regulatory policies in the future. Article Source: Securities Daily...

2930d agoWendy#blockchain

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