per coin of more than 100,000 yuan, but no one has ever been interested in it
Bitcoin can be said to be one of the hottest Bitcoins at present, and the unit price of tens of millions can be said to have attracted the attention of the whole world. The United States is more open to Bitcoin. In 2013, a US judge in Texas determined in his judgment that Bitcoin can be used as money as long as the region it uses is acceptable, that is, Bitcoin can be used to purchase goods and services . In 2020, the US Federal Court in another case regarded Bitcoin as a "money" (currency) in Washington, DC, and also recognized the status of Bitcoin as a currency .
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Although Bitcoin’s value has doubled, up to tens of thousands of dollars per coin, In 2009, when Bitcoin just appeared, the price of was even less than 1 cents , and 7 yuan can be exchanged for 1,300 bitcoins . Today, this person can become a billionaire for less than ten yuan. A computer user named "New Free Standard" purchased 5,050 bitcoins from the founder of the Bitcoin Forum for $5.02, which is the world's earliest recorded bitcoin price transaction.
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By In 2010, the price of Bitcoin was still very "people-friendly". An programmer living in the United States posted online, hoping to use 10,000 bitcoins to buy a pizza . Based on the price at that time, 10,000 bitcoins cost about 41 US dollars. The programmer successfully purchased 2 pizzas. Judging from the current price, the market value of this pizza is more than 3.5 billion, which is really a "crazy pizza"! Interestingly, this programmer was not only willful for a while, but in just a few months, he spent a total of 70,000 bitcoins to buy 14 pizzas . Readers can estimate how many billions he missed.
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The attitudes of countries towards digital currencies such as Bitcoin vary greatly depending on the country's economic strength and regulatory policies, and policies will be adjusted according to the needs of the economic situation.
Overall, most countries have not clearly confirmed whether holding Bitcoin is illegal, but there are big differences in legislative attitudes or regulatory policies regarding whether to recognize the monetary status of digital currencies and whether to accept digital currency transactions, etc., while my country's regulatory attitude towards Bitcoin is relatively strict.
First, Bitcoin is not a legal currency
Legal currency is a currency granted by law to it that is widely circulated within a country, not subject to restrictions by regions, industries, and payment objects. It can be used to repay all debts and has absolute debt repayment effect.
Under my country's current legal supervision system, the normative documents related to have made it clear that digital currencies do not have the basic attributes of currency and do not have the same legal status as currency. Therefore, digital currency is not a currency, and cannot be circulated and used in the market as a currency.
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Although it is not a currency, Bitcoin can still receive legal protection . In legal practice, many cases recognizes the property attribute of digital currency, that is, Bitcoin can be invested and can obtain corresponding compensation.
For example, in (2019) Shanghai 01 Minzhong 13689 property damage compensation dispute case , the court believed that needs to invest a certain amount of material capital to obtain Bitcoin, such as tools , and the computer must also have a certain amount of computing power . In addition, "mining" means obtaining Bitcoin also requires a lot of power and time cost. Therefore, the court ruled that Bitcoin is a kind of virtual property . You can regard it as . It is something that cannot be seen or touched in the cyberspace but has a certain value of money. Just like the game accounts and network data that are increasingly widely recognized now.
"This process and the acquisition of labor products condense the abstract labor force of human beings. At the same time, Bitcoin can be transferred through money as consideration and generate economic benefits. Therefore, Bitcoin has the characteristics of value, scarcity, disposability, etc., so it has the characteristics of the object of rights, meets the constituent elements of virtual property, and meets the constituent elements of virtual property."
Second, acts related to digital currency are prohibited
Since digital currency is not a legal currency, no organization or individual may engage in token issuance and financing activities.
Financial institutions and payment institutions shall not carry out exchange services involving digital currencies, provide information intermediary and pricing services for digital currency transactions, issuance and financing and digital currency derivative transactions, and shall not underwrite services such as insurance services related to digital currency, such as direct or indirect digital currency-related services.
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Similarly, the exchange service between legal currency and "digital currency" is absolutely prohibited , so there is no saying that a bit of RMB can be exchanged for.
However, how can invest and purchase Bitcoin as a type of virtual property and sign a contract with the other party to effectively avoid unnecessary losses? Tomorrow, lawyers will answer you in "One coin of more than 100,000 yuan, Chinese law completely prohibits transactions! What exactly is Bitcoin? (II) ".
(Author: Xu Xiaoyan, Wang Beibei, lawyer team of Yingke Law Firm)
