Recently, in a case of entrusted management of bitcoin disputes represented by lawyer Liu Yang of Deheng Law Firm, the Beijing Arbitration Commission ruled: "The contract in this case is not illegal, nor does it violate public order and good customs. There is no invalid situation, but a legal and valid contract. "
The Arbitration Commission stated that "virtual currency, including bitcoin in this case, belongs to virtual property and is protected by law". Article 127 of the Civil Code stipulates that if the law has provisions on the protection of data and network virtual property, those provisions shall prevail.
The arbitration commission believes that the contract in this case belongs to the entrustment relationship between a natural person of one party and a natural person of the other party, and both parties agree that the trustee will manage the virtual currency for the client. The contract in this case does not belong to illegal financial activities and token issuance financing activities explicitly prohibited by the above documents.
In fact, similar arbitration has happened before.
However, two years later, the Shenzhen Intermediate People's Court made a judgment and overturned the above ruling. The reason is that the arbitration award involved in the case highly compensated Li for the US dollar equivalent to Bitcoin, and then converted the US dollar into RMB, which essentially supported the payment and transaction between Bitcoin and legal tender in disguise.
It can be seen that bitcoin, as an attribute of virtual property, is legally recognized, but it must not involve transactions. Legally speaking, virtual currency is not allowed to be traded or used as a payment tool.
As early as 20 13 12.5, the central bank and other five ministries and commissions jointly issued the Notice on Preventing Bitcoin Risks. The "Notice" clarifies that Bitcoin does not have monetary attributes such as legal compensation and coercion, and is not a real currency. The notice also pointed out that as a kind of online commodity trading, ordinary people have the freedom to participate at their own risk.
2065438+On September 4th, 2007, seven ministries and commissions, including the People's Bank of China, jointly issued the Announcement on Preventing the Financing Risks of Token Issuance, proposing that any so-called token financing trading platform should not engage in the exchange business between legal tender, tokens and "virtual currency", or buy or sell tokens or "virtual currency" as a central counterparty, or provide services such as pricing and information intermediary for tokens or "virtual currency".
The above documents are also one of the bases for Shenzhen the Supreme People's Court's decision to overturn the first case of Bitcoin arbitration.
Speaking of which, it's actually clearer. Whether bitcoin is protected by law in China can be divided into two aspects: first, bitcoin is protected by law in terms of property attributes; Second, from the so-called "currency" attribute, it is unprotected.
Think of bitcoin as property or commodity. At this time, the value of Bitcoin is actually the same as that of your mobile phone, computer and TV.
But you must not treat Bitcoin as a "currency", exchange it with legal tender, or conduct public transactions, which is not allowed by law.
In fact, even in developed countries, such as Europe, America, Japan and South Korea, Bitcoin is not recognized as legal tender, but as a digital financial product, allowing transactions. Without the status of legal tender, bitcoin cannot really circulate in the lives of ordinary people.
Although bitcoin is allowed to pay taxes in some States in the United States and some areas in Switzerland, it is only partially recognized as a currency attribute, and it has not yet reached the state recognition level.
At present, only El Salvador is a country that uses bitcoin as legal tender. Of course, some lawmakers in Mexico and the United States are also actively promoting the legalization of Bitcoin, but it is difficult to achieve it in the short term.
# Bitcoin [Chaohua] # # Currency # #NFT#