In China, coins are legal?

Recently, bitcoin fell news still affects many people’s hearts, we observed that many Chinese friends for bitcoin has the legality of such basic issues, is not clear. There are some friends, eager to follow some radical business model in the United States and other countries, we believe that the legal risk is not small, there is a need to do.

1 holds bitcoin, not illegal in China

In December 2013, according to the “notice” on guard against the risk of bitcoin bitcoin is a kind of “virtual goods” specific, that is to say, bitcoin is regarded as “goods”, since it is a commodity, whether or not visible, in the law we are seen as.

Hold this invisible virtual “object” in our country, is not illegal.

Therefore, our country residents hold bitcoin is a legitimate. The occasional OTC OTC, is acceptable, we believe that the contract law should be protected. However, the frequent trading behavior, legal evaluation may change. At present, the virtual currency exchange, after China’s 2017 9 4 April has shown that the opposition.

On the market, the larger exchanges are gradually fade out of the domestic market, part of Japan, a part of the Nanyang, of course, with the release of the new regulations, at the beginning of November in Hongkong area, we believe that the future of virtual currency exchange may obtain legal licence in the Hongkong area, the service for local institutional investors.

2 coins ring “one yuan of Indiana, legal?

In a line of salon, a friend asked: the rise of American money ring games some kind of “casino”, within the stipulated time, put in a coin game player on the virtual location node at a time, last admission money to get 50% other friends of coins, coins acquired by other members according to the different proportion of activities.

From a legal point of view, this seems to be the “aleatory contract”, similar to the lottery, or gambling. Of course, that gambling is legal in some states to licensed casino. However, we must know that the law is local, in our country, gambling is illegal, the casino is a crime.

The business model, if directly moved to China, second section of the 303 article of the criminal law has been suspected of casino crimes, may be sentenced to three years imprisonment, if the circumstances are serious and sentenced to three years in more than ten years of fixed-term imprisonment. Some friends do not believe in evil, by what others make money, just out of the reach of the law.

Oh, is the ancient justice has long arms, being caught is a probability problem, but once caught, may be doomed eternally. As a rational person, we would advise people to choose the way of minimum risk, but not as gamblers like freedom and life, hanging in the waistband.

3 block chain application business, have a future?

My sister about technological progress, equally optimistic about the application block chain business.

We found the blockchain application business, or “threshold”, is transferred from the P2P industry friends, make complaints about several gun said, simply can not afford to support a real block chain business projects. In fact, we observe, indeed. If is RMB financing, but it is not difficult, there are projects to Singapore, to the United States to do Howell test, do private equity in the mainland, various methods are tried, but the results? The technology does not work, no, no one pay.

When we hear them on account of only sixty thousand yuan, but also heart sank, but think of the thousands on thousands of entrepreneurs, such a situation is nine in ten. Not in the direction of the block chain business, how noble than others.

In practice, we found some speculation a lot of people involved, no discrimination against speculators sister SA, respect speculators vision and courage, but first of all to engage in the market, not the new business strangled in the cradle, know how to slowly cultivate the market rather than short-term speculation (long term), might make more and more sense of achievement.

4. Written in the last…

We hope that participants can hold in favor of the industry mentality, common development block chain technology potential. At the same time, we believe that there is some great enterprises.

Suggested that the capital injection technology innovation chain block to take on the change of technology in the east. Don’t demonize “distributed account”, can have interesting ideas, useful technique used in the current financial industry, don’t think to subvert the industry, from the development of its own starting value in use.

Legal knowledge, any industry needs, especially in the financial industry. We wish to make their own meager strength, give employees a legal support, I hope everyone detours around those “pit in the law”……

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