区块链虚拟货币发行规则

近年来，区块链技术受到了越来越多的关注，特别是其发行的虚拟货币，也引起了全球投资者的热捧。那么，区块链虚拟货币发行规则有哪些呢？

首先，发行方必须严格遵守相关法律法规，包括《中华人民共和国反洗钱法》、《中华人民共和国证券法》等。发行方必须按照规定的程序进行审批，并严格按照审批规定进行发行。

其次，发行方要结合实际情况，制定出具体的发行规则，包括发行时间、发行量、发行价格等。这些规则必须经过发行机构的审查，确保所有的发行活动都是合法的。

此外，发行方还应提供完善的投资者风险披露，让投资者清楚的了解到虚拟货币的风险，以便他们能够做出更明智的投资决策。

最后，发行方还必须严格按照发行规则进行发行，并定期对虚拟货币进行管理，以确保发行的货币能够安全有效地流通。

总之，区块链虚拟货币发行规则的制定是一件非常复杂的事情，需要发行方严格遵守法律法规，同时设定具体的发行规则和投资者风险披露，并严格按照规则进行发行，才能保证虚拟货币的安全流通。

请查看相关英文文档

Ⅰ Lianqiao Education Online｜Everything you should know about digital currency

1. What is digital currency

Digital currency, according to online information It shows that digital currency is an alternative currency in the form of electronic currency. Both digital gold coins and cryptocurrencies belong to digital currency. It is an unregulated, digital currency that is usually issued and managed by developers and accepted by members of specific virtual communities. and use.

Li Lihui, leader of the blockchain working group of the China Internet Finance Association, mentioned in an article published on September 18, 2017, “Digital currencies must have legal status, national sovereignty endorsement, and clear issuance responsibilities. Subject." In the definition of central bank digital currency, any non-tangible currency is called digital currency.

Although there are currently some differences in the definition of digital currency, the unified understanding is that it is non-physical currency such as banknotes and coins in digital form, but it assumes the functions of physical currency and can support instant transactions and A currency in which ownership is transferred.

2. Comparison of electronic currency, virtual currency and digital currency

Electronic currency: issued by financial institutions, does not limit the scope of use, the number of issuances is determined by legal currency, and the value is consistent with legal currency. wait.

Virtual currency: issued by network operators, it can only be circulated on the network and cannot be paid to purchase physical items. It is purchased by network users from game companies with legal currency. For example, Q coins, World of Warcraft gold coins, Internet coins, etc. can only circulate in one direction.

To distinguish electronic currency, virtual currency and digital currency, it is necessary to compare from multiple dimensions such as the issuing entity, scope of application, issuance quantity, circulation method and so on:

At present, my country's central bank The launched digital currency (DCEP) is a new encrypted electronic currency system based on blockchain technology. DCEP will adopt a two-tier operating system, that is, the People's Bank of China will first exchange DCEP to banks or other financial institutions, and then these institutions will exchange it to the public. Moreover, the central bank’s global currency had already begun preparations as early as 2014.

The wealth of the future is not US dollars or gold, it must belong to blockchain digital assets; digital assets will become the new favorite of the financial system and become a major trend in global economic change.

While Facebook’s issuance of the cryptocurrency Libra has become the focus of the global financial market on the Internet, the digital currency DCEP (Digital Currency Electronic Payment) created by the People’s Bank of China has also officially moved from behind the scenes to the stage. Comparing Libra with DCEP, China’s proposed central bank digital currency, one can’t help but exclaim, is this the “new world currency” China is preparing for economies around the world?

3. DCEP has “All the conditions required for "World Currency"

Comparing DCEP with Facebook's launch of Libra currency, we can find that the two are very similar in terms of security, architecture, concepts, etc. The difference is that DCEP retains the advantages of Libra while , DCEP gave an almost perfect answer to the design flaw that prevents Libra currency from becoming a world currency:

(1) DCEP and RMB can be freely converted at 1:1, supporting connection with the central bank;

(2) DCEP adopts a two-tier system of commercial banks and central banks to adapt to the existing monetary systems of sovereign countries in the world;

(3) DCEP is a sovereign currency and a paper people’s currency. The replacement can ensure that the existing monetary theory system still functions;

(4) DCEP can be based on special design and can conduct point-to-point transactions without relying on the network.

1. Digital The currency revolution has shaken the foundation of the original international economic order and has become the strategic commanding heights of the current global digital economy era.

The arrival of digital currency stems from the convergence of two main lines of historical development. One is digital development. The second is the development of currency itself.

The development of informatization and networking has created a digital virtual space. When various digital goods, digital services and digital assets emerge in endlessly, the emergence of digital currency also It's logical.

The digitalization of the economy has caused the total amount of data to grow rapidly. Research shows that the current total global data is growing at a rate of "10 times in 10 years" and will reach approximately 163ZB by 2025 (1ZB is approximately Equivalent to 1 trillion GB). Among them, China's total data volume is expected to exceed 8ZB by the end of 2020, accounting for about 18% of the world, and may surpass the United States for the first time and rank first in the world. In April 2020, the "Central Committee of the Communist Party of China and the State Council" The Opinions on Building a More Complete Market-oriented Allocation System for Factors clearly proposes to develop the data factor market and accelerate the process of data assetization. This means that the formation, circulation, transaction, development and other processes of data assets will be included in the standardized market framework. < /p>

Why can't a large amount of traditional currency be issued to meet the needs of the digital economy? This is related to the nature of traditional currency. Traditional currency is "currency", that is, it can be exchanged for any commodity, and its use occasions are not restricted. It carries information and is difficult to trace. This means that if traditional currency expands with the increase in data volume, it will directly lose its function as a measure of value, that is, it will become waste paper. Digital currency is different. Although it is also "currency", But it can carry information, so it has stability itself and can be used as an "anchor" for data assets instead of being "carried away" by data assets.

In fact, the core of Bitcoin, which was the first to implement the concept of digital currency, Attribute is the total amountControllable, so it can be used to measure the value of other commodities rather than having their supply determined by other commodities. Of course, by nature, Bitcoin is a specific virtual commodity that does not have the same legal status as currency and cannot and should not be used as currency in the market. Therefore, from an overall strategic perspective, under the background that informatization and digitalization have become one of the main trends in economic development, the issuance of sovereign digital currency is the general trend.

2. The advantages of central bank digital currency implementation

Digital currency has national credit and is equivalent to legal currency, which is essentially different from virtual currencies such as Bitcoin. First of all, digital currency does not require an Internet connection. It is very convenient for users to use and provides a high level of experience. The central bank's digital currency can be paid offline without the need for an Internet connection. Payment can be easily completed as long as the electronic wallet is opened on the mobile phone. Currently, the well-known mobile payment cannot be used in areas with poor communication networks, or if the mobile phone is disconnected. This is a major advantage of digital currency compared to other payment methods.

Secondly, the biggest difference between central bank digital currency and ordinary bank accounts is that it subverts the bank account system and replaces it with a unified electronic wallet. This means that in the future, you no longer need to go to a bank to open an account. You only need to download the digital currency APP. Some functions of banks will be replaced by digital currencies. At the same time, people no longer need to use WeChat or Alipay to bind their bank cards to make online and offline purchases. They can simply pay digital currency directly.

Digital currencies can disrupt the way paper money is used and save costs. From the perspective of currency development history, the development of currency in the direction of low cost, reliability and convenience is an irreversible trend. From ancient times to the present, the form of currency has become more and more free, and when paper currency matures, digital currency will inevitably be produced. At the same time, the issuance, anti-counterfeiting, printing, and storage of banknotes and coins require costs. In the era of digital currency, these costs can be saved, greatly increasing production efficiency and making financial transactions more efficient and convenient.

3. Digital currency controls the flow of various funds and facilitates national tax collection

In the past, payments were made with cash or WeChat or Alipay. Without invoices, income was difficult to track. Tax avoidance and evasion are therefore possible. But after using digital currency, every income and expenditure can be traced back to the source, and the space for tax evasion is much smaller than before.

Tax evasion and avoidance through cash is no longer feasible. The state has long required banks to report large-amount cash business information and push it to relevant departments for sharing. Analyze large-amount cash business information by industry, purpose, and amount. Once digital currency is fully promoted and implemented, all contract transactions, salary payments, and cash transactions will be recorded in the bank. All company and individual account transactions will be transparent, and the taxes that need to be paid will also be obvious, making tax evasion extremely difficult. Easily investigated.

With the development of technology, since the primitive tribes hunted and gatheredSo far, currency has gone through many stages:

In the evolutionary history of currency, the initial barter exchange - metal exchange - banknotes, banknotes - now online payment Q coins, electronic cash Etc., all come with the changes of the times.

The form of currency ranges from physical currency, metal currency, reserve currency, credit currency, electronic currency to digital currency. The value of currency itself also relies on the physical value and the credit value of the issuer.

Currency (credit cards, banknotes) requires additional systems (such as banks) to complete production, distribution, management and other operations, which brings great additional costs and usage risks, such as counterfeiting, credit card fraud, theft, Transfer etc.

Realize a digital currency that maintains the characteristics of existing currency, eliminates the defects of paper currency, and improves portability, location, counterfeit detection, anonymity, transactions, resources, issuance and other capabilities.

Digital currency under centralized control requires a central management system, but in many cases there is no safe and reliable third-party accounting agency to play the role of central control.

At the end of 2019, digital RMB pilots and tests were launched in Shenzhen, Suzhou, Xiongan, Chengdu and the Beijing Winter Olympics venue; in October 2020, Shanghai, Hainan, Changsha, Xi'an, and Qingdao were added , six pilot test areas in Dalian.

At present, the scope of digital renminbi pilots is expanding in an orderly manner, application scenarios are gradually enriched, application models are also continuously innovated, and the system operation is generally stable, which preliminarily verifies the feasibility and reliability of digital renminbi in theoretical policies, technology, and business sex. The digital RMB pilot test adheres to the principles of stability, security, and controllability, and focuses on small-amount transactions by invited whitelist users. The current number of participants, number of transactions, and net exchange amount are generally relatively small. During the pilot process, all parties have a relatively high interest in digital renminbi, and users in the pilot areas are highly motivated. The pilot scenarios now cover multiple fields such as living payment, catering services, transportation, shopping and consumption, and government services.

In the next stage, based on feedback from all parties involved in the pilot, we will continue to improve and optimize digital renminbi technology, business and policy plans, deeply explore digital renminbi application models, and strengthen the versatility and inclusiveness of digital renminbi. Improve product functions and applicability, and improve system security and stability. The pilot areas are generally still in the pilot testing stage, and there is no timetable for when it will be officially launched.

The COVID-19 epidemic has accelerated the digitization of the economy, and contactless transactions and payments have become the daily routine of many people. Amid the epidemic, global central bank digital currency (CBDC) research has further intensified. What stage is China’s digital currency development at? How will digital currencies change payments? What impact will it have on the financial system and ordinary people’s lives?

At the Boao Forum for Asia 2021 Annual Conference “Digital Paymentand Digital Currency" sub-forum, Li Bo, the new deputy governor of the People's Bank of China, said that the current development focus of the digital renminbi is to promote its domestic use. "The internationalization of the renminbi is a natural process, and our goal is not to replace the U.S. dollar or other currencies. , but let the market make choices to further facilitate international trade and investment. "As early as 2014, the central bank began to conduct research on digital currency issuance framework, key technologies and other issues. In August 2019, the central bank made it clear that "accelerating the pace of research and development of my country's legal digital currency (DC/EP)" will be the focus of the second half of 2019 One of the tasks.

Cross-border assistance and interoperability between central bank digital currencies have become the focus

Since the end of 2018, most of the world’s economies have fallen into a comprehensive recession, exacerbating inflation. Expansion, legal currency depreciation; at the same time, science and technology are developing rapidly, computer Internet-related technological breakthroughs, and blockchain are developing rapidly. As an important part of the technical link between global finance, digitization, and the entire blockchain industry, digital currency will play an increasingly important role. Important.

At present, although the number of users of digital currencies is growing, they still account for a small proportion of the world, with a usage rate of no more than 10%. In addition, digital currencies are closely related to investment operations. High, most users are still focused on currency speculation. Once the digital currency market drops sharply, it will affect the overall market confidence.

Therefore, governments around the world will inevitably go further in the supervision of digital currencies in 2020 to maintain Based on the country's existing financial system, a more complete regulatory policy is proposed for the current performance of the digital currency market. If global governance can form a certain consensus, it may promote the presentation of the final form of digital currency.

Supervision in all parties Under the circumstances, the threshold for financing projects to issue tokens will increase, which will lead to an improvement in the quality of market projects and accelerate the implementation of the industry; more and more low-quality currencies will be eliminated in the market, and digital currency innovation will increase. Mainstream digital currencies may legally intervene in the financial system. Transformed into securities, financial management and other forms; the new regulatory form will encourage exchanges to develop in a diversified direction.

Central bank digital currencies can be divided into wholesale and retail types. Wholesale type It is mainly used for settlement and clearing between enterprises and the financial system, and the retail type is mainly used for daily payments. Zhou Xiaochuan, former governor of the People's Bank of China, said that the starting point of digital renminbi is to do a good job in retail and do a good job in upgrading the retail system. Retail Improving system efficiency is the basis for carrying out all other businesses. On this basis, wholesale systems and cross-border payment operations are possible.

With the development and advancement of digital currencies by central banks in various countries, cross-border payments The issue has become a hot topic. In 2019, the Central Bank of Thailand and the Hong Kong Monetary Authority launched a study to use the central bank’s digital currency and blockchain platform to solve various problems in cross-border payments. Cross-border payments are very complex and require foreign exchange management. , capital flow management, etc.Impact, these problems must be solved. Therefore, Thailand is now just establishing a dedicated payment corridor and keeping the possible impact within a controllable range through pilot projects.

China is studying the regulatory rules for Bitcoin and stablecoins. Since the birth of Bitcoin, its positioning has been controversial. Bitcoin and stablecoins are crypto-assets, and crypto-assets are investment options, not currencies themselves. Cryptoassets should function as an investment tool or alternative investment in the future. Many countries, including China, are studying what kind of regulatory environment there should be for using it as an investment tool. Although it may be a minimum regulatory rule, there are still and must be regulatory rules to ensure that speculation in this type of assets will not cause serious consequences. financial risks.

If you want crypto-assets like stablecoins to become widely used payment solutions, you need stronger regulatory rules, which are more stringent than Bitcoin’s current regulations. Any stablecoin in the future, if you hope to be able to To become a widely used payment instrument, it must be subject to strict supervision, just like banks or quasi-bank financial institutions.

II How to issue tokens in blockchain projects is enough to read this article

Everyone has different understanding and usage of Token. We usually think in terms of blockchain technology.

Token, in the initial stage of blockchain development, you can simply understand Token as "points" or "virtual currency" in real life

such as gas stations Car wash shop membership card points, the barber shop downstairs allows you to get it

Spend 2,000 to get a 1,000 hairdressing membership card, the kindergarten teacher gives the little red flowers to the children... Mainly for motivation

A virtual currency of the Lord that is generally recognized within a certain range. You can use the
Token I gave you at that time to replace some of my items or equivalent currency. .

After the emergence of Ethereum ERC20, Token entered the second stage. As a certificate for raising Ethereum, it can be traded on

exchanges to automate the ICO process.

After the birth of the translation of token, our understanding of Token has entered the third stage. The connotation of Token has been further

expanded. Token is no longer limited to tokens or ICO tokens, but also has usage rights, income rights, etc.

Attributes, areas Blockchain encryption technology can ensure that all symbols that cannot be tampered with can be used as tokens, that is, they have exclusive use rights. When their exclusive use rights are placed in the value network, they are converted into general use rights. , can

Further circulation; that is, only at this stage can the Token economy develop.

Now, the development stage of domestic Token is generally in the second stage. The primary market of virtual currency has been ruined, and many people are rushing to launch blockchain. For projects, find talents, build a team, write a blockchain project white paper, find

industry leaders’ platforms, do community activities, form a community, and then go to the exchange to issue your own token. It only takes 0.2 ETH to make a token

. After it is issued on the exchange, as long as enough people subscribe for your Token, it will instantly become

thousands With ETH, leeks can be easily harvested.

Warm reminder: Coin issuance itself is not a financing act, and the currency can simply be used as a loop within the project ecology

. Only public ICO after the issuance of coins is a financing activity. Our country clearly prohibits ICO.

Issuance of currency for financing (ICO) is already illegal.

So, what are the specific procedures for issuing coins? Today I will bring you some useful information! Teach you how to use smart contracts

to issue your own virtual currency, which is Token.

Now it is relatively easy for us to issue a currency. This is all thanks to the ERC20 protocol. As one of Ethereum's

protocols, it stipulates the basic structure of the token contract. Any token that complies with the ERC20 protocol can be used in other applications (wallets, exchanges, etc.). With the ERC20 protocol, we do not need to repeatedly develop tokens

Basic functions greatly reduce the threshold for token development, allowing developers to apply tokens to more fields and develop
>
Start more ICO projects; more conveniently, since different ERC20 tokens are compatible with the ERC20 protocol, transactions can be carried out between

two ERC20 tokens.

Ⅲ What is the latest policy of the country’s most virtual currency exchange?

The country’s policies and regulations on virtual currency transactions: strict supervision and explicit prohibition: In June 2018, in the Department of Disposal of Illegal Fund-raising At the joint meeting of 2018-2020, the Central Bank of China stated that it will severely crack down on "virtual currency" related activities suspected of illegal fund-raising and illegal securities activities. In response to ICOs and Bitcoin and other virtual currency exchanges suspected of illegal fund-raising and illegal securities activities, the central bank and relevant departments will promptly issue Announcements are made to clarify attitudes, warn of risks, and deploy local authorities to carry out rectification.

·In August 2018, the China Banking and Insurance Regulatory Commission, the Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China, and the State Administration for Market Regulation issued the "Risk Tips on Preventing Illegal Fund-raising in the Name of "Virtual Currency" and "Blockchain", emphasizing the prevention of illegal fund-raising in the name of "virtual currency" and "blockchain". Under the banner of "financial innovation" and "blockchain", activities to absorb funds through the issuance of so-called "virtual currencies", "virtual assets", "digital assets" and other methods are actually using "financial innovation" as a gimmick, which is "borrowing new and paying back old" It is a Ponzi scheme and it is difficult to maintain long-term capital operation. China now has very strict policies on virtual currencies and explicitly prohibits them. Hope it will be adopted.

IV Can the founder of virtual currency issue virtual currency at will?

The founder of virtual currency cannot issue virtual currency at will. Virtual currency is also a special currency, and its issuance is very strict. Game coins developed by game operators for players to use as transaction media in online games, issued by portals or instant messaging tools, and dedicated virtual currencies for use within the operating network space, can be used within the virtual currency issuance entity An interactive virtual currency that can be used to purchase goods and services from non-issuing entities.

The role of virtual currency

Virtual currency can alleviate the unstable economy, especially the currency crisis faced by countries with severe inflation. The bottom layer of digital currency The technological blockchain provides a reference for the digital currency issued by the central bank. The digital currency issued by the central bank is undoubtedly a currency in the true sense, with legitimacy and stability. Although central bank-led digital currencies are still unavoidable, the traceability and smart contract features of blockchain can be used to achieve safer and more transparent results.

IV What is blockchain? Explanation of blockchain technology

Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. Blockchain is an important concept of Bitcoin. It is essentially a decentralized database.

At the same time, as the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each data block contains a batch of Bitcoin network transaction information, which is used to verify its Validity of information (anti-counterfeiting) and generation of the next block.

The blockchain is a public data list, and each record in it is called a block. These blocks are connected together like a chain to form a blockchain. Just like an idiom solitaire, there must be some connection between adjacent words to form a word chain. The same is true for blockchain, but the connection between blocks is much more complex.

(5) Extended reading on blockchain virtual currency issuance rules

Blockchain technology innovation does not mean speculating on virtual currency, and that kind of utilization should be prevented. Behaviors such as issuing virtual currencies and speculating on air coins on the blockchain. At the same time, we should also note that blockchain is still in its early development stage and needs further development and improvement in terms of security, standards, supervision, etc.

The general direction is not wrong, but it is necessary to avoid rushing in and duplicating construction, and to open up the imagination space of the blockchain in orderly competition. China has a good foundation in the field of blockchain. Some large Internet companies have already laid out their plans. The talent pool is relatively sufficient and the application scenarios are rich. It is fully qualified to achieve a leading position in this new track.

From a larger perspective, human beings can develop civilization because they have achieved effective cooperation among large-scale groups of people. The "invisible hand" explained by Adam Smith also realizes the division of labor and cooperation in human society through the market mechanism.

From this perspective, blockchain has greatly expanded the breadth and depth of human trust and collaboration. Perhaps, blockchain is not only the next generation of Internet technology, but also the next generation of cooperation mechanisms and organizational forms.

Ⅵ Laws and regulations related to Bitcoin and other virtual currencies that you must know

Engaged in virtual currencies or want to engage in virtual currency-related activities Relevant laws and regulations that must be understood

1. Qualitative

"The People's Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, Notice of the China Insurance Regulatory Commission on Preventing Bitcoin Risks

Release date: 2013.12.03

Effective date: 2013.12.03

Timeliness: Current Valid

Document number: Yinfa [2013] No. 289

The notice clarifies the four main characteristics of Bitcoin:

1. There is no centralized issuer

2. The total amount is limited

3. The use is not subject to geographical restrictions

4. Anonymity

This further points out that although Bitcoin is called It is a "coin", but because it is not issued by the authority and does not have monetary attributes such as legality and compulsory, it cannot be regarded as currency in the true sense. From a nature point of view, virtual currencies such as Bitcoin are a specific virtual commodity. The transaction of Bitcoin is a kind of commodity buying and selling behavior on the Internet, and ordinary people have the freedom to participate at their own risk.

Case: https://jiahao..com/s?id=1639383642145156272&wf r=spider&for=pc

On July 18, 2019, the Hangzhou Internet Court investigated a case involving Bitcoin The Internet property infringement dispute case was held in public and the verdict was pronounced in court. The court held that Bitcoin has property

As an object of rights, it must possess value, scarcity, and disposability, and its virtual property status should be recognized. Bitcoin’s legal status as virtual propertyaffirmed.

2. Legal Protection

"General Principles of the Civil Law of the People's Republic of China"

Release date: 2017.03.15

Effective date: 2017.10. 01

Timeliness: currently valid

Document number: Chairman’s Order No. 66

Article 127 of Civil Rights, Chapter 5 of the Civil Code : "If the law has provisions on the protection of data and network virtual property, such provisions shall prevail."

This is the first time that my country's civil law has stipulated the concept of network virtual property, although this provision does not The definition and characteristics of online virtual property are clearly stipulated in the law, but it is still necessary to affirm the significance of this legislation to include online virtual property in civil rights and within the scope of civil law protection.

Case: http://finance.sina.com.cn/blockchain/roll/2018-10-26/doc-

ifxeuwws8279214.shtml

(The copyright of the case belongs to the Shenzhen Court of International Arbitration (Shenzhen Arbitration Commission))

In 2018, the Shenzhen Court of International Arbitration (Shenzhen Arbitration Commission) accepted a real arbitration case involving an equity transfer contract dispute. This case was an equity transfer dispute. , because it involves special types of objects such as BTC (Bitcoin), BCH (Bitcoin Cash) and BCD (Bitcoin Diamond), it is a new type of case.

At present, China has not clearly defined the concept, legal attributes, delivery and circulation of Bitcoin based on blockchain technology at the level of laws and administrative regulations. Under the current legal system, in accordance with the relevant provisions of the General Principles of Civil Law, the Contract Law and the stipulations of the contract involved in the case, combined with the principle of good faith and the arbitration concept of respecting the autonomy of the parties, the arbitral tribunal affirmed the property attributes of Bitcoin and awarded it in accordance with the law. Protect and properly handle Bitcoin contract disputes between private individuals.

3. Legal risks

"Anti-Money Laundering Law of the People's Republic of China"

Release date: 2006.10.31

Effective date: 2007.01 .01

Timeliness: currently valid

Document Number: Chairman’s Order No. 56

According to the provisions of the Anti-Money Laundering Law, money laundering activities are It is money laundering that conceals and conceals the proceeds from drug crimes, organized crimes of a mafia nature, terrorist crimes, smuggling crimes, corruption and bribery crimes, crimes of disrupting financial management order, financial fraud crimes and other criminal proceeds in various ways, as well as the source and nature of the proceeds. Activity.

Because Bitcoin and similar online virtual currencies and virtual properties haveCharacteristics such as anonymity and convenience make it easy to become a criminal tool for money laundering crimes. Therefore, while providing reasonable legal protection to online virtual property, we should also be careful to prevent money laundering crimes using it in practical activities. Regarding such criminal methods, there have been judgment cases in judicial practice, which should be taken seriously.

Case:

https://www.sohu.com/a/396032667_161795?_f=index_pagerecom_7&sp m=smpc.content.fd-d.7.1589804235136AKl2UYR

< p> In this case, criminals took advantage of the concealment of virtual currency and its ability to support overseas transactions to successfully transfer fraudulent funds to overseas bank accounts, making it difficult for the police to trace. According to the suspects, police investigation and verification found that they "laundered money" for the fraud gang through digital currency in less than half a year and made a profit of more than 300,000 yuan.

"Criminal Law"

Release date: 2017.11.04

Effective date: 2017.11.04

Timeliness: currently valid

p>

Historical revision records: Criminal Law of the People's Republic of China [1979.07.06]

Criminal Law of the People's Republic of China (1997 Revision) [1997.03.14]

Similar illegal and criminal activities were once The high incidence has had an extremely bad impact on society.

Regarding virtual currencies and other virtual property that may be suspected of pyramid schemes, illegal collection of public deposits, unauthorized issuance of stocks, companies, and corporate bonds, my country’s Criminal Law provides Article 179 of the Criminal Law for unauthorized issuance of stocks, companies, etc. , the crime of corporate bonds, the crime of organizing and leading pyramid schemes in Article 224-1, the crime of illegally absorbing public deposits in Article 176, etc. shall be regulated to protect social relations from being violated and ensure the normal operation of social order. .

Case:

https://jiahao..com/s?id=1684749474243768969&wfr=spider&fo r=pc

Case description: More than 2.69 million people participated , the maximum level is 3,293, and it collects 314,211 Bitcoins (BTC) and 117,450 Bitcoin Cash (BCH)... worth over 14.8 billion RMB. The PlusToken pyramid scheme cracked by the Public Security Bureau of Yancheng City, Jiangsu Province was finally pronounced by the Intermediate Court of Yancheng City, Jiangsu Province on November 19.

4. Prohibition

"Announcement on Preventing Token Issuance Financing Risks"

Release date: 2017.09.04

Effective date: 2017.09.04

Timeliness: currently valid

Due to the domestic issuance of tokens A large number of financing activities have emerged in the form of initial coin offerings (ICOs). Speculation and speculation are rampant, and suspected illegal financial activities have seriously disrupted the economic and financial order.

Therefore, seven ministries and commissions, including the "One Bank and Three Commissions", jointly issued a document to once again reiterate the nature of tokens or "virtual currencies" used in token issuance financing: they are not issued by monetary authorities and have no legal status. It does not have the same legal status as currency and cannot and should not be used as currency for circulation in the market.

At the same time, token issuance financing activities are prohibited: no organization or individual may illegally engage in token issuance financing activities. Relevant departments are also required to seriously investigate and deal with illegal activities in ongoing token issuance and financing activities as well as completed token issuance and financing activities.

The seven ministries and commissions issued this document mainly because there are multiple risks in token issuance, financing and transactions, including false asset risks, business failure risks, investment speculation risks, etc., which can easily trigger mass financial incidents and endanger the financial industry. The market is stable and therefore prohibited.

But this does not mean that the protection of online virtual property has failed. As for the legal status of virtual currency as virtual property, it must still be in accordance with the provisions of the General Principles of the Civil Law, that is, "the law controls data and network virtual property." If there are provisions for the protection of property, those provisions shall prevail."

Case 1 (prohibition on token issuance): https://jiahao..com/s?id=1679040603930256593&wfr=spider&fo

r=pc

From November 2017 to March 2018, the defendants Hao Lingsheng and Yang Fanghuo (both of whom were appellants in the second instance), together with Cui and others, violated national financial management regulations and used Tianyi Jiahe Film and Television Media Co., Ltd. ( In the name of Tianyi Jiahe Company (hereinafter referred to as Tianyi Jiahe Company), the LCC Film and Television Blockchain Virtual Currency (hereinafter referred to as LCC Coin) is publicly sold to the public through meetings, trainings and development offline, and promotes that the currency will only rise but not fall, in order to High returns serve as bait to attract public investment.

During this period, the defendant Hao Lingsheng participated in the lectures at the LCC currency publicity and promotion conference as the executive director of Hong Kong Sandao Group. The defendant Yang Fang used the CEOs of Tianyi Jiahe Company "Yang Shunqi" and "Yang Mingxin" Participate in LCC coin investment fairs in other names, promote the public to the public, provide receiving bank accounts to some investors, and purchase LCC coins on their behalf.

201In March 2018, several investors reported the case after discovering that the LCC currency trading website was unable to log in for transactions. According to statistics, 85 of the more than 700 fund-raising participants who reported the case provided transfer records (some of them were collective reporters), and the investments involved The total amount is RMB 228,42621.25. At the same time, the group converted LCC coins into Plato PTO jewelry blockchain virtual currency in order to continue to attract investment.

Case 2 (still affirming the legal status of virtual currency as virtual property):

https://www.8btc.com/media/652152

On August 24, 2018, the "Agreement" signed by the plaintiff Ge Weipeng and the defendant Wang Zhibing stipulated that the plaintiff would purchase digital currencies on an exchange platform in his own name to invest in the defendant. The investment agreement was signed on September 28, 2018. Upon maturity, the defendant will pay the plaintiff's principal and income on the maturity date. The plaintiff should remit the digital currency purchased in RMB to the defendant’s platform account before September 8, 2018, and the defendant also provided an internal transfer address.

On September 7, 2018, the plaintiff Ge Weipeng transferred 6,000 USDT to the account provided in the agreement. On September 8, 2018, the plaintiff Ge Weipeng transferred 1 BTC to the wallet address provided in the agreement. After the expiration date, the defendant did not promptly pay the plaintiff's 1 BTC, 6,000 USDT and related income. The defendant issued a "Debit of IOU" to the plaintiff Ge Weipeng on October 8, 2018, stating that it owed Ge Weipeng one hundred and thirty thousand yuan (130,000.00), and guaranteed that the full amount owed would be paid off before November 23, 2018. For unpaid amounts, liquidated damages will be implemented at a daily rate of 0.08% of the overdue amount.

Since then, the defendant Wang Zhibing successively made 9 RMB transfers to the plaintiff’s Alipay, totaling 4,150 yuan, and the remaining balance has not been repaid.

VII What are the conditions for issuing virtual currency

It is not allowed in China. I take Singapore as an example. It is also a common choice of industry leaders. Currently, under comprehensive conditions One of the most suitable countries for blockchain projects.
First of all, there must be a main body of the project - the Singapore Public Non-Profit Foundation (note that it is compliant), including white papers and related legal opinions, all written around this main body.
I don’t need to say more about the white paper. You should know your own affairs better than I do.
Then let me tell you about the legal opinion in detail. It is not a single lawyer’s document. Taking the blockchain project as an example, if you want an ICO to be compliant and issued on an exchange, you need the following types of laws: Submission:
1.
LEGAL OPINION issues a legal opinion certifying the non-security nature of Token in accordance with Singapore regulatory regulations. In this way, relevant securities laws, regulations, and regulations will not interfere with you.
2.
2.WHITE PAPER white paper is a legal and compliance lawyer’s opinion, proving that the project is legal and compliant and does not touch or violate any current Singapore regulatory regulations. This item is written based on your white paper, and the complexity is also determined by your white paper. The lawyer may even make some modifications if he deems it necessary.
3.PURCHASE AGREEMENT is required by Singapore regulations to issue private placement terms for the project to raise funds by issuing tokens.
4.SINGAPORE LAW GOVERNED TERMS.CONDITIONS FOR PUBLIC issues token public offering terms, website announcements and disclaimers in accordance with Singapore regulatory regulations.
I don’t need to explain the last two items. Private placement and public placement depends on your personal situation. With relevant legal opinions, you will be more convincing to your investors. Everything you do must be done carefully. It is legal and compliant. In addition, you are not afraid of MAS checking you after filing. Of course, the most important thing is that you can go to mainstream exchanges.
Among them, the packaging and promotion of the token, and which exchange it is listed on, are what reflect the strength of your currency. The necessary document fees mentioned above are not worth mentioning.

VIII How to achieve legal compliance for blockchain projects

China is still relatively conservative when it comes to blockchain projects. Blockchain projects always involve a derivative industry, that is, digital Currency transactions, what should I do if I want to do a project but it is not allowed in China? You can register a non-profit foundation in Singapore, and add relevant legal opinions to prove that the project you do does not violate Singapore's current laws and regulations. Examples of Bytom, Litecoin, etc. are such operations.

After registering the foundation body, you still need to complete legal compliance in the later stage. The main purpose is to draw a clear line between illegal and criminal activities, but you have no say in it. Because those who do blockchain must have digital tokens. To put it bluntly, digital currency drives the popularity of blockchain in China, but what are the facts? Digital currency is just a small application of blockchain technology.

Due to the particularity of the industry, there are currently no formal laws and regulations to restrict its development. It involves a wide range of violations:
pyramid selling
illegal fund-raising
money laundering
Absorbing public deposits
Illegal operations
Transnational foreign exchange crime
Provides more convenience for terrorist financing

So various countries in the world treat blockchain Attitudes are also different. China has banned it, so everyone is developing projects overseas, such as Singapore and Thailand. The first thing you need to comply with is local laws and regulations, thenWho has the final say on whether the project is legal? Two ways: apply for a formal digital transaction license or rely on a legal opinion issued by a lawyer. At present, most of them are the latter, which are easy to operate and cost little.