What does cryptocurrency mean?

Cryptographic currency, also known as cryptocurrency and cryptocurrency, is a kind of digital currency (or virtual currency). It is a trading medium created by the principle of cryptography, which is used to ensure the security of transactions and control marketing unit. Cryptographic currency is based on a decentralized knowledge mechanism, as opposed to a banking financial system that relies on a centralized supervision system.

Bitcoin belongs to virtual digital currency. Although there is no clear legal basis to prove whether Bitcoin is legal or illegal in China, the laws and regulations in China do not support the public trading of Bitcoin. "

According to the provisions of the Notice on Preventing Bitcoin Risks issued by the Central Bank of China on February 5, 2065438+2003, Bitcoin has four main characteristics: no centralized issuer, limited total amount, unlimited use and anonymity. Although bitcoin is called "currency", it is not a real currency because it is not issued by the monetary authorities and has no monetary attributes such as legal compensation and coercion. In nature, bitcoin should be a specific virtual commodity, which does not have the same legal status as currency, and cannot and should not be used as currency in the market.

Article 680 of the Civil Code prohibits high-interest lending, and the lending rate shall not violate the relevant provisions of the state. If there is no agreement on the payment of interest in the loan contract, it shall be deemed that there is no interest. If the loan contract does not specify the payment method of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties' trading methods, trading habits, market interest rates and other factors; Loans between natural persons are regarded as interest-free.

Without relevant laws, China only stopped the on-site trading of Bitcoin, and did not declare it illegal to hold or trade Bitcoin off-site. The origin of the birth of Bitcoin is that liberals, represented by Satoshi Nakamoto, seek a trading model that is not bound by the central banking system. These people expect a freer monetary system. Bitcoin is a recognized digital asset and can be delivered this time.

However, according to domestic laws and regulations, Bitcoin does not have the function of currency, but this does not prevent it from being a digital asset and can be used as a delivery object. China has never had a policy of "illegal bitcoin".

According to the latest official attitude towards Bitcoin on 20 13, Bitcoin belongs to users' private virtual assets, which actually means it is protected by law. This can also be reflected in the actual cases in China: On 20 18, a court in China recently ordered a company to repay the stolen cryptocurrency in a civil dispute, which set a legal precedent for the differences related to cryptocurrency. This court in Shenzhen actually confirmed that cryptocurrency has economic value in civil disputes.