Viewpoint: China Does Not Prohibit Bitcoin's Activities As A Virtual Commodity

Abstract : Since there is currently no law on bitcoin in China, bitcoin cannot be considered as a virtual property under the "Article 127" of the General Principles of Civil Law.

ChainDD
ChainDD

Jul 31

According to the Beijing Arbitration Commission, Wang Jin, an arbitrator of the Beijing Arbitration Commission, wrote an article on July 22 — "Discuss the Decision Ideas of Bitcoin Disputes in terms of the Legal Nature of Bitcoin."

The article believes that China's current regulatory attitude towards bitcoin mainly includes the following three aspects:

1. Bitcoin is not legal tender;

2. Bitcoin is a virtual commodity;

3. China prohibits token-financing and trading platforms from engaging in exchanging activities between legal currency and tokens, and among virtual currencies. 

Regarding the legal nature of bitcoin under China's current regulatory system, two points are worth emphasizing:

1. Since there is currently no law on bitcoin in China, bitcoin cannot be considered as a virtual property under the "Article 127" of the General Principles of Civil Law. 

2. Based on the statutory principle of property rights, bitcoin cannot be considered a "thing" in the property law without clear provisions in the law.

In summary, the author believes that, except for the activities of bitcoin as legal tender and the activities specified in the above paragraph 3, China does not prohibit the activities of Bitcoin as virtual goods.

Note: Beijing Arbitration Commission was established in September 1995 in accordance with the "Arbitration Law of the People's Republic of China".

It is a permanent arbitration institution that resolves contract disputes and other property rights disputes between natural persons, legal persons, and other organizations as subjects of equality.

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