Beijing Arbitration Commission: The state does not prohibit bitcoin activities as a virtual commodity

Wang Jin, an arbitrator of the Beijing Arbitration Commission, wrote in an article entitled "On the Adjudication of Bitcoin Disputes from the Perspective 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. The state prohibits the exchange between legal tender, token and virtual currency by token financing trading platforms.

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

1. As There are no regulations on Bitcoin in China, it cannot be considered as virtual property under Article 127 of the General Provisions of the Civil Law;

2. Based on the principle of numerus clauses (NUMERus clauses), bitcoin cannot be considered as a "thing" in the property law in the absence of explicit provisions in the law.

In conclusion, Wang Jin believes that the country does not prohibit the activities of Bitcoin as a virtual commodity except the activities of Bitcoin as a legal currency and the activities specified in the third paragraph above.

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 to resolve contract disputes and other disputes over property rights and interests between natural persons, legal persons and other organizations with equal status.

Wang Jin, deputy General Manager of Enterprise Development Department/Legal Department of China United Network Communications Co., LTD. Beijing Branch, arbitrator of Beijing Arbitration Commission/Beijing International Arbitration Center, JURis Doctor, senior economist.

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Text link:https://mp.weixin.qq.com

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