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In , the Chinese government released a report providing a blockchain application blueprint with respect to governmental services. The Chinese government banned initial coin offerings ICOs in and ordered the closure of exchange platforms. Despite this ban, it is generally not illegal to hold cryptocurrency in China. Circulation use. Therefore, the fields that it is engaged in as legal tender are not allowed by the government. The country does not recognize the identity of Bitcoin virtual currency, but recognizes it as a virtual commodity. Because the concept of virtual goods is larger than virtual currency, currency is a special kind of commodity. Bitcoin is not recognized as currency, but it is considered a commodity. First, it cannot be considered as virtual property under Article of the General Principles of the Civil Law. Virtual goods are not a legal concept. The only concept that is similar to it in law is the virtual property stipulated in Article of the General Principles of Civil Law. It only stipulates that the protection of virtual property must be stipulated by the law, and the specific protection measures of virtual property are entrusted to other laws. Based on the principle of legal property rights, Bitcoin cannot be regarded as a property under the crop rights law without clear provisions of the law. Scholars have divided Chinese judicial rulings and disputes involving virtual currency into five categories:. Bitcoin unjust enrichment disputes refer to the return disputes between investment platforms and investors due to misallocation of Bitcoins. Regarding Bitcoin-related improper profit return disputes, the current judgments are more consistent. Although Bitcoin is not a legal tender, it does not prevent Bitcoin as a property in the general sense from being legally protected. Therefore, as long as there is legal On the basis of return, the courts all supported the return request. It can be equally protected by law as a property in the general legal sense. Bitcoin mining machine purchase disputes are mainly disputes caused by the purchase of Bitcoin mining machines between natural persons. Regarding Bitcoin mining machine purchase disputes, the current judgments on such disputes are more consistent. The mining machine itself, as a kind of goods, is not prohibited by laws and regulations. Therefore, the purchase of mining machines is legal and effective. Disputes about mining machines are equivalent to the handling of general disputes over the sale of goods. Bitcoin transfer disputes refer to Bitcoin transfer disputes between natural persons. Specific cases include: disputes over sales contracts between Tan Mouyuan and Tan, and disputes over equity transfer contracts decided by the Shenzhen Court of International Arbitration. Regarding Bitcoin transfer disputes, the current rulings are not consistent, and they are mainly divided into two categories:. The transaction is not protected by law, and the consequences of the behavior are borne by the principal. The court of second instance found that the application of the law by the court of first instance was incorrect. The transaction is legal and valid. The Shenzhen Court of International Arbitration concluded in the equity transfer contract dispute that the Bitcoin return contract between private individuals did not violate the mandatory provisions of laws and regulations and should not be deemed invalid. Chinese laws and regulations do not prohibit private possession and legal circulation of Bitcoin. Bitcoin can be the object of delivery. Bitcoin is not legal tender and does not prevent it from being protected by law as property. Bitcoin has property attributes, can be dominated and controlled by humans, has economic value, and can bring economic benefits to the parties. This is the unanimous intention of the parties and does not violate the law. The arbitration tribunal recognizes this. Bitcoin entrusted investment disputes refer to disputes caused by entrusted investment in Bitcoin among natural persons. Regarding Bitcoin entrusted investment disputes, the current ruling ideas do not support the legality of such disputes, but the determination of the validity of specific contracts is slightly different, mainly divided into:. The entrustment is illegal and the entrustment contract is invalid. The act of the plaintiff entrusting the defendant to operate the investment and operation of cvb cannot be protected by law under the current background. The entrusted matters are not protected by law, and the consequences of actions are borne by the principal. Most of the entrusted investment judgments do not invalidate the entrustment contract, but point out that because the entrusted matter is not protected by law, the entrusted matter itself should be borne by the principal for the part of the entrusted matter that the trustee has already completed in accordance with the agreement between the two parties. Therefore, the transaction risks and corresponding consequences arising from investing in virtual currencies should be left to the client To bear. For unfinished entrusted matters, the trustee shall return the corresponding investment funds to the principal. Bitcoin investment disputes between users and platforms refer to disputes between users and platforms over Bitcoin investment. Regarding the Bitcoin investment dispute between users and the platform, the current ruling ideas are quite different, mainly divided into:. Illegal transactions are not protected by law, and the risk is borne by the user. Essentially It is an illegal public financing behavior without approval, and investors must bear the investment risk by themselves. As a result, all debts due to Bitcoin are illegal debts and are not protected by law. In Feng Mouran v. The BAC has encouraged that, under current regulatory policies, the following principles are important with respect to Bitcoin-related property disputes:. Based on the legal attributes of Bitcoin, strictly distinguish the nature and types of Bitcoin transactions prohibited by the state. First of all, clarifying the legal attributes of Bitcoin is a prerequisite for the case. Bitcoin itself is a digital currency, so it can be protected by law as a general property. However, due to its inherent shortcomings, it is difficult to become a legal tender. Before the state allows it to be used as legal tender, its activities as legal tender are not permitted by national laws. If Bitcoin does not engage in activities as a currency, it is not a transaction prohibited by the state. For example, in the equity transfer contract dispute decided by the Shenzhen International Arbitration Court, the two parties agreed on the return of bitcoin. Here, bitcoin only serves as a general property. Therefore, the transaction does not violate relevant national regulations and should be valid. Therefore, the transaction was illegal. However, it should be noted that even if the transaction between legal tender and Bitcoin is involved, it is necessary to distinguish whether Bitcoin is used as an exchange between currency and legal tender, or whether it is purchased by legal tender as a general property. MarcLowe case, the key point of the case is whether Bitcoin is currency or property. Pay attention to distinguish the relationship between civil and commercial trials and administrative supervision. In civil and commercial trials, on the one hand, it is necessary to consider the relevant regulations of supervision and support the regulatory agencies to effectively perform their regulatory functions in accordance with the law, but it is also necessary to strictly distinguish the different functional positioning of civil and commercial trials and administrative supervision. Administrative supervision is the use of the government to carry out micro-intervention and control of the market economy to correct market failures and the administrative power exercised by the government. On the other hand, civil and commercial trials deal with the civil contract relationship between equal subjects, focusing on the freedom of contract and contract. Look at the settlement of Bitcoin disputes from a development perspective. From the perspective of the development history of Bitcoin, its essence is a digital currency, which represents the development direction of the currency system under the Internet economy. Governments of various countries are now actively engaged in the research and promotion of digital currencies. The Central Bank of my country formally established the Digital Currency Research Institute on January 29, , to conduct legal digital currency issuance from the technical level, economic impact, regulatory issues, and legal risks. Therefore, for such emerging things, they should be treated with a developmental perspective instead of being beaten to death with a stick. Carefully use the contract invalid. At present, in some trials, Bitcoin transaction contracts are directly defined as invalid, which I believe is not desirable. Secondly, from a legal perspective, it is better to treat such prohibitive regulations in the field of administrative supervision without excessive interference. Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear. Under the Financial Crimes Enforcement Network FinCEN , crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining. However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining. Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency. The globe below provides links to country-by-country summaries:. Do you have questions about cryptocurrency, digital currencies, or blockchain technology? Freeman Law can help with digital currencies, tax planning, and tax compliance. Contact us now to schedule a consultation , or call to discuss your cryptocurrency and blockchain technology concerns. China and Cryptocurrency Share this Article. Translation Scholars have divided Chinese judicial rulings and disputes involving virtual currency into five categories: 1 Disputes over the return of unjustified profits of Bitcoin Bitcoin unjust enrichment disputes refer to the return disputes between investment platforms and investors due to misallocation of Bitcoins. Regarding Bitcoin transfer disputes, the current rulings are not consistent, and they are mainly divided into two categories: 1. The transaction is legal and valid The Shenzhen Court of International Arbitration concluded in the equity transfer contract dispute that the Bitcoin return contract between private individuals did not violate the mandatory provisions of laws and regulations and should not be deemed invalid. Regarding Bitcoin entrusted investment disputes, the current ruling ideas do not support the legality of such disputes, but the determination of the validity of specific contracts is slightly different, mainly divided into: 1. The entrusted matters are not protected by law, and the consequences of actions are borne by the principal Most of the entrusted investment judgments do not invalidate the entrustment contract, but point out that because the entrusted matter is not protected by law, the entrusted matter itself should be borne by the principal for the part of the entrusted matter that the trustee has already completed in accordance with the agreement between the two parties. Regarding the Bitcoin investment dispute between users and the platform, the current ruling ideas are quite different, mainly divided into: 1. Does not violate the law In Feng Mouran v. The BAC has encouraged that, under current regulatory policies, the following principles are important with respect to Bitcoin-related property disputes: 1. Based on the legal attributes of Bitcoin, strictly distinguish the nature and types of Bitcoin transactions prohibited by the state First of all, clarifying the legal attributes of Bitcoin is a prerequisite for the case. Pay attention to distinguish the relationship between civil and commercial trials and administrative supervision In civil and commercial trials, on the one hand, it is necessary to consider the relevant regulations of supervision and support the regulatory agencies to effectively perform their regulatory functions in accordance with the law, but it is also necessary to strictly distinguish the different functional positioning of civil and commercial trials and administrative supervision. Look at the settlement of Bitcoin disputes from a development perspective From the perspective of the development history of Bitcoin, its essence is a digital currency, which represents the development direction of the currency system under the Internet economy. Carefully use the contract invalid At present, in some trials, Bitcoin transaction contracts are directly defined as invalid, which I believe is not desirable. Insights on Cryptocurrency Legal Issues Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear. Other Cryptocurrency and Blockchain Technical Resources:. What Is Post-Quantum Cryptography?

China and Cryptocurrency

Jinan buying hash

Efficient Multimedia Retrieval and Recommendations. Shandong Normal University, Jinan, China. You can also search for this author in PubMed Google Scholar. Monash University, Sydney, Australia. This is a preview of subscription content, log in via an institution to check access. Licence this eBook for your library. Institutional subscriptions. Jingjing Li. Weili Guan. Jingjing Li, Ph. He received his B. His research interests include domain adaptation and zero-shot learning. Weili Guan received a master degree from National University of Singapore. After that, she joined Hewlett Packard Enterprise in Singapore as a Software Engineer and worked there for several years. Her research interests are multimedia computing and information retrieval. Book Title : Multi-modal Hash Learning. Publisher : Springer Cham. Edition Number : 1. Policies and ethics. Skip to main content. Home Book. View author publications. Reveals the key concepts and recent advancements of multi-modal hashing and multimedia indexing technology Introduces standard multimedia retrieval datasets, evaluation metrics for multi-modal hashing, and the unprecedented challenges of both storage cost and retrieval speed Discusses how the multi-modal hashing technique can project high-dimensional data into compact binary hash codes. Access this book Log in via an institution. Softcover Book EUR Hardcover Book EUR Tax calculation will be finalised at checkout. Learn about institutional subscriptions. Licence this eBook for your library Institutional subscriptions. This book systemically presents key concepts of multi-modal hashing technology, recent advances on large-scale efficient multimedia search and recommendation, and recent achievements in multimedia indexing technology. With the explosive growth of multimedia contents, multimedia retrieval is currently facing unprecedented challenges in both storage cost and retrieval speed. The multi-modal hashing technique can project high-dimensional data into compact binary hash codes. With it, the most time-consuming semantic similarity computation during the multimedia retrieval process can be significantly accelerated with fast Hamming distance computation, and meanwhile the storage cost can be reduced greatly by the binary embedding. The authors introduce the categorization of existing multi-modal hashing methods according to various metrics and datasets. The authors also collect recent multi-modal hashing techniques and describe the motivation, objective formulations, and optimization steps for context-aware hashing methods based on the tag-semantics transfer. Latent semantic-enhanced discrete hashing for cross-modal retrieval Article 19 March Search within this book Search. Front Matter Pages i-xxii. Download chapter PDF. Back to top. Lei Zhu, Ph. He was a Research Fellow at the University of Queensland His research interests include large-scale multimedia content analysis and retrieval. Search Search by keyword or author Search. Navigation Find a journal Publish with us Track your research.

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