A Beijing district court dismissed a lawsuit against Chinese exchanges, stating "people have the right to freely participate in bitcoin tradings at their own risk"
https://twitter.com/cnLedger/status/950572521425743874http://bjcb.morningpost.com.cn/html/2018-01/09/content_474177.htm(( translated ))
Bitcoin speculation litigation claims litigation was refuted
The defendant did not participate in the sale and purchase of legal plaintiffs and the operation was unsupported
After being introduced, Mr. Wang invested more than 100 million bitcoin over a year ago. In just a few months, Mr. Wang not only did not make money, counter-off more than 40 million. Mr. Wang bitcoin is not a legal subject matter subject to law, does not have the currency attributes, the contract between the platform and the transaction should be invalid as an excuse, the exchange platform Beijing World Coin Network Technology Co., Ltd. and the two remittance of funds Beijing Fire Investment Management Co., Ltd., Beijing Multi-media Network Technology Co., Ltd. prosecution litigation to the court, asked the three companies to return their loss of funds. Haidian court rejected Mr. Wang's claim.
Plaintiff: 40 month pay 400,000 claims
Mr. Wang said that with the introduction of friends, he registered for an account with the Company's online trading platform in October 2016 and started to make bitcoin transactions. Because it is a 24-hour transaction, it is difficult for him to continue to pay attention to the transaction as an individual, which has a great impact on his mentality and spirit. In order to work and live normally, he terminated the transaction, withdrawing all the RMB balances and bitcoins from his account. The amount of its remittance respectively into the fire company, multi-wisdom company account, as of January last year, Mr. Wang a total of 1.4 million yuan worth of cash, raised a total of 99 million yuan.
Mr. Wang believes that bitcoin does not exist, nor is it legally prescribed by law. According to the basic theory of Marxist commodity, the commodity should have the use value and value, and the bitcoin has no value and use value, and can not be identified as a commodity. In addition, Bitcoin is not issued by monetary authorities, does not have the legal nature of monetary and other mandatory and mandatory currency, nor is it a real currency. From a qualitative point of view, Bitcoin does not have the currency attributes, can not be used as a trading and payment instruments.
In summary, Mr. Wang said that his transaction with the Coin Company due to the absence of the subject matter is invalid and therefore requires the court to order that he and the Coin Company, the transaction contract is invalid, the fire company, the fire company , More wisdom and publicity company to assume joint and several liability, jointly returned 40 million yuan, and pay the appropriate interest.
Defendant: Non-trading objects operate legally
Defendant Coin disagreed with Mr. Wang's claim, his agent said Mr. Wang's understanding of Bitcoin was wrong and his trading on the platform was not invalid. "The object of the plaintiff's transaction is not the fire currency company, the operating platform of the fire currency company is legal, and the plaintiff's investment in bitcoin's loss should be borne by himself at the corresponding loss."
The other two defendants argue that they are cooperating with the Coin Company and only charge the user for the entire transaction.
Verdict: The user refuses to sue
The court held that the plaintiff registered and funded on the fire coin online bitcoin trading transactions, fire coins network for digital asset trading activities to provide Internet trading platform services, not as a seller or buyer involved in buying and selling digital assets itself, so Wang Mr. service contract relationship with the fire currency company. According to China's relevant laws and regulations, bitcoin is not issued by the monetary authorities, does not have legal and monetary and other monetary attributes, is not a real currency, but no laws and regulations explicitly prohibit the parties to invest in bitcoin and transactions, and Is to remind departments to strengthen the public investment risk tips, the ordinary people have the freedom to participate in bitcoin transactions at their own risk.
In the lawsuit, Mr. Wang did not submit evidence to prove the existence of illegality of operation of the fire currency network, which considers that the contractual relationship with the fire currency company is null and void and does not have factual basis and legal basis in the absence of bitcoin, The claim was not supported, nor was it supported by its claim that the three defendants, jointly or severally, return their own trading losses.
■ judge reminded
Do not blindly invest bitcoin
Not long ago, the seven ministries and commissions promulgated the "Notice on Preventing the Financing Risk of Token Issuance". All major domestic Bitcoin trading platforms responded in response to the deadline for shutting down RMB and Bitcoin transactions. However, at the same time, many Bitcoin financial platforms are still operating normally and continue to declare high yield.
The judge said that these financial platforms generally advocate that the seven ministries and commissions halted the acts of tokens financing, and they are engaged in financial management, is the transaction between virtual currency and virtual currency, rather than between the virtual currency and the RMB transaction, there is no touch Touch the red line. At present, the legal attributes of wealth management products such as bitcoin funds have not been clearly defined yet.
"The platform controller, capital pool, wind control and other conditions, investors are often difficult to see, with a greater risk." The judge warned that investors should be fully vigilant, must not blindly follow the trend. Although different countries have different regulatory models for virtual currency, it is the general trend to strengthen supervision. The virtual currency should be included in the standardized development path.
Beijing Morning Post reporter Huang Xiaoyu
