The Legitimacy of Virtual Currency as Property in the Criminal Law

It is reported that the official official account of the “China Procurator” said that as a special virtual property, virtual currency conforms to the characteristics of “property” and should be evaluated as the object of property crime in the criminal law. The state has adopted stricter control policies for virtual currency related business activities, denying the “currency” attribute of virtual currency, but never denying the “property” attribute of virtual currency. The criteria for determining and determining the effectiveness of civil legal acts have no theoretical relevance to the criteria for determining and protecting “property” in criminal law. Whether a virtual currency contract is effective or not cannot be used as a basis for denying the “property” attribute of virtual currency in criminal law. Affirming the “property” attribute of virtual currency in the criminal field does not violate the unity of legal order.

“Chinese Procurator”: Virtual currency belongs to “property” in criminal law and should be protected

Virtual currency, as a special type of virtual property, has been a hot topic in recent years. It has become increasingly popular with the rise of blockchain technology and the rapid development of digital economies. However, its legal status has always been controversial. Some countries see it as a currency, while others see it as a commodity or property. In this article, we will explore the legitimacy of virtual currency as property in the criminal law.

The Position of the Chinese Procuratorate

The official account of the China Procurator recently made a statement regarding virtual currency. According to the statement, virtual currency conforms to the characteristics of “property” and should be evaluated as the object of property crime in the criminal law. The Procuratorate believes that virtual currency is a special type of virtual property that can be protected by the law.

The Attributes of Virtual Currency

The state has adopted stricter control policies for virtual currency related business activities, denying the “currency” attribute of virtual currency, but never denying the “property” attribute of virtual currency. Virtual currency not only has value, but can also be traded and transferred between different individuals. It is also able to meet the basic elements of ownership, including right to use, disposal, exclusion, and transfer.

The Effectiveness of Civil Legal Acts

The criteria for determining and determining the effectiveness of civil legal acts have no theoretical relevance to the criteria for determining and protecting “property” in criminal law. Whether a virtual currency contract is effective or not cannot be used as a basis for denying the “property” attribute of virtual currency in criminal law.

The Unity of Legal Order

Affirming the “property” attribute of virtual currency in the criminal field does not violate the unity of legal order. The Constitution and the Criminal Law provide clear protection for property rights. Therefore, the Procuratorate considers virtual currency to be a type of property that can be protected by the law, and its criminal behavior should be punished accordingly.

The Future of Virtual Currency

Virtual currency, including Bitcoin and Ethereum, has already started to be accepted by some countries as a mean of payment. Although its legal status in different countries is different and constantly changing, virtual currency is expected to play a significant role in the future digital economy.

Conclusion

Virtual currency has been given the legal status of “property” by the Chinese Procuratorate, which is significant for the future development and regulation of virtual currency-related crimes. Despite the controversy surrounding the legal status of virtual currency, its attributes and basic elements of ownership match the legal concept of property. Therefore, their criminal behavior should be punished in accordance with the law.

FAQs

Q1. What is virtual currency, and why is it controversial?
Virtual currency is a type of digital currency that can be traded and transferred between different individuals. It is controversial because its legal status differs between countries, making it challenging for developers and users to comply with regulations.
Q2. Does virtual currency have value?
Yes, virtual currency has value and can be traded on digital exchanges like traditional currency.
Q3. What is the relationship between virtual currency and property rights?
Virtual currency is considered property, as it can be owned, used, and disposed of. Therefore, in the criminal law, virtual currency is subject to property crimes.