Crypto Exchange Crypto Exchange
Ctrl+D Crypto Exchange
Home > Binance APP > Info

Discuss the eight measures proposed to punish "mining" in a certain place.



On May 25, 2021, an autonomous region organized and drafted the "Eight Measures of the Development and Reform Commission of an Autonomous Region on Resolutely Combating and Punishing Virtual Currency "Mining" Behaviors (Draft for Comment)", and the time for soliciting opinions is from that day to June On the 1st, a total of five days, the feedback email address:, the way of feedback is also fax, but the difference from the previous solicitation is that the address and contact person for mailing feedback are not given this time. The establishment of a link to solicit opinions before issuing measures should be appreciated. This shows that regulators and rule-makers respect the regulated and enforced, and it is a manifestation of a more civilized exercise of power.

Let's study and study specific measures together:

1. The underlying logic of the measures introduced: environmental protection

From the text, we found that whether it is the description of the "Energy Conservation Dual Control Target Task" in the announcement, or the first article about "increasing energy conservation supervision, verifying and reducing energy consumption budget indicators", and the source of the law "Energy Conservation Law" "Energy Conservation Law" Electricity Law, etc., have shown concern about the environmental issues caused by virtual currency mining, and formulated severe measures to combat and punish them.

News | Hyperledger announced the establishment of a new working group to explore the role of blockchain technology in improving climate: According to CoinDesk on January 22, at the Davos Forum in Switzerland, Hyperledger announced the establishment of a new working group that will explore how blockchain technology To help governments and businesses reduce global emissions, panelists will develop the mechanisms needed to enable trustless reporting of emissions and climate statistics, and will create protocols and standards applicable to companies and governments around the world. [2020/1/22]

2. Not limited to BTC bitcoin, the scope is expanded to virtual currency

From the meeting of the Financial Stability and Development Committee of the State Council on May 21, 2021, it was clearly proposed to crack down on Bitcoin mining and trading. However, a certain autonomous region plans to take punitive measures to expand the crackdown on bitcoin mining to crack down on virtual currency mining. The energy consumption of Bitcoin is an objective fact. As for some scholars and industry insiders who have proposed that wind power transportation consumes a lot, it is better to directly mine and realize it locally. There are different opinions.

Voice | Golden Crown: Blockchain technology service is in the process of discussion and has not yet been officially put into market operation: Golden Crown stated on the interactive platform that blockchain technology serves the company's new energy orderly charging network and ubiquitous power Internet of Things and other business fields , mainly serving the rapid development of the company's main business. At present, the blockchain technology service is in the process of discussion and has not yet been officially put into market operation. [2019/11/19]

At the same time, judging from the actual situation of the mining machine, the home mining equipment of some currencies consumes very little, and can even be used on the desk. Whether to treat them differently, it is more secure to base the decision on the research on the energy consumption of each mainstream virtual currency mining machine. Otherwise, once the measures are implemented, it will be embarrassing to find that some mining machines consume less energy than a mobile phone.

3. Revoking the value-added telecommunications business license of mining enterprises may lead to administrative lawsuits

The Korean Ministry of Planning and Finance issued an announcement: The Virtual Currency Taxation TF (Task Force) is discussing plans to ensure taxation data and consider overseas cases: On the 18th, the Korean Ministry of Planning and Finance issued a position announcement stating that "regarding virtual currency taxation, now through The Virtual Currency Taxation TF (Task Force) is considering ways to secure taxation documents and considering overseas cases.” The TF organization is composed of the Internal Revenue Service and private professionals. The TF including the State Affairs Adjustment Office, the Ministry of Planning and Finance, the Ministry of Justice, and the Financial Supervisory Commission will discuss tax measures separately. Rep. Shim Ki-jun (심기준) of the Ministry of Planning and Finance of the National Assembly said that the tax law will be launched after the meeting on the 19th, and it will be discussed in the Planning and Finance Committee of the Extraordinary National Assembly in February at the earliest. This brief meeting will be attended by the Ministry of Justice, the Korea Financial Research Institute, the Korea Blockchain Association, Bithumb,, Kaist and other governments, enterprises, and academic circles, and Senator Shen Ki-jun (심기준) said, "Think of virtual currency as property. It is still money, which will be concluded through this meeting." [2018/1/18]

The third measure is to revoke the value-added telecommunications business license in accordance with the "Telecommunications Regulations" for entities such as communication companies and Internet companies that have virtual currency mining activities. Articles, namely Article 56, Article 57, Article 58, and Article 77, have not been found to be included in legal norms. As public law, administrative regulations are mainly to restrict the behavior of public power organs. To sanction the behavior of market players, there must be clear regulations, otherwise it may lead to the risk of administrative litigation. Although there are not many administrative litigation in reality, it may affect local governments. It is recommended to carefully consider the business environment and word of mouth.

Zhongqingbao clarifies: the company's research on blockchain technology is in the stage of internal discussion: Zhongqingbao clarifies: the company's research on blockchain technology is in the stage of internal discussion and analysis, and has not yet formed relevant industry applications; the company is in the stage of blockchain technology Related products have not yet formed in the field. [2018/1/17]

4. For mining entities that "intervene in power sources without approval", can they be treated as theft

The crime of theft is a crime stipulated in Article 264 of my country's Criminal Law to protect citizens' property rights. The legal interest protected by this crime is not the order of economic management or social order, but the simple property rights of ordinary people. And without approval, this kind of administrative approval right is not the protection content-zce of the crime of theft. Therefore, whether it constitutes the crime of theft has nothing to do with whether it is submitted for approval, but only with the constituent elements of the crime of theft. In view of this, the seriousness of "statutory crimes and punishments" and the law needs to be jointly maintained by all parties.

5. Illegal fund-raising using virtual currency will be dealt with strictly in accordance with illegal fund-raising regulations

There is controversy in the academic circles about whether virtual currency is a means or object of illegal fundraising. In 2013, my country defined Bitcoin as a "specific virtual commodity", and the Research Office of the Supreme People's Court issued "Research Opinions on How to Qualify the Problems of Using Computers to Steal Others' Game Coins for Illegal Sales and Profit", and identified virtual currency as "electromagnetic data". , in practice, whether virtual currency can be regarded as "funds" is controversial.

However, illegal fund-raising attracts funds from unspecified people rather than real objects. Therefore, before there is a new judicial interpretation, virtual currency is regarded as funds, and the legal basis for illegal fund-raising regulations is not solid enough. It is recommended to be cautious and wait for legislation Or the highest judicial organ will handle it after characterization.

6. Handling of miners

The author asked people who studied the internal regulations of the party, "For public servants to take advantage of their positions to mine virtual currency or provide them with convenience and protection, they will all be transferred to the discipline inspection and supervision agencies for handling." This issue should be disassembled into two small issues : 1. Whether mining is illegal or a crime; 2. The boundaries that provide convenience and protection.

At present, whether mining is illegal or a crime is still controversial, and the judgments of different places are quite different, and even contradict each other; regarding the provision of convenience and protection, even if mining constitutes a crime, it is not a gangland crime, and it does not involve the issue of a protective umbrella. Use "provide Convenience and protection" is not appropriate, and it is recommended to adjust it.

Write at the end

It is not easy to establish a reputation for a region's business environment, but it is easy to influence it. We believe that the original intention of introducing the eight measures is good, in order to protect the green mountains and green waters, it is worthy of praise. However, the study and judgment of administrative measures requires solid legal support and scientific research data.

On May 21, the Financial Stability and Development Committee of the State Council just proposed to "crack down on Bitcoin mining and trading activities." On May 25, provincial-level measures were specified. The time was short, and the scope of the crackdown required by the State Council was expanded. But what is worthy of recognition is that the current eight measures are not finalized, but give the public five days to give feedback. This kind of mind is worthy of recognition.

I hope that practitioners will not feel sorry for themselves, and that it is what law-abiding citizens should do to feed back the truth on the front line to regulators. The law, though lagging, is widely respected for its stability. We are walking on the road of pursuing the rule of law, fairness and justice.....


Binance APP
Uniswap V3 has successfully launched its first shot, is it about to overtake V2?

At the end of March, Uniswap Labs released the highly anticipated Uniswap V3 protocol. At its core is the introduction of the concept of "concentrated liquidity", that is.

Uniswap v3: Towards capital efficiency or magnifying LP losses?

Thanks to the original author Momir Amidzic (IOSG) and co-author Danning Sui (0x Labs) for supporting the article!Uniswap v1 and v2 implement a simple unified XYK pricing curve. When there is a large transaction.

Discuss the eight measures proposed to punish "mining" in a certain place.

On May 25, 2021, an autonomous region organized and drafted the "Eight Measures of the Development and Reform Commission of an Autonomous Region on Resolutely Combating and Punishing Virtual Currency "Mining" Behavior.

Who is the legal depression? Comparing the regulatory countermeasures of virtual currencies in various countries

In China, when it comes to the supervision of virtual currencies such as Bitcoin.

Nearly 50% drop in a week, what are Bitcoin Hodlers doing?

The Bitcoin market has just experienced the largest deleveraging event since the sell-off wave in March 2020. The BTC market price fell from a one-week high of $59,463 to a low of $31,327.

Can Kava become a leading financial service provider for DeFi?

Note: The original text comes from Messari and the following is the full text compilation: Kava is a lending platform with an over-collateralized credit mechanism similar to MakerDAO.