Virtual Money in China

Vol. 4No. 2 (2010)

Information technology is developing at a thriving pace. This fact causes that the more traditional area of law is being outpaced by IT. Virtual money is just one of the proofs. The basic idea behind the virtual money is as simple as the real money – an exchangeable medium. But what is perfectly understandable for non-lawyers might sometimes come into conflict with the law.   Because the beginning of virtual money was more or less unrestrained the first problems began to emerge with the widespread of new technologies. The legal nature of electronic money is still unclear in many countries because the traditional legal doctrine does not have any appropriate terms for it. The analogy is sometimes very questionable and there are many possible solutions.   On the other hand there is little will to solve the problems of virtual currencies because it is not the primary field of interest of the legislature. This means that the problems are usually being solved by the national courts in separate cases. Different judge might have a different approach which implies inconsistency.   China as a very specific country nowadays has started to observe the IT trends. The result is that the Chinese started to adopt their approaches to the online property and have started to regulate virtual currencies. Even though we might disagree with the given arguments, it is interesting to analyze the current situation. This project reveals some of the regulation and cases that are present in China.




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