Legal Risks and Prospects of Blockchain
区块链自2017年起到2018年间发展迅速，无疑让政府部门、国际组织和传统投资圈有些应接不暇，但同时，这巨大的变革也带来了巨大的机会，其中虽有的昙花一现，但更多的将会在全社会引发深刻的变化。 The rapid development of the blockchain from 2017 to 2018 undoubtedly overwhelmed the government departments, international organizations and traditional investment circles, but at the same time, this huge change has brought about enormous opportunities. Although some of them are ephemeral, many of them trigger profound changes to the whole society.
As a distributed system, blockchain is an innovative application of algorithm technology. As long as it does not involve ethical issues and moral hazard, it will not violate state supervision and legal regulations. This is the so-called "technology is innocence." The development of digital currency based on the blockchain technology has serious conflicts with national legal currency and existing legal rules, essentially challenging the centralized coinage rights guaranteed by state apparatus. Therefore, it is foreseeable that this challenge will continue to exist for some time. Nowadays, different countries have adopted different attitudes, some countries such as Malta, Germany, Japan, etc., embrace the blockchain; some such as the United States and China focus on relevant regulations; and some relatively conservative countries adopt the boycott attitude toward the blockchain. Firstly, taking Bitcoin, a typical digital currency, as an example, its first major problem is the regulatory issue. Digital currency such as Bitcoin developed based on blockchain technology is logically decentralized and against the centralized supervision; However, countries have sovereignty requirements for currencies. Under this circumstance, it is quite tough to decide whether digital currencies such as Bitcoin shall be and how to be included in the national regulatory system. At present, except that Germany regards Bitcoin and other digital currencies as valuable assets, countries across the world have not yet incorporated digital currencies into a strict financial supervision system. It is worth noting that at the beginning of 2017, the Digital Bill Trading Platform based on blockchain technology supported by The People's Bank of China was tested successfully, indicating that blockchain technology may bring a brand-new currency and payment system architecture to China. It is likely to provide an example of the regulation of blockchain technology in the field of monetary and financial applications.
The Legal Risks and Issues that Blockchain Technology will Face