Fierce competition among Fintech companies has inevitably led to unethical behaviors. Recently, a blockchain expert was asked to offer Bitcoin for cooperation. So here comes the question:

Is offering or receiving Bitcoin a practice of commercial bribery?

The discussion over the nature of Bitcoin has been going on since its born. Some say it is a form of digital currency, while others believe it is actually a set of data.

Under the Amendment to the Criminal Law of People’s Republic of China(VII), commercial bribery crimes relating to criminal law provisions of the following eight offenses.

(1)Non-state functionaries acceptance of bribes

(2)Offering bribes to the Non-state functionaries

(3) State functionary acceptance of bribes
(4)Unit- acceptance of bribes
(5)Offering bribe
(6)Offering bribes to unit
(7)Introducing bribes
(8)Offering bribes by unit

 

As the Chinese government is getting tougher on regulation over Bitcoin, asking for Bitcoin in commercial community might be considered “Non-state functionaries acceptance of bribes”.

Some might question that how come it’s criminal when I am not a government official or not working for the government?

Actually,  Criminal Law Article 163rd says that where any of the employees of any company or enterprise or any other entity violates the relevant provisions of the state by taking advantage of his position to accept kickbacks or commissions in any disguise and keeps them for himself, he shall be sentenced to fixed-term imprisonment of not more than 5 years or detention. If the amount is huge (not less than 100000 RMB), he shall be sentenced to fixed-term imprisonment of not less than 5 years and also to confiscation of property.

For those who believe bribery using Bitcoin offers numerous advantages and few methods of detection, remember: it might be the Sword of Damocles.