Bitbon Legal Nature

One of the main distinguishing features of Bitbon[i] is its legal nature. Legislative regulation of Bitbon as an object of property rights occurs exclusively in a legal field, which ensures transparency of all processes and interaction of the Bitbon System[i] components.

The operation principle laid down in this system allows property owners (Asset[i] owners) and the Bitbon System Users[i] to establish and control their legal relations with the possibility of having in circulation only the right to acquire the property right to Assets. At the same time, the property itself remains in the ownership of its owner on the terms stipulated in the Projectbon Protocol[i], solely as an object of ensuring obligations of the property owner (Asset owner) to Bitbon owners.

If we consider Bitbon as a commodity, differentiating the cost of the Bitbon Identifier[i] (code) and the cost of right to acquire the right to a certain part of the property (Asset) not allocated in kind, then Bitbon as a commodity does not fall under any special status and like any other commodity Bitbon can be donated, exchanged, bought or sold.

The state can establish rules for commodity trading, as well as rules for transferring ownership of all types of property. Such rules are based on the moment of transferring the ownership of the property. This moment in the Bitbon System does not occur in relation to Assets until a certain event happens if such is stipulated by the parties in the Projectbon Protocol of a specific project.

It should be separately emphasized that the property right to Assets may be transferred outside of the Bitbon System on the basis of contracts concluded by the property owner (Asset owner) with another person (guarantor, attorney) under the laws of the country in which jurisdiction these contractual relations are concluded, which guarantees the state protection and ensures their implementation.