Is Bitcoin illegal in China
A. Is bitcoin investment allowed in China
In China, regulations on the management of the Renminbi prohibit the production and sale of tokens. Since there is no clear judicial interpretation of the definition of token tokens, the legal future of bitcoin in China is uncertain if it is included in the "token tokens" category.
The current rapid rise in the price of Bitcoin has formed speculative expectations. If it is not stopped in advance, it will eventually form a bubble, which will bring huge losses to some investors and financial institutions and undermine the stability of the financial system.
(1) Is Bitcoin illegal in China?
Bitcoin does not function as a medium of exchange in China, so it cannot be called a currency. At the same time, bitcoin has the function of storing value and has some investment value, but the current rapid rise in price has formed speculative expectations.
The possibility of bubbles forming in the future makes it necessary to take measures in advance, which can also curb some of the illegal activities of money laundering and transferring assets through Bitcoin.
B. Is Bitcoin illegal
Bitcoin is not legal in China.
According to the notice on Preventing Bitcoin Risks issued by the People's Bank of China on December 5, 2013:
Bitcoin has four main characteristics: there is no centralized issuer, the total amount is limited, the use is not restricted by region and anonymity. Although bitcoin is called "money", it is not a real currency because it is not issued by the monetary authority and does not have the property of legal compensation and compulsion. In terms of nature, Bitcoin should be a specific virtual commodity, which does not have the same legal status as currency. It cannot and should not be circulated and used as currency in the market.
At present, financial institutions and payment institutions in the currency for the product or service price, to buy or sell currency may not be sold or used as the central rivals, the insurance business shall not accept insurance related to the currency or the currency should be brought into the scope of insurance liability, shall not directly or indirectly to provide other services related to the currency, including: Provide customers with bitcoin registration, trading, clearing, settlement and other services; Accept bitcoin or use bitcoin as a payment and settlement instrument; Carry out exchange services between Bitcoin and RMB and foreign currencies; Carry out bitcoin storage, custody, mortgage and other businesses; Issuing bitcoin-related financial products; Use Bitcoin as an investment object for trusts, funds and other investments.
C. Is it illegal to use bitcoin mining machines in China
In China, bitcoin cannot be exchanged directly into the legal yuan. It is also illegal to use bitcoin in China. So mining is illegal
Give up bitcoin.
Although many countries and many regions fry bitcoin like god, get bitcoin will make a fortune, but after all, it is illegal in China, so we do not touch it, there are many ways to get rich, we do not need to choose this one. All roads lead to Rome. We will find our own way to wealth. Many people mining, in order to save the cost of use, to steal electricity to mining, the result is caught after the need to face fines and prison, so mining this thing for us is very harmful, unhealthy, we do not do it, but also more than the law.
D. Is there any law in China banning bitcoin
There are no laws banning bitcoin in China, so mining and earning bitcoin is not illegal.
It is not illegal to buy mining machines to mine bitcoin in China, as stipulated in a 2013 Bitcoin Risk Notice jointly issued by five ministries and commissions
It states that although bitcoin is not legal tender, it is not legally mandatory, but people are willing to take risks
In this case, they are free to participate in bitcoin transactions.
(4) Is bitcoin illegal in China
The Notice clarified the nature of Bitcoin, arguing that bitcoin is not a currency in the real sense, as it is not issued by the monetary authority and does not have such currency attributes as legal compensation and compulsion. In nature, Bitcoin is a specific virtual commodity, which does not have the same legal status as currency. It cannot and should not be circulated and used as currency in the market.
However, as a commodity transaction on the Internet, ordinary people have the freedom to participate at their own risk.
"Notice" requirement, at present, financial institutions and payment institutions in currency pricing for products or services, to buy or sell currency may not be sold or used as the central rivals, the insurance business shall not accept insurance related to the currency or the currency should be brought into the scope of insurance liability, shall not directly or indirectly to provide other services related to the currency, including: Provide customers with bitcoin registration, trading, clearing, settlement and other services; Accept bitcoin or use bitcoin as a payment and settlement instrument; Carry out exchange services between Bitcoin and RMB and foreign currencies; Carry out bitcoin storage, custody, mortgage and other businesses; Issuing bitcoin-related financial products; Use Bitcoin as an investment object for trusts, funds and other investments.
In order to avoid over-hyping bitcoin and other virtual goods in the name of "virtual currency" and damage to public interests and the legal tender status of RMB, the circular requires financial institutions and payment institutions to correctly use the concept of currency in their daily work and pay attention to strengthening the education of public money knowledge. The concept of correct understanding of currency, correct view of virtual goods and virtual currency, rational investment, reasonable control of investment risks, and maintenance of their own property security shall be included in the content of financial knowledge popularization activities to guide the public to establish a correct concept of money and investment.
Reference source: People's Daily online - Bitcoin network virtual currency
E. Is Bitcoin legal in China
Although bitcoin still has great risks, after years of development, with the increase of its application population, the increase of application scenarios and the enhancement of application technology, no country or organization can completely eliminate it. If you can figure it out, it is likely that countries will generally accept bitcoin and embrace it.
As far as I am concerned, after a period of continuous development, Bitcoin is likely to become a world currency in the future, which can play the role of e-gold and become the target of the value of other sovereign currencies. Seen in this light, bitcoin could serve as a hedge against asset inflation in the future, when currencies are inevitably inflating.
F. Is Bitcoin illegal
Bitcoin is not legal in China.
China has expressed its opposition to virtual currency exchanges since September 4, 2017. On the market, the larger exchanges are gradually fading out of the domestic market, some of them go to Japan, and some of them go to Nanyang. Of course, with the release of new regulations in Hong Kong in early November, we believe that the virtual currency exchanges may obtain legal licenses in Hong Kong in the future to serve local institutional investors.
(6) Is Bitcoin illegal in China
BTC China said the platform would stop cash withdrawals, and so far, BTC China has shut down all transactions. Huobi and OKCoin, two other major Chinese bitcoin exchanges, also stopped trading all digital assets against the yuan.
Virtual currencies such as bitcoin have skyrocketed across the board, attracting a large number of ordinary people without any technical or investment knowledge to enter this high-risk market.
The People's Bank of China, together with several ministries and commissions, issued the Notice on Preventing the Financing Risks of token issuance (hereinafter referred to as the Notice), pointing out that no organization or individual is allowed to engage in illegal financing activities of token issuance. According to the notice, all kinds of financing activities of token issuance shall be stopped immediately from the date of release.
Organizations and individuals that have completed financing through token issuance shall make arrangements for liquidation, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and punish illegal activities in the financing activities of token issuance that refuse to stop and the completed financing projects of token issuance.
The Internet Finance Association of China issued "Tips on Preventing the risks of so-called" virtual currencies "such as Bitcoin", pointing out that the bitcoin exchange platform is a tool for illegal and criminal activities such as money laundering, drug trafficking, smuggling and illegal fund-raising, with the expansion of the number of participants and a strong speculative atmosphere. There is no legal basis for the establishment of various so-called "currency" trading platforms in China.
G. Is Bitcoin legal in China
It's not legal in China.
H. Why is it illegal to trade bitcoin in China
Bitcoin has become the most popular cryptocurrency in the world. For the transaction of bitcoin, there are countries that allow it, but there are also countries that prohibit it, and China belongs to the latter. Why did China shut down bitcoin exchanges? Let's analyze this question today.
Bitcoin currently does not function as a medium of exchange in China, so it cannot be called a currency. At the same time, Bitcoin has the function of storing value and has certain investment value. However, the rapid rise of the current price has formed speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance, which can also curb some illegal activities of money laundering and asset transfer through Bitcoin.