Is it illegal to buy and sell Bitcoin in the country?

Bitcoin cannot be bought and sold in China, as it will violate the law.

Bitcoin cannot be bought and sold in China, as it will violate the law.

The relevant legal documents mainly include the following:

• "Law of the People's Republic of China on the People's Bank of China"

This law stipulates, The RMB is the legal tender of the People's Republic of China. No unit or individual may print or issue RMB, nor may it substitute RMB for circulation in any form.

• "Notice on Preventing Bitcoin Risks"

This notice was issued by the People's Bank of China, the Central Cyberspace Administration, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the National Development The Reform Commission, the Ministry of Finance, the Ministry of Housing and Urban-Rural Development, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration for Market Regulation jointly issued a joint statement clarifying the risks of virtual currencies such as Bitcoin and requiring financial institutions and payment institutions not to provide services for virtual currency transactions.

• "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Laws in Handling Criminal Cases that Harm the Order of Financial Management"

This interpretation covers illegal trading of virtual currencies It is identified as illegal financial activities and corresponding penalties are stipulated.

According to the above-mentioned legal documents, buying and selling Bitcoin in China is illegal. Anyone who violates the regulations will be severely investigated and punished by financial supervision, public security and other departments in accordance with the law.

Specifically, the legal consequences of buying and selling Bitcoin in China include:

• Administrative penalties: Financial regulatory authorities can warn units and individuals that violate regulations in buying and selling Bitcoin. , fines, confiscation of illegal income and other administrative penalties.

• Criminal punishment: If the circumstances are serious, criminal liability will be pursued in accordance with the law.

Therefore, investors are advised not to buy or sell Bitcoin in China to avoid legal penalties.

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