China’s Supreme Court does not recognize cryptocurrencies

by nativetechdoctor
2 minutes read

supreme court China’s, all cryptocurrency transactions are illegal in the country, and even traders can face criminal charges.

According to SCMP, any individual, business or exchange caught buying, selling, trading, or holding and raising funds in cryptocurrencies can be tried in court as a criminal offense.

The decision is seen as extending policy controls to the rapid proliferation of cryptocurrency mining and trading. China has long been known to ban cryptocurrency mining, and law enforcement agencies are hunting down these illegal activities.

China has banned all cryptocurrency fundraising. , including online lending and financial leasing With this ruling, the judicial system has made it clear that the country has no intention of recognizing and protecting crypto-related interests. In 2013, the government banned Chinese banks from trading in Bitcoin, at a time when the digital currency was sold for less than $1,000.

According to the legislature, the suspects will be prosecuted under section 176 of China’s Criminal Law. Offenders face a prison term of three to 10 years and a fine of between 50,000 yuan ($7,900) and 500,000 yuan. For minor or “less serious” crimes, prison sentences of up to three years and fines range from 20,000 yuan ($3,160) to 200,000 yuan.

The decision is reportedly meant to safeguard China’s own cryptocurrency, known as the “digital yuan”. ‘s most populous country world presumably wants to maintain central command, authority, ownership, and supervision over cryptocurrencies, which cryptocurrencies can easily avoid due to their non-existent nature. centralized and anonymous.

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